(Bloomberg) — Australia shipped a record amount of gold to the US in January, as fears over potential tariffs saw traders rush to deliver metal into New York warehouses in order to capitalize on extreme price dislocations between key markets.
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Exports to the US totaled A$4.6 billion ($2.9 billion) in the month — the highest amount in records dating back to 1995, the Australian Bureau of Statistics said in its latest monthly trade report.
Australia typically exports to countries closer in proximity throughout the Asia region — but the recent turmoil in global precious metals markets has disrupted normal trade flows at a time when prices were already near all-time highs.
Concerns that possible tariffs from US President Donald Trump may end up impacting bullion caused futures on the Comex to surge over spot prices in London late last year, creating unusually large and persistent premiums that incentivized imports to the US.
While the dislocation has faded in recent days as tightness in the physical market eases and premiums fall, a record volume of gold is now sitting in the New York exchange’s warehouses. However, there’s still no clarity on whether gold will be included in Trump’s tariff measures, so it’s possible the price differential between New York and London could widen again.
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