The strong demand for the United States for gold is “sucking” alloys from some countries, as merchants try to store it in front of US President Donald Trump’s tariff in Canada and Mexico.

“There is an abundance of gold” in the New York cellar.

More than 600 tons, or nearly 20 million ounces of gold, have been transferred to the city’s basement since December of last year, according to data provided by the World Gold Council. John Reed, the market market expert in the Gold Council in Asia and Europe, said this amount of gold usually does not belong to New York.

“You just keep her there when unusual circumstances occur,” CNBC told CNBC.

The threat of customs tariffs on gold, investors, and merchants pushed to convert precious metals into a commodity exchange center and other brackets in New York, when they are usually stored in London.

“There are concerns that imminent definitions on Canada and Mexico will affect both gold and silver,” said Nikki Shels, head of MKS PAMP.

Trump recently announced that assembly American definitions on imports from Mexico and Canada You will go foot after the expiration of its implementation postponed next week. On February 1, US President signed executive orders that impose a 25 % tariff on Canada and Mexico products.

But some investors are afraid that the threat of customs tariffs will exceed the two countries.

Shels added that there are advanced concerns that the broader customs tariff will play its role in the United Kingdom and Switzerland, which are also large golden gold centers.

“The biggest source of concern is that there can be a comprehensive tariff for all imports in the United States and that this could also apply to gold,” said Nikos Cavalis, Managing Director of Metals Focus.

Canada and Mexico are among the largest gold exports of the United States. the The United States imports most gold from CanadaIt is followed by Switzerland, Colombia, Mexico and South Africa, according to data from OEC World.

Since Trump’s election victory last November, gold futures in the United States have greatly outperformed its international counterparts, creating arbitration opportunities for those who are able to transfer large quantities of alloys to the United States, according to CNBC.

The movement is largely attributed to merchants looking to close short positions, or those who hold material gold in New York expect short future contracts to capture the huge bonus.

As of Thursday, the golden futures listed in The Comex were trading at $ 2,930.6 an ounce, while the instant gold price in London reached $ 2901 – a difference of about $ 30. The installment was wider in January.

Store American warehouses now of consumers and gold in the United States, according to data from Bullionvau.

Local gold production in 2024 It was estimated at 160 tons, below From 170 tons in 2023According to data from American geological survey.

Ash said that merchants see Trump “can make 100 % tariffs” on gold imports in the United States tomorrow without scattering gold prices in the United States, because there will be enough gold in a basement.

Although there is no urgent need for physical delivery processes, investors need to ensure that they can be made – which threatens Trump’s tariff to disable it.

“There should be a few people to perform natural deliveries, but you always need to be able to perform delivery operations,” Reid said at the World Gold Council.

“But if you suddenly worried that you have to pay an import tariff, you do not want gold in London, you need to get it in New York before the tariff comes,” he said.

“Supply chains have been disabled because of this massive sound that the United States absorbed, which was importing the United States gold before the potential definitions,” said Reed.

The complex factor is that comics models To a large extent, delivery operations via kilogram barsHe added that it is usually available only in selected areas such as China, Southeast Asia, the Middle East and India.

“There is only a limited capacity for refineries to produce one kilogram bars,” Reid said.

He added: “Suddenly, everyone was trying to get qualified Kilogographic bars to put them in comics warehouses and ship them to New York, and this means that other golden flows were cut off.”

London, often referred to as the name The peripheral market for goldIt witnessed a great impact of the transformation.

“As the market turns into gold stocks from London’s private cellar to Comex Vauults, mineral availability in a special cellar in London has decreased,” said Metalus Fox.

Large gold bars are also pulled from London to other refineries all over the world where they can be melted and improved to Kilopar, because Standard bars stored in London are 400 ounces Instead of Kilopar.

Gold reserves in London’s basement It decreased for the third month in a row in January, and the data of the London Market Society showed. The amount of gold reserves in January was 1.7 % less than December.

Gold exports from Switzerland to the United States In January, he also rose to at least 13 years, according to Reuters report, quoting Swiss customs data. Cavalis noted that Singapore has shipped gold more than it was usually to the United States.

Only to hedge against these definitions, gold has been shipped to the United States, and this “absorbs gold from the rest of the system,” said Ree.