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Index/Topics/Tariff-Driven Arbitrage 2025

Tariff-Driven Arbitrage 2025

The tariff-driven arbitrage in 2025 where metal was moved from London/Swiss vaults to New York to capture the spread.

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Jan 30, 2026
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Which COMEX warehouse movements in 2025 were attributed to arbitrage versus end-user physical demand, according to public delivery notices?

and warehouse reports show two distinct 2025 phases: a massive inbound wave in Q1 that multiple analysts attribute to (metal moved from to to capture the spread) and a subsequent period from April onw...