Why banks are flying gold bars on commercial flights from London to NYC
Published On Feb 21, 2025, 3:58 PM
Recent reports indicate that banks are transporting gold bars from London to New York City due to a price discrepancy, with gold valued about $20 lower per troy ounce in London. This strategy allows banks to capitalize on higher prices in New York and mitigate potential losses from futures contracts. Notable banks involved include JPMorgan Chase and HSBC, which plan substantial movements of gold, indicating strong demand for physical gold amidst economic uncertainties and tariff discussions.
Stock Forecasts
GLD
Positive
The ongoing movement of gold suggests strong demand for the metal in response to market uncertainties, particularly in light of tariff implications from the Trump administration. With gold prices surging, this trend of transporting gold may continue, allowing investors to potentially benefit from price increases.
Related News
Why the Price of Gold Keeps Going Up
Feb 21, 2025, 11:09 AM
The precious metal, considered a haven asset, is usually sought out by investors during times of turmoil.
Trump says his administration will check Fort Knox 'to make sure the gold is there'
Feb 20, 2025, 8:09 AM
A drive to audit Fort Knox has gained steam recently from comments by Elon Musk on X.
Circle Squared Alternative Investments founder Jeff Sica discusses how worthwhile it is to invest in gold on 'Varney & Co.'s' Market Check.