Over 600 tons of gold move to New York amid tariff concerns

New York has seen an influx of over 600 tons of gold since December, driven by concerns over potential U.S. tariffs, according to data from the World Gold Council (WGC).

John Reade, WGC’s market strategist for Asia and Europe, described the situation as extraordinary, stating that this gold would not normally be stored in New York.

"Supply chains have been disrupted because of this huge sucking sound, which has been the United States importing gold ahead of the potential tariffs," Reade explained.

The surge in imports follows the Trump administration’s tariff policies, which have fueled speculation that a broader trade war could impact commodities, including gold and silver.

Investors and institutions are moving their holdings to the U.S. to avoid potential import taxes.

"If you’re now suddenly worried that you might have to pay an import tariff, then you don’t want your gold in London, you need to have it in New York before the tariff comes in," Reade noted.

The demand has disrupted global gold supply chains, particularly affecting refineries that produce one-kilogram gold bars, which are mainly located in China, Southeast Asia, the Middle East, and India.

Gold bars that do not meet U.S. standards are being melted and refined to meet the required specifications, putting pressure on refineries and altering planned production schedules.

As gold continues to flow into the U.S., market analysts are closely watching how these movements will impact prices and global trade.

Reade emphasised the scale of this shift, stating that the U.S. is effectively "sucking gold out of the rest of the system."