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Investing.com -- Gold stocks in Comex warehouses, a part of the CME Group (NASDAQ:CME), are set to reach new record levels due to potential import tariffs threatening to limit shipments from other countries to the United States, according to Reuters, citing analysts and traders. The latest data from Comex reveals gold stored in its U.S. warehouses at an all-time high of 43.3 million troy ounces, worth $135 billion at current rates, a significant increase from 17.1 million in November when Donald Trump was elected U.S. President.
Spot gold prices soared to a new record high of over $3,100 per ounce on Monday, marking a 19% increase this year following a 27% rise in 2024. Despite recent slowdowns, gold continues to be transported to the U.S. frequently. This comes as President Trump is expected to announce a substantial tariff plan on Wednesday, which he refers to as "Liberation Day."
A source from a Swiss refinery, the world’s largest bullion refining and transit hub, confirmed that shipments to the U.S. are still ongoing. From December to March, Comex received deliveries of 25.4 million ounces of gold worth $79 billion as the risk of U.S. import tariffs caused a widening premium between Comex futures and London spot prices.
The current Comex gold stocks are equivalent to five years of total U.S. gold consumption, estimated at 8.8 million ounces a year by BNP Paribas (OTC:BNPQY). Adrian Ash, head of research at London-based BullionVault, suggested that it would be surprising if gold exports from the U.S. started any time soon.
However, if gold is exempted from U.S. import tariffs, the market could see a reversal, albeit a subdued one, of the current trend. Ole Hansen, head of commodity strategy at Saxo Bank, suggested that if this happens, some of the gold bars could return to London, the primary trading hub for physical gold.
In London, the world’s largest over-the-counter gold trading hub, the influx of massive supplies to New York has been absorbed, and liquidity has improved as the market borrowed from central banks, storing their bullion at the Bank of England’s vaults. The waiting time to load gold out of the Bank of England’s vaults has reduced to 2-3 weeks, down from 4-6 weeks in January, according to three sources familiar with the matter.
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