Would be interested to know more about what this means. Below is link to LBMA vault data with some market data/analysis.

https://www.lbma.org.uk/prices-and-data/london-vault-data

They seem to stress that they are on top of things as far as OTC demand goes but maybe the ETF demand isn't matched. Of note I've seen in a few places that physical gold seems to be heading to NY recently?