Citigroup Moves Into $1 Trillion London Gold Market With Heathrow Vault Plan

When major banks start building physical infrastructure, they see what's coming. Citi partnering with Malca-Amit for Heathrow vaults isn't about servicing current demand. It's about positioning for the supply crunch ahead. London's $1 trillion daily paper gold market needs physical backing when confidence cracks. The clearing role play is telling too. Banks want control over allocation when metal gets scarce. This follows the pattern we've seen since 2020. First central banks stack. Then commercial banks build capacity. Physical always wins in the end. The vault builders understand what paper traders don't.