According to reports, JPMorgan Chase's gold trading department quietly relocated at the end of last month without any official announcement. The entire gold trading team moved from New York to Singapore, with over 50 traders and their families required to arrive in Singapore within a week.

On November 27, 2025, JPMorgan Chase issued an internal emergency directive, instructing more than 50 gold traders and their families to relocate to Singapore within a week. An internal email stated: "All COMEX-qualified gold operators must be relocated to the Asia-Pacific region by the end of this week."

The move, which was not publicly disclosed, is considered a highly confidential adjustment, sparking market speculation about a reshaping of the global gold supply chain. Internal communications suggest the relocation aims to strengthen the bank's trading capabilities in the Asia-Pacific region amid geopolitical and regulatory shifts.

Independent journalist Bill Still reported that the relocation occurred during the Thanksgiving holiday, requiring traders to quickly pack their belongings, highlighting the urgency of the operation. The scale of the move involves one of the world's largest gold trading desks, potentially altering the traditional dominance of New York and London in the market.

Singapore, a global gold hub, saw its trading volume surpass London by 15% in 2025, with its zero-tariff policy attracting capital inflows from BRICS nations. JPMorgan Chase's private banking division has already established its Asia-Pacific headquarters in Singapore, ensuring seamless client service integration.

The relocation is driven by three key pressures: 1. A surge in physical gold deliveries—JPMorgan Chase delivered $4 billion worth of physical gold in November 2025, the highest monthly volume since 2008, straining COMEX inventories. 2. Increasing regulatory scrutiny in the U.S., where the CFTC continues to investigate banks for precious metals market manipulation, while Singapore's MAS offers more flexible oversight. 3. Client capital outflows, as the bank's private wealth business caters to ultra-high-net-worth individuals shifting assets from the U.S. and Europe to Asia, necessitating aligned trading infrastructure.

Bill Still noted in a YouTube video: "This isn't expansion—it's an escape. JPMorgan knows the paper gold market crisis is imminent."