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Why there's now 'incredible demand for physical gold' in New York market
By Myra P. Saaefong
MarketWatch, New York
via Dow Jones Newswires and Morningstar, New York
Friday, January 31, 2025
Comex gold warehouse stocks have climbed 30% in two weeks
A rush on physical gold, thanks to President Donald Trump's tariff plans, has fueled a rise in prices of the precious metal to fresh record highs.
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There are many demand drivers in gold currently, but one in particular is adding pressure to an already tight market, said Peter Spina, president and founder of gold news and information provider GoldSeek.com. "There is incredible demand for physical gold in New York markets," he said, referring to it as a "physical gold rush." ...
Trump's plan for tariffs is "creating a scramble for physical [bullion] as a threat of 25% tariffs could shoot the price of imported gold to $3,500 an ounce," Spina told MarketWatch.
"There is so much uncertainty and fear surrounding potential tariffs coming soon that buyers are desperately trying to source gold and silver before prices could skyrocket, as there is not enough domestic supply of gold to meet demand." ...
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