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UK faces gold shortage as traders send $82B to New York in anticipation of Trump tariffs
London is facing a gold shortage after traders pulled out billions in bullion from the vaults of the Bank of England and stockpiled them in New York amid fears that Donald Trump will slap fresh tariffs on the shiny commodity, the Financial Times reported on Wednesday.
The British newspaper said that traders have amassed an $82 billion stockpile in New York in recent weeks.
The report, quoting people familiar with the matter, added that the apparent rush to pull gold out from the UK had left them facing a four-to-eight week delay in recovering their investment.
"People can't get their hands on gold because so much has been shipped to New York, and the rest is stuck in the queue," one industry executive was quoted as saying. "Liquidity in the London market has been diminished."