The cost of short-term gold borrowing in London has shot up as the shortage in the bullion world’s trading capital has starved the market of the precious metal.
A gold rush into the US — where inventories on the New York Comex have risen 88 per cent since November’s election — has drained the market in London, as traders try to get ahead of potential tariffs threatened by President Donald Trump. Users report bottlenecks of several weeks to withdraw gold from the vaults at the Bank of England.
The rate to lend gold for a week has risen to about 10 per cent on an annualised basis this year, compared with 2-3 per cent previously, according to the World Gold Council, an industry body.
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