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The disruption to the gold market, and subsequent movement of bullion from London to Manhattan, appears to be a consequence of Trump’s looming tariff threats against imports from the European Union entering the U.S.
In February alone, JPMorganChase is estimated to deliver more than $4 billion in gold against futures contracts in New York, according to Comex filings.
Interest is charged on the loan, with the banks hedging against price decreases by selling gold futures in New York.
And, since Election Day when Trump defeated then-Vice President Kamala Harris at the ballot box in November, U.S. gold inventories have doubled.
The gold is first shuttled to the airport in high-strength vans before being sent to Swiss refiners to recast – due to Comex contracts requiring different bar sizing – it before flying on to the U.S.
