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JPMorgan planning $4 billion gold delivery in U.S. amid tariff fears
By Jack Ryan and Jack Farchy
Bloomberg News
Friday, January 31, 2025
JPMorgan Chase & Co. will deliver gold bullion valued at more than $4 billion against futures contracts in New York in February, at a time when surging prices and the threat of import tariffs are fueling a worldwide dash to ship metal to the United States.
The bank, which is by far the biggest bullion dealer, was one of several institutions to declare plans on Thursday to deliver bullion against contracts traded on CME Group's Comex that will expire in February. The delivery notices -- which total 30 million troy ounces of gold -- were the second largest ever in bourse data going back to 1994.
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Fears of imminent tariffs on imports following the election of U.S. President Donald Trump have caused prices for gold futures on Comex to surge over spot prices in London. Spot prices shot to record highs this week, but the additional premium on Comex has created a lucrative arbitrage opportunity for the handful of banks that can quickly fly bullion between key trading hubs.
Similar pricing dynamics have emerged in other Comex contracts too, and the disparity has become so large that traders have started flying silver into the country. The precious metal is usually too cheap and bulky to justify the cost of airfreight, and one industry veteran says it's the first time they’ve seen it happen.
While millions of ounces of gold trade on Comex every day, typically only a small fraction of that goes to physical delivery, with most long positions being rolled over or closed out before they expire. ...
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