London’s bullion market is heating up as traders rush to borrow gold from central banks, stretching the Bank of England’s wait times for withdrawals to a rare four-week delay. Normally, it takes just days to get gold out of the BoE, but a surge in shipments to the US—driven by speculation over potential import tariffs—has tightened liquidity, two sources revealed. While President Trump hasn’t signaled any plans for tariffs on precious metals, the mere possibility has sparked a flood of gold deliveries to New York. Some traders are hedging their COMEX positions, while others are capitalizing on the widening price gap between London spot prices and US futures. Over the past two months, 12.2 million troy ounces of gold landed in COMEX-approved warehouses, pushing stocks to a two-year high of 29.8 million ounces. The rush has drained the so-called Loco London free float—the bullion available for OTC trading—since much of London’s stored gold belongs to central banks or exchange-traded funds. Robert Gottlieb, a former precious metals head at Koch Supply and Trading, pointed out that the BoE isn’t built to handle this level of commercial borrowing, intensifying the supply squeeze. Liquidity issues aren’t confined to London. According to traders, moving vast amounts of gold across borders—especially from Europe to the US—is creating ripple effects worldwide. Even in Asia, markets like Singapore and Hong Kong are feeling the strain, as logistics hurdles amplify the pressure in an already tight market.