A shift is occurring in the global gold market as concerns over potential Trump-era tariffs trigger a massive movement of gold from London to New York. The Bank of England, which stores gold for central banks, has seen its processing times for gold withdrawals extend to four weeks from the typical few days, indicating severe pressure on the system. This migration has led to a 70% increase in COMEX warehouse stocks over two months, reaching 29.8 million ounces – levels not seen since August 2022. The exodus has depleted London’s free-float metal supplies, forcing market participants to seek gold leases from central banks to maintain liquidity in the world’s largest over-the-counter gold trading hub.