No, equal. If the profit gained from buying/selling gold in New York and doing the opposite in London is not equal to the cost of physically transporting the gold across the Atlantic then there is and arbitrage opportunity and in a perfect market it would be eliminated until those costs are exactly equal.
In reality markets aren't perfect, and also you'd have to take into account the benefit that doing things digitally is much faster, so it won't actually be equal. But in the magic world that economists live in it should be.
Compared with the logistics of moving that much gold safely, "moving" it by selling it and buying the equivalent in less fraught location need not be that much slower.
