International News
Why JPMorgan, HSBC are pulling bullion from Bank of England
Trade disruption between the United States and Europe, caused by US President Donald Trump’s tariff threats, has led to a big shift in the gold market. A surge in gold prices in the US, driven by trade uncertainties, has triggered a rush to transport gold from London to New York, creating one of the biggest movements of physical bullion in years.
Leading global banks, including JPMorgan Chase and HSBC, are capitalising on the price gap between the two markets, using commercial flights to ferry gold across the Atlantic, the Wall Street Journal reported on Monday.
Gold prices have reached record highs amid concerns over trade policies, with the price of gold futures in New York soaring 11 per cent this year to $2,909 per troy ounce. Analysts predict the price could soon surpass $3,000 per troy ounce for the first time.
Meanwhile, gold prices in London have lagged behind, trading about $20 lower per ounce since early December.Market participants have attributed this price gap to recent tariff threats by US President Trump, who has criticised Europe’s trade policies and hinted at further duties on the region. Although gold is not directly targeted by these tariffs, the market has reacted sharply, with traders exploiting the discrepancy.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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