(Dan Tri) - 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 world gold market?
Major banks around the world are flying billions of dollars worth of gold from vaults in the UK to the US.
Beneath Threadneedle Street, the vaults are emptying at an alarming rate. An estimated 8,000 gold bars have been shipped to New York in the past few months. JPMorgan Chase plans to deliver $4 billion in gold this month, according to security records.
A Bank of England (BOE) official commented that demand for withdrawing gold bars from gold vaults has increased sharply in recent times. Investors are racing to withdraw gold from London to transport to the US.
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 transfer the gold to the US, banks are using air transport, storing the gold in the cargo holds of commercial aircraft.
About 2,000 tonnes of physical gold were shipped from London to New York in December, according to Greg Frith, trading director at financial firm StoneX Group.
“Most of the transatlantic flights are full. It is not even possible to put more gold on the plane because they are booked for the next 2-3 months,” he told Kitco .
Thousands of tons of gold are being transported by plane from gold vaults in London to New York (Photo: Bullionstar).
Notably, the Comex (US) commodity exchange requires gold bars to be of a standard size, forcing traders to send their gold to refineries for re-minting before shipping to the US.
Specifically, after being taken from vaults in London, gold is transferred to leading gold refining centers in Switzerland to be recast according to the standard size of the Comex exchange.
Gold refineries around the world are overwhelmed by the surge in demand, with customers facing wait times of six weeks or longer, Frith added.
"Nobody really knows if gold will be taxed. Gold probably won't be taxed because it's a monetary asset in the U.S. But in the current context of the Trump administration, anything is possible," Frith told 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 hit a record $3,100 an ounce, which could further fuel the exodus of gold from vaults in London.
"The new US import tariffs have created uncertainty in the market. Demand for safe havens such as gold and silver has continued to increase. The US dollar remains under pressure against other major currencies, which has helped gold to 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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