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Gold delayed at Bank of England sells at discount to market price
Gold Dealers Sell Bank of England Bullion at Big Discounts in Tariff Turmoil
Yvonne Yue Li, Jack Ryan, Jack Farchy, and Sybilla Gross
Bloomberg News
via Yahoo News, Sunnyvale, California
Wednesday, February 5, 2025
Gold in the Bank of England vault is trading at a discount to the wider market, as fears over potential Trump tariffs spark a scramble for bullion that’s resulting in weeks-long queues to withdraw metal.
Dealers are quoting prices for gold at the Bank of England at discounts of more than $5 an ounce below spot in London, according to people with direct knowledge of the situation.
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The size of the divergence is extremely unusual, with gold at the bank usually trading in lockstep with prices in the rest of the London market, where bullion changes hands in vaults a few minutes' drive away run by JPMorgan Chase & Co., HSBC Holdings, and others. Previous premiums and discounts -- driven by central bank trading activity -- have generally been no more than a few tens of cents per ounce, traders said.
The disconnect comes as traders worldwide rush to get gold to the United States ahead of the potential imposition of tariffs and to capture premium prices. U.S. President Donald Trump hasn't targeted precious metals specifically as he ratchets up his trade war, but dealers are worried they could be included in blanket tariffs he has threatened.
With traders racing against the clock, staff at the Bank of England are struggling to keep up, and growing queues are making the gold in its vault less attractive than bullion held in more accessible commercial vaults around London. ...
... For the remainder of the report:
https://finance.yahoo.com/news/gold-dealers-sell-boe-bullion-181612058.html
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