Global bullion banks are shipping gold from Asian trading hubs to the US to capitalize on unusually high Comex futures premiums driven by tariff concerns. While Asian markets face discounts of up to $15 in India and around $1 in China, US futures are commanding a $40 premium over spot prices. The trend has led to an unprecedented 80% increase in Comex gold inventories since late November, adding 13.8 million troy ounces worth over $38 billion. Banks are even moving gold from customs-free zones in India and sourcing from Dubai refineries to capitalize on this premium, as high prices have dampened Asian retail demand. The cost of transportation is negligible compared to the potential profits from the price differential.