By rajera jadhav
Mumbai (Reuters) – Banks in world ingots fly from gold in the United States of shopping centers which are aimed at Asian consumers, notably Dubai and Hong Kong, to capitalize on the unusually high premium that American gold assets enjoy during punctual prices.
Traditionally, the banks of ingots transport gold to the east of the West to meet the demand for China and India, the two largest consumers in the world, representing almost half of world consumption.
But the alarm about the American import prices planned by President Donald Trump has led the prices in the long term on the COMEX considerably above the cash prices in recent months, creating an opportunity for lucrative arbitration.
“The prices of gold soar and in Asia, the demand has roughly disappeared,” said a legapor -based ingot merchant with a leading lead branch. The cash prices in cash reached a record on Monday. [GOL/]
“Meanwhile, a sweet opportunity appeared in the United States, and of course, almost all banks jump on it-move gold for the delivery of Comex to take advantage of arbitration,” he said.
Comex gold inventories have increased by almost 80% since the end of November, or 13.8 million Troy ounces worth more than $ 38 billion at current prices, with supplies from London, from Switzerland and now centers focused on Asia.
The premium on term contracts on COMEX on punctual prices has returned to around $ 40 on Monday, compared to the discounts of up to $ 15 in India and a discount of about $ 1 in China.
The cost of moving the gold of Asian poles to the United States is fractional compared to Comex premiums in force, said a mumbai-based bruising merchant.
A leading leading Bank even moved gold stored in a custom-free area in India in the United States last week, he said.
In normal situations, many banks provide gold in India and keep it in customs -free areas, cleaning the shipments by paying import tax only after having made the request. They can withdraw the cargo abroad without paying taxes.
As the request for retail on the Asian markets has been silent by high prices, the bruising banks are learned in gold from refiners in Dubai, which generally serve as a major hub for the application of India, To meet their demand in the United States, said a Lingots merchant based in Dubai.
“The United States is like a golden magnet at the moment, drawing gold around the world,” he said.
(Report by Rajendra Jadhav; additional report by Polina Devitt and Ashitha Shivaprasad; edition by Veronica Brown and David Evans)
