Gold strength isn't just about COMEX.

LBMA vault data shows a significant draw in January as gold flows into COMEX approved New York vaults. But this is just a symptom of the underlying reason for strength, economic uncertainty.

• The LBMA report holdings of gold and silver declined in January, consistent with the flow of metal across the Atlantic to New York.

• The LBMA remain sanguine about the functioning of the London bullion market, and this view is supported by option risk reversals, which show no sign of panic.

• Expectations that the flow of gold across the Atlantic might be re…