URGENT: Some Are Claiming The Run On Central Bank Gold Has Begun

Three reasons why the gold rush into Comex likely has little to do with tariffs.

First thing I'll say is do not panic, and if you feel like panicking, you haven't been stacking correctly. There have been false alarms before. Anyway. Here goes.

Brink's Vault Goes WILD, Possible Record Gold Deliveries Start Tonight

The amount of eligible (privately owned, not for sale) gold flooding in to the Brink's vault in particular has been absolutely staggering. See below.

Covid panic peak was 3.5Moz in this vault. Since the beginning of the year, we have rocketed about 4.5Moz to a new all time high of just below 5M. It's so extreme and so fast you can't even see the line on extreme right of the chart.

Alasdair MacLeod suspects that the tariff explanation for why this is happening is bunk. I was fooled and believed it for a few days, but I'm now convinced MacLeod is right at least on this point. This could be the beginning of a major bullion crisis. Tariffs are a smokescreen. MacLeod writes, correctly I think:

A moment's thought allows us to dismiss targeted tariffs against Mexican silver and Canadian gold. They lose their identity when refined. As for general tariffs, that is almost certainly nonsense as well, because Trump has always said tariffs would be imposed on manufacturing, not commodities.

Now, I'm open to being corrected here by a tax accountant because I don't know tax law at all, but I suspect that the idea that gold is being imported to sidestep a potential 10% tariff is actually ridiculous because there is no need to import most of it. You can just obtain the title to it and keep it in London without importing it. The idea that jewelers are freaking out over their gold inventory supply and buying the farm sounds kinda dumb to be honest.

Another reason why I think tariffs are a bullshit smokescreen is that the supply of gold on the Comex was still 9Moz, or double what it was prior to the 2020 surge, even before this most recent surge began. Double isn't enough?

So what's going on then? MacLeod stabs a (slightly wrong) guess: