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London gold market queues up to borrow central bank gold after big shipments to U.S., sources say
That is a nice way of saying: The Bank of England strains to help bullion banks and perhaps the Federal Reserve keep the gold price down again.
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By Polina Devitt
Reuters
Wednesday, January 29, 2025
LONDON -- London bullion market players are racing to borrow gold from central banks, which store bullion in London, following a surge in gold deliveries to the United States on speculation of potential import tariffs there, two sources familiar with the matter said.
The minimum waiting time to load gold out of the Bank of England, which stores gold for central banks, has reached four weeks, one of the sources said. In normal times, the release time is a few days or a week.
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The Bank of England declined to comment when asked about the queue.
U.S. President Donald Trump has not mentioned precious metals in his tariff plans, but the risk has been enough to boost gold deliveries to New York as part of the market sought to hedge its positions on the U.S. Comex exchange and part sought to benefit from a jump in the price premium of Comex futures over London spot prices. ...
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