America's appetite for gold is 'sucking' bullion out of other countries

The strong U.S. demand for gold is causing a “glut of gold” in New York’s vaults as traders prepare for President Trump’s tariffs on Canada and Mexico. Over 600 tons of gold have been stockpiled in New York since December, a significant increase that is out of the ordinary. Concerns about the impact of tariffs on gold and silver have prompted U.S. banks, investors, and traders to move the precious metal from London to New York.

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