(Dan Tri Newspaper) - Thousands of tons of gold are being transported by plane from gold vaults in London (UK) to New York (USA). What is happening to the global gold market?
Major banks around the world are transporting billions of dollars worth of gold by air from gold vaults in the UK to the US.
Beneath Threadneedle Street in England, gold vaults are depleting at an alarming rate. In the past few months, an estimated 8,000 gold bars have been shipped to New York. According to security records, the financial firm JPMorgan Chase planned to deliver $4 billion worth of gold this month.
An official from the Bank of England (BOE) commented that demand for withdrawing gold bullion from vaults has surged recently. Investors are racing to withdraw gold from London for shipment to the United States.
According to the Wall Street Journal , banks are using security companies to transport gold in armored trucks to London airports. Then, to quickly and safely transport the gold to the United States, the banks use air transport, storing the gold in the cargo holds of commercial aircraft.
According to Greg Frith, Director of Business at StoneX Group, approximately 2,000 tons of physical gold were shipped from London to New York in December.
"Most transatlantic flights operated by shipping providers are fully booked. It's even impossible to bring more gold on board because they've already booked for the next two to three months," he told Kitco .
Thousands of tons of gold are being transported by plane from gold mines in London to New York (Photo: Bullionstar).
Notably, the Comex commodity exchange (USA) requires gold bars to be of standard size. This forces traders to send their gold to refineries to be remelted before shipping it to the US.
Specifically, after being extracted from vaults in London, the gold is transported to leading gold refining centers in Switzerland to be recast to the standard size of the Comex exchange.
Mr. Frith added that gold refineries around the world are overwhelmed due to soaring demand. Customers are having to wait six weeks, or even longer.
"Nobody really knows if gold will be taxed. Gold might not be taxed because it's a monetary asset in the U.S. But given the current Trump administration, anything is possible," Frith emphasized to Kitco .
According to the expert, many Comex futures traders are trying to accumulate as much physical gold as possible before the precious metal is taxed.
Analysts also predict that gold prices could soon reach a record high of $3,100 per ounce. This could further fuel the exodus of gold from vaults in London.
"The new US import tariffs are causing market instability. Demand for safe-haven assets like gold and silver is therefore continuing to rise. The US dollar remains under pressure against other major currencies, which is partly contributing to gold's rise," David Meger, director of precious metals trading at High Ridge Futures, told Kitco .
Source: https://dantri.com.vn/kinh-doanh/may-bay-chat-kin-vang-di-cu-den-my-chuyen-gi-dang-xay-ra-20250316004041555.htm
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