Why London's gold is heading to New York, and what it means for buyers - London Business News | Londonlovesbusiness.com
Briefly

The recent gold market turbulence is attributed to significant withdrawals from the Bank of England, leading to transfers primarily to New York. Traders are reacting to potential U.S. tariffs on precious metals, causing logistical issues and rising prices in London. Despite rumors of a shortage, Managing Director Rick Kanda reassures buyers that these movements are primarily institutional and won't drastically affect supplies. He predicts that global economic trends will drive gold prices to an estimated $3,000 per troy ounce by the end of 2025, supported by ongoing central bank purchases.
"With rumours circulating about a gold shortage, it is no surprise that we are seeing panic buying of gold. But buyers do not need to be too concerned, as the movements between the Bank of England and the US are very unlikely to cause much direct impact on supplies. These moves are primarily institutional repositioning of vaulted metal."
"There's no denying that 2024 was a record year for gold. It's reached colossal new highs and broken records that none of us expected. This is thanks to a result of economic uncertainty, changes in global inflation and also increased demand for this commodity."
Read at London Business News | Londonlovesbusiness.com
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