Is a global gold shortage looming? Why is gold leaving London en masse and heading to the US? What is really behind gold breaking its all-time highs? Josh Phair, CEO of Scottsdale Mint, explains the dramatic changes taking place in the gold market, driven by tariff concerns, potential policy changes, and growing geopolitical tensions.
In a recent interview, Phair highlighted significant movements in the gold and silver markets, pointing to growing demand for physical metals in the United States and around the world.
Tariff fears drive gold shipments
Concerns about potential tariffs under a second Trump administration are prompting investors to move their gold to the United States. “The goal was to bring all the metal to the United States,” Phair told Kitco News, noting that banks are trying to minimize risk by ensuring their holdings are within U.S. borders.
This has led to an increase in gold shipments to the COMEX exchange in New York, with inventories rising by nearly 75% since the US election.
London gold market under pressure
Growing demand for gold in the US has put pressure on the London gold market, with waiting times for withdrawals from the Bank of England skyrocketing. According to Phair, “it seems like there's even greater demand here, almost as if someone wants a lot of gold and silver in the US.”
This situation has raised concerns about possible delays and shortages in London.
Invisible forces and possible audits