In reality, the volume of gold leaving the LBMA far exceeds what tariffs alone would explain. The U.S. is pulling gold back, just as China has been. Gold has been leaving London for both the U.S. and China for some time now. The China-tell is in this Goldman Sachs’ analysis, which shows China’s real demand far exceeds official numbers.

London’s role as the world’s gold hub is fading. The LBMA has operated on the assumption that gold can always be leased. That model is breaking down. Basel III, de-globalization, and central bank accumulation are reshaping the market. Nations are preparing to use their Gold and Silver in Trade once again.

Repatriation to what ends is the final question we all hope to have the answer to soon.

https://www.scottsdalemint.com/articles/2025/the-secret-reason-usa-wants-its-gold-back-its-not-tariffs/

AND

How Trump’s 2025 Tariffs on Canada & Mexico Impact Gold & Silver

President Trump’s actions on Tariffs leave no carve outs or exception for bullion and monetary metals. With 63% of U.S. silver consumption relying on imports primarily from Mexico, Canada, Peru, and Chile, and approximately 80% of silver grain used in domestic bullion products coming from international sources, the market will need time to adjust.

https://www.scottsdalemint.com/articles/2025/how-trumps-2025-tariffs-on-canada-mexico-impact-gold-silver/