In a recent roundtable discussion, Bullionstars Claudia Merkert joined forces with two of the most respected voices in the precious metal industry: Eric Yeung, a global mackerel strategist and Ronan Manly, a famous precious metal analyst. Together, they explored the latest trends in the gold market, including the unprecedented movement of physical gold in the United States, the growing gap between paper and physical gold markets and the broader implications of economic and geopolitical development in Gold’s future.
https://www.youtube.com/watch?v=gybuq125t_o
1:21 – Liquidity crisis in London and gold stocks
7:18 – The mood of ETFs and paper gold markets
22:17 – The role of Comex Vaults – a trap?
25:14 – Trump Tariffs, BRICS, USD ATTACHED AND POSPORIAL GOLD RUS POSITION
46:42 – The bigger picture – a threatening paper vs. Physical gold crisis?
The wave in physical gold transfers: hitherto unprecedented market movements
One of the most urgent topics in the conversation was the massive influx of gold to the US market. Over the past two months, an estimated 2,000 tonnes of gold have moved from major global gold hubs – such as London, Switzerland, Singapore and Australia – to US markets. Of this, almost 700 tonnes have been transferred to Comex, with the remaining 1,300 tonnes assumed to have been recorded by the markets over non-total). This movement raises significant questions about the motivations behind such large transfers.
Eric and Ronan emphasized that this shift is far from just commercial. The cala and speed of gold inflow suggests the involvement of a strong unity – probably one with significant political and economic influence – actively repatriating gold. This theory gets further belief in the CEO of Stonex, one of the world’s largest commodity dealers confirming these numbers on several occasions.
Paper vs. Physical gold: the growing discrepancy
Another central topic that was discussed was the extended gap between the price of physical gold and its paper model. While LBMA (London Bullion Market Association) and Comex have long been key players in the gold market, their roles are increasingly in doubt. Historically, Comex was seen as a price discovery mechanism, but now it is clear that the growing demand for physical gold highlights deeper liquidity problems in LBMA’s non -distributed gold system.
According to Ronan, the increased demand for physical delivery from Comex signals deeper liquidity problems within LBMA’s non -assigned gold system. This has led to an increase in gold contract and extended delivery times, where Eric pointed out that some orders range from a typical T+2 settlement time frame to as long as T+60 at this time.
Eric compared the LBMA system with a “paper gold fire brigade” that depends on a thin layer of physical reserves to control market fluctuations. However, as demand intensifies, this mechanism becomes increasingly fragile and raises concerns about the sustainability of the paper gold market and potential systemic risks.
The role of Comex Vaults – a potential trap?
The role of Comex vaults in Gold Trade were also under control. There is a growing suspicion that the gold moving into Comex vaults will be funneled into the US financial system, which potentially restricts its free trade. Eric raised the possibility that this could be part of a wider strategy to implement gold -based capital controls, similar to the approach that China has taken to keep capital within its borders. He also believes that the United States could limit gold extraction in times of economic crisis that draws from historical precedent.
Ronan pointed out that Comex is deeply bound to major US institutions, such as CME (Chicago Mercantile Exchange) and Wall Street Banks, as well as government units such as CFTC (Commodity Futures Trading Commission) and the president’s working group in financial markets. While Comex was never historically a large gold delivery hub compared to London, its role has expanded significantly. Ronan suggested that this shift may not be just about the market’s arbitrage, but could be part of a deeper, strategic maneuver.
Trump’s customs policies and their influence on global gold trading
The discussion also affected the influence of Donald Trump’s customs policy on the global trade in gold. Trump’s past threats of imposing duty on precious metals have led to many speculating that investors and institutions prevent securing physical gold in anticipation of future trade restrictions. Eric noted that the broader economic policies aimed at bringing industries back to the United States could speed up de-dollarization trends, especially among BRICS nations and other trade blocks.
Ronan suggested that customs threats are often used as a negotiating tool rather than a concrete political shift. In this case, however, these threats could encourage non-Western nations to move away from the dollar-denominated trade and consider alternative settlement mechanisms-some of them can be backed by gold.
Gold -backed bonds: A potential US strategy?
Another exciting topic that was discussed was the idea that the US issuing of gold -supported government bonds. Eric quoted Judy Shelton, a financial adviser with close ties to the Trump administration. She has proposed revision of the US gold reserves, revaluation of US gold reserves at market prices and issuing 50-year-old zero coupon-gold-backed bonds. It is theorized that this step can help stabilize US debt in the long term and at the same time maintain confidence in the dollar.
Ronan suggested that the feasibility of such a movement depends on the authenticity of American gold possessions, and that although the government claims to have 261 million ounces of gold, there are still questions about whether it is all physically accessible. If the United States has to refill its reserves to support such bonds, the ongoing gold current in the United States may be a preparatory step for a wider financial restructuring.
China’s strategic gold accumulation
China’s growing demand for gold was an important point in the discussion. Eric noted that the country has aggressively accumulated gold through various channels, including Shanghai Gold Exchange and a newly launched gold accumulated program, which allows citizens to convert yuan to gold -backed accounts. His estimates suggest that civilian gold demand in China could reach out to 2,000 tonnes in 2025 – excludes the significant acquisitions made by People’s Bank of China. This strengthens the notion of gold as a strategic asset, both in global trade and monetary policy.
Are we approaching a gold crisis?
As the physical gold demand continues to rise, and the paper gold markets show increasing signs of strain, the possibility of a gold crisis is great. If LBMA -settlement times extend further, and non -assigned gold contracts face growing skepticism, the credibility of the paper gold system erodes significantly.
Eric pointed out that if LBMA’s delays continue to prolong, its promesses are likely to face rising devaluation and push investors toward safer physical assets. Meanwhile, Ronan emphasized that the market is witnessing the early stages of a significant structural shift in which the role of physical gold in global funding can be repeated.
Conclusion: Golden’s evolving role in the global economy
The insight shared in this discussion highlights the ongoing transformation in the gold market. With an increase in physical demand, increased government interventions and changing global trade policies, gold is ready to play a more significant role in the financial system in the coming years.
As uncertainty continues, both investors and decision makers must pay attention and assess how these macroeconomic and geopolitical trends will shape the future of precious metals. Whether through the potential issue of gold -supported bonds, China’s continued accumulation, or a potential restructuring of the global gold markets remains clear: Gold’s relevance in the global monetary system is stronger than ever.
Keep an eye on more detailed analyzes as this development continues to unfold.