Gold in Bank of England Trading at Discount Over Trump Tariffs
February 8, 2025
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1:07Now PlayingGold in Bank of England Trading at Discount Over Trump Tariffs
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as posted by the channelGold in the Bank of England vault is trading at a discount to the wider market, as fears over potential Trump tariffs spark a scramble for bullion that’s resulting in weeks-long queues to withdraw metal.
Dealers are quoting prices for gold at the BOE at discounts of more than $5 an ounce below spot in London, according to people with direct knowledge of the situation.
The size of the divergence is extremely unusual, with gold at the BOE usually trading in lockstep with prices in the rest of the London market, where bullion changes hands in vaults a few minutes’ drive away run by JPMorgan Chase & Co., HSBC Holdings Plc and others. Previous premiums and discounts — driven by central bank trading activity — have generally been no more than a few tens of cents per ounce, traders said.
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