JPMorgan Chase & Co. will deliver gold bullion worth over $4 billion to New York by February, taking advantage of surging prices and the threat of import tariffs. The move comes as traders rush to ship metal to the US, seeking to profit from the arbitrage opportunity created by the widening price gap between Comex futures contracts and spot prices in London.
The bank’s delivery notices cover 30 million troy ounces of gold, making it the second-largest ever recorded. This shipment is part of a broader trend, with traders flying silver into the US, despite its high cost and bulkiness. The disparity between Comex and spot prices has become so large that industry veterans say it’s unprecedented.
The surge in physical deliveries on Comex can be attributed to the uncertainty surrounding tariffs on imports following Donald Trump’s election as US President. This has led to a record-high in gold futures on Comex, creating a lucrative opportunity for banks with the ability to quickly move bullion between key trading hubs.
Source: https://fortune.com/2025/02/01/jpmorgan-4-billion-us-gold-delivery-trump-tariff-fears