Archived reporting described a large movement of gold from London to the United States and longer withdrawal queues in London vaults. The report estimated the transferred metal at about $134 billion, although that figure is retained here as a historical claim rather than independently verified current data.
Possible market drivers
The report linked the transfers to demand for physical settlement, uncertainty about potential U.S. trade measures, and reserve purchases by central banks. It also noted that some official-sector and investment holdings may not be immediately available for private transactions.
What the movement indicates
Vault transfers can affect local availability and settlement times without proving a permanent shortage. Their broader significance depends on subsequent inventory reports, delivery data, policy decisions, and the duration of the flows.