Traders Load US-Bound Planes With Gold and Silver in Tariff Bet

Over the last few months, sealed wooden boxes have been arriving in the holds of commercial flights from London to New York, strapped up and tightly packed against tampering. When they land stateside, they are collected by trucks whose drivers, generally, don’t know what they’re hauling.

What’s inside are stacks of silver bars that traders, fearing that tariffs from the US government are imminent, are loading onto planes to rush into America.

Gold is commonly flown between key global trading hubs including London, New York, Zurich, Hong Kong and Shanghai. Cheaper, bulkier silver is typically sent by ship.

Many market participants doubt that precious metals will be included in any tariffs, but that has not stopped traders from seeking to close out their exposure.

Photographer: Chris Ratcliffe/Bloomberg

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