Markets Insider: Traders Are Scrambling to Fly Gold Bullion Across the Atlantic - Here's Why
Article by Nora Redmond in Markets Insider
Significant amounts of gold are being taken out of the UK's central bank and flown to New York, driven by fears about the impact of tariffs threatened by President Donald Trump.
The uncertainty means gold held at the Bank of England has been trading at a discount to the wider market, and traders face lengthy delays to make withdrawals.
Some think Trump could impose tariffs on raw materials coming into the US, including gold, Michael Haigh, head of commodities research at Société Générale, told The Financial Times. "There is a bit of a scramble among participants in the gold market to protect themselves," he said.
The Bank of England holds .....