摩根大通黄金交易部门，传于上月底紧急迁至新加坡，50多名交易员及家属在一周内搬家

Core Viewpoint - JPMorgan's gold trading department has relocated from New York to Singapore without any public announcement, raising speculation about a restructuring of the global gold supply chain [4][6]. Group 1: Relocation Details - The relocation involved over 50 gold traders and their families, who were instructed to arrive in Singapore within a week [4][6]. - An internal email stated, "All COMEX qualified gold operators will be moved to the Asia-Pacific region by the end of this weekend" [6][13]. - The move occurred during the Thanksgiving holiday, highlighting the urgency of the operation [7][13]. Group 2: Market Implications - This relocation could reshape the traditional dynamics between New York and London in the gold trading market [8][14]. - Singapore has become a global gold hub, with trading volumes surpassing London by 15% in 2025, and its zero-tariff policy attracting funds from BRICS nations [8][14]. Group 3: Reasons for Relocation - The move is driven by three main pressures: 1. A surge in physical gold deliveries, with JPMorgan delivering $4 billion worth of physical gold in November 2025, the highest monthly total since 2008, leading to significant pressure on COMEX inventories [9][15]. 2. A tightening regulatory environment, with the U.S. CFTC investigating bank precious metals manipulation, while Singapore's MAS offers more flexible regulations [9][15]. 3. A shift of client funds, as the bank's private banking division attracts a large number of ultra-high-net-worth clients moving from the U.S. and Europe to Asia, necessitating a corresponding adjustment in trading infrastructure [9][15].