> there are no gold tariffs, there has been no announcement of gold tariffs, any new general tariffs might have an exception for gold
They might or they might not. I'm not going to defend the market's rationale. I won't even confidently pin tariffs as the reason for the price difference.
What is factually certain is that there is a price difference in the global metals market that is sucking physical gold into America. London has a big, liquid gold market that's tightly tied to New York; herego, we see the ripples there clearest.
This has nothing to do with BRICS or people de-risking from dollars. And it makes no sense for it to be a revolt against American influence over the gold market; the gold is being flown to America and paid for with dollars.
> isn't a reason for Trump to put a tariff on gold
Canada. Would be weird to exempt gold of all things.
The things happening in the gold market might be related to the largest players in the gold market. It seems too early to rule that out. We don't know exactly what is happening here.
> Canada
I very much doubt that tariffs on Canada are a factor in the UK->US movements; it'd need to be a tariff on gold specifically. If the tariff is on Canadian gold, why would they need to slip English vaulted gold (presumably of all sorts of origins) in before the tariff barrier comes down? It'd be more sensible to wait until the tariffs are a known quantity and fly the gold in on demand.
The market price does that sort of logic on autopilot. If the price differential is enough to have European gold re-vaulted the market has to foresee something bigger than a Canadian tariff. Otherwise the price differential would be just enough to justify moving Canadian gold in early, but not enough to justify flying gold over the Atlantic.
They might or they might not. I'm not going to defend the market's rationale. I won't even confidently pin tariffs as the reason for the price difference.
What is factually certain is that there is a price difference in the global metals market that is sucking physical gold into America. London has a big, liquid gold market that's tightly tied to New York; herego, we see the ripples there clearest.
This has nothing to do with BRICS or people de-risking from dollars. And it makes no sense for it to be a revolt against American influence over the gold market; the gold is being flown to America and paid for with dollars.
> isn't a reason for Trump to put a tariff on gold
Canada. Would be weird to exempt gold of all things.