Why are U.S. banks flying gold from London to New York?
Geplaatst: 17 feb 2025 23:30
Deep under London’s Threadneedle Street lies an intricate network of tunnels holding the world’s second-largest depository of gold.
The Bank of England’s nine heavily fortified vaults hold hundreds of tonnes of the precious metal valued at more than £200 billion ($252 billion).
But now, they are slowly being emptied over fears that President Donald Trump is about to start a global trade war.
Much of the gold has been shipped to New York City where the commodityis, for the moment, worth substantially more than in the U.K. capital.
The U.S. bank JPMorgan and the U.K.’s HSBC are two of the biggest names flying the precious metal across the Atlantic to cover losses on short positions, reports the Wall Street Journal.
https://www.independent.co.uk/news/worl ... 98797.html
The Bank of England’s nine heavily fortified vaults hold hundreds of tonnes of the precious metal valued at more than £200 billion ($252 billion).
But now, they are slowly being emptied over fears that President Donald Trump is about to start a global trade war.
Much of the gold has been shipped to New York City where the commodityis, for the moment, worth substantially more than in the U.K. capital.
The U.S. bank JPMorgan and the U.K.’s HSBC are two of the biggest names flying the precious metal across the Atlantic to cover losses on short positions, reports the Wall Street Journal.
https://www.independent.co.uk/news/worl ... 98797.html