The world's second-largest gold storage suddenly has very long lines to withdraw bars
Source: CNN Business
Updated 8:10 AM EST, Fri February 7, 2025
London CNN — President Donald Trump’s tariff threats have created such strong demand for UK-held gold, traders are facing potentially weeks-long queues for a chance to withdraw it.
All existing slots at the Bank of England to withdraw gold bars are booked up as market players race to ship the metal to the United States to take advantage of a surge in gold prices there, an official has said. Gold has become more valuable in the US than in other parts of the world as traders worry supply will plunge if Trump’s across-the-board tariffs, both announced and planned, make imports of the metal costlier.
“The US gold market has been trading at a premium to the London market,” Dave Ramsden, deputy governor for markets and banking at the central bank, told reporters Thursday. The owners of the gold bars in its underground vaults have been “looking to take advantage of that price differential,” he added.
As a result, the Bank of England, which has the second-largest stock of gold in the world, has seen strong demand for gold withdrawals, he noted. “All of those bodies who ship the gold, they’ve all got the … slots they need over the next few weeks. If you were coming in new to us, you might have to wait a bit longer because all the existing slots are booked up,” Ramsden said.
Read more: https://www.cnn.com/2025/02/07/business/gold-bank-of-england-trump-tariffs-intl/index.html
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I do have a thin gold necklace that I wear for luck, I'll admit it! 
