JPMorgan Plans $4 Billion US Gold Delivery Amid Tariff Fears.

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 US.

The bank, which is by far the world’s 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 3 million troy ounces of gold — were the second largest ever in bourse data going back to 1994. Traders on Friday declared their intent to deliver another 1.1 million troy ounces on Tuesday, according to the latest notice from CME Group.

The exchange is often used to hedge positions in London, the largest trading hub, with banks offsetting longs with paper short positions in New York. Since the day of the US election though, physical inventories in the exchange’s depositories have swelled by 14 million ounces, around $39 billion of gold.

Source: FINANCE.YAHOO