JPMorgan Chase, the world’s largest bullion dealer, is spearheading an unprecedented movement of gold to US markets, planning to deliver over $4 billion in bullion against February Comex futures contracts. This massive delivery, part of a total 3 million troy ounces from major banks, represents the second-largest delivery in exchange history since 1994. The unusual movement reflects growing concerns about potential import tariffs under President Trump, which has created a significant premium for US gold prices over London spot rates. The situation has triggered remarkable market dynamics, with physical gold inventories in Comex depositories swelling by 14 million ounces ($39 billion) since the US election. The price disparity has become so significant that traders are even airfreighting silver into the US, an unprecedented move given silver’s typically prohibitive transport costs relative to value. While JPMorgan accounts for roughly half the planned deliveries at 1.485 million ounces, other major institutions including Deutsche Bank, Morgan Stanley, and Goldman Sachs are also participating in this extraordinary movement of physical precious metals to US markets.