🥇 Stat of the Day: Banks are currently working to load as much gold as they can onto planes traveling from London to New York, in order to pare losses and take advantage of existing arbitrage between the markets. JPMorgan alone plans to deliver $4 billion of gold from across the pond this month, according to filings.

The driver of this modern-day prospecting rush?

The price difference between London and New York markets, which are typically in lockstep. Physical gold is stored in London (which holds more bars than Kendrick Lamar’s notebook), but futures contracts (paper gold) are traded on the New York market. The two markets usually trade within a few dollars of each other.

However, since early December, the parents have been sleeping in separate rooms – the price difference between the two markets has hovered between $20–$30 per troy ounce (~31 grams). Cue: the finance version of dropshippers rushing to cash in.

Analysts say the gap between London (lower) and New York (higher) is being driven by the markets pricing in potential tariffs on US imports of precious metals.

🤔 Did You Know? Apple co-founder Steve Wozniak was so good at Tetris that Nintendo Power magazine eventually stopped publishing his high scores, since he dominated the leaderboard.

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