As gold prices hit record highs, financial firms capitalize on market disarray.
An American Airlines 787-8 prepares to load cargo in Chicago (Photo: AirlineGeeks | Ian McMurtry)
Commercial airlines have been transporting a unique kind of cVirgin Atlantic Plans Cargo-Only Flights this month for big banks.
Financial firms JPMorgan Chase and HSBC Holdings have been using unnamed commercial airlines to move gold bars from London to New York City. The flights, reported on by the Wall Street Journal, are part of a strategic business move to capitalize on shifting gold prices in U.S. and European markets.
The report stated President Donald Trump’s tariff threats on Europe have caused disarray in the precious metals market, with gold prices hitting record highs. Of the two major gold trading hubs in London and New York, gold in Manhattan is currently worth more.
This has spurred banks to move gold bars across the Atlantic from the United Kingdom to the U.S. to sell for higher yields.
In late January, Bloomberg reported that JP Morgan Chase planned to deliver over $4 billion in gold from the United Kingdom to the U.S. for the month of February. The company was one of several financial institutions to announce plans to move gold from London to New York City.
The report noted that the three million troy ounces being delivered will be the second-largest movement of gold since 1994.
Receive a daily dose of the airline industry's top stories along with market insights right in your inbox.
Democratic Sen. Richard Blumenthal of Connecticut said he’s concerned that a proposed partnership between United and JetBlue could harm competition…
Qatar Airways has completed the installation of SpaceX’s Starlink Wi-Fi service across its fleet of 54 Boeing 777 aircraft, becoming…
Virgin Atlantic has become the first United Kingdom airline to announce plans to implement Starlink in-flight connectivity on all of…
