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Old 03-23-2020, 08:03 AM   #41
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Originally Posted by Unobtanium View Post:
... Having a tough time finding any other mints that have suspended production. ...
Quote :
The Swiss Canton of Ticino, in the Italian part of Switzerland, has just ordered the gold refiners based there to close, initially to March 29th but this is expected to be extended. Three of the world’s largest refiners – Argor, Valcambi and PAMP are based in Ticino. ...
https://kingworldnews.com/breaking-e...ed-production/
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Old 03-23-2020, 08:13 PM   #42
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FT reporting on demand shock in physical precious metals. Is hell freezing over?

http://gata.org/node/19979
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Old 03-25-2020, 12:26 PM   #43
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Quote :
...
Ludwig Karl ...

He’s a board member of Swiss Gold Safe Ltd., an operator of high-security vaults in the Alps that’s storing growing sums of precious metals for wealthy foreigners as the Covid-19 pandemic worsens. The company usually helps customers buy gold, but governments have closed scores of businesses amid the crisis, making it increasingly difficult for people to get their hands on the physical product.

“It’s absolutely crazy what’s going on,” Karl said. “Right now, if somebody wants to buy gold, I wish them all the best in finding it. Most of the bullion dealers are closed.”
...
https://www.bloomberg.com/news/artic...n-crazy-moment
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Old 03-26-2020, 08:24 AM   #44
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If you think gold GC00, +1.91% has jumped about 10% in a couple of days to $1,638 an ounce, the official price quoted on Wall Street, think again.

The real price? Nearer $1,800. If you can get it.

“There’s no gold,” says Josh Strauss, partner at money manager Pekin Hardy Strauss in Chicago (and a bullion fan). “There’s no gold. There’s roughly a 10% premium to purchase physical gold for delivery. Usually it’s like 2%. I can buy a one ounce American Eagle for $1,800,” said Josh Strauss. “$1,800!”

Major gold dealers have sold out of coins and gold bars amid panic buying as the U.S. economy plunges and the government agreed to a record $2 trillion emergency lifeline.

Kitco, the Canadian gold dealing giant, reported Wednesday that it was out of almost all standard one ounce gold coins. American Eagles and Buffaloes, issued by the U.S. Mint, were out of stock, it reported. Ditto Canadian “Maple Leafs,” issued by the Royal Canadian Mint, “Britannias” issued by the Royal Mint of Great Britain, and “Kangaroos” issued by Australia.

It was out of Krugerrands, issued by the South African government. Those are by far the most widely traded gold coins in the world.
...
https://www.marketwatch.com/story/th...ing-2020-03-25
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Old 03-27-2020, 11:31 AM   #45
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Gold suppliers are in talks to use chartered or cargo flights to transport the precious metal, which usually moves around the world in commercial planes and has been left stranded as global travel grinds to a halt.

The global gold market has been thrown into upheaval by the coronavirus outbreak. Logistics are becoming increasingly difficult and some leading refineries have been forced to close, all at a time when demand for gold is surging. A key South African refinery said Thursday it’s had to stop shipping to London.

The London Bullion Market Association, which represents gold market participants, said that refining capacity isn’t a problem -- there’s easily enough plants still operating to meet demand. However, the group is looking at ways to solve the logistics problems and is investigating the possibility of allowing global delivery outside of London.

LBMA is confident there is more than sufficient global refining capacity,” it said in a notice issued overnight. “Refiners and other market participants are actively engaged with logistics companies to overcome travel constraints and ensure the physical movement of metal via, for example, chartered or cargo flights.”

The disruptions in gold supply chains have combined with surging demand for the traditional haven to drive prices higher. Spot gold is headed for its biggest weekly gain since 2008. Earlier this week, uncertainty over whether there was enough gold available in New York to deliver against contracts on the Comex drove the spread with London spot prices to the highest in four decades.
...
While tightness on the Comex may be easing amid signs that investors are rolling April contracts into June, the constraints on transporting gold remain in place. Some wholesalers and retail dealers have said they are running out of the metal and South Africa’s Rand Refinery Ltd. is exploring back-up plans and alternative measures to be able to meet its delivery commitments to the London gold market after commercial flights dried up.
...
https://www.bloomberg.com/news/artic...s?srnd=premium
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