JPMorgan Just Moved 30 Million Ounces of Gold… What Do They Know That You Don’t?

Somewhere in Florida, my grandfather is grinning ear to ear, sipping a lukewarm cup of Folgers, and mumbling something about “the good ole days” while gold soars past record highs thanks to Trump’s latest tariff marathon.

Over the weekend, Trump cranked up the tariff machine… 25% on Canada and Mexico, 10% on China, and a big fat “you could be next” to Europe. Naturally, this had the stock market dumping from investors looking for safety, and as you’d imagine, gold was the only thing left standing (besides real estate).

Spot gold spiked 1.2% to $2,830.74 an ounce, smashing last Friday’s record. It eventually cooled to $2,816.75, but by then, my grandfather had already done three victory laps around his retirement home like he just won the Indy 500.

Bank of Montreal analysts summed it up pretty well: “These tariffs create a strong tailwind for gold.” Basically, every time Trump tweets about trade wars, grandpa gets another reason to open his safe and cackle like a Bond villain.

There are far more people panic-buying gold than my Grandpa. JPMorgan Chase is shipping over $4 billion worth of bullion into the U.S. to take advantage of the price surge. That’s 30 million troy ounces of gold… the second-largest delivery on record. If you think that’s wild, silver traders are so desperate that they’re actually flying silver into the country.

At the same time, bullion banks are hoarding gold like it’s the last can of beans before a zombie apocalypse, moving massive quantities from trading hubs in Dubai and Hong Kong to New York before the tariffs kick in.

And while all this is happening, you can bet Peter Schiff is somewhere sticking it to Michael Saylor, who’s been making fun of him for years. Schiff, the eternal gold bug, has been preaching the gospel of gold while Saylor bet the farm on Bitcoin. Today, Schiff’s probably sending Saylor a fruit basket with a note that says, “Told you so.”

If Trump keeps pushing tariffs, gold could keep climbing. Some analysts think this could be the start of a major gold bull run, especially if inflation picks up and global trade slows down. Bart Melek at TD Securities said gold hasn't even fully priced in the trade war chaos yet, meaning there could be “significantly higher prices down the road.”

In the meantime, grandpa will keep posting on facebook to buy more gold, JPMorgan will keep flying in more bullion, and traders will keep taking advantage of the volatility. And if gold hits $3,000, I expect my grandfather to start looking at real estate in Monaco.

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