Trump's Tariff Threats Drive Surge in Gold Shipments from London to New York

Big banks like JPMorgan and HSBC are capitalizing on price discrepancies as fears of U.S. tariffs disrupt gold markets.

JPMorgan and HSBC are transporting billions of dollars worth of gold from London to New York to mitigate losses on short positions and exploit price differences.
Gold futures in New York have risen 11% this year, with prices reaching $2,935 per troy ounce, significantly higher than London prices.
Fears of tariffs on European imports, including gold, have caused U.S. gold inventories to more than double since Election Day in November 2024.
The logistical process involves retrieving gold from London's vaults, recasting it to meet New York's contract specifications, and shipping it via commercial flights.
The price gap between London and New York gold markets highlights the impact of Trump's trade policies on global commodity trading.