The LBMA doth protest too much...
It is not so much about a shortage of gold, but rather a sudden demand for gold in places where it cannot be quickly supplied in the desired form.
"Gold is the perfect piggy bank – it’s the anchor of trust for the financial system. If the system collapses, the gold stock can serve as a basis to build it up again..."
"...from April 1, 2020, the Bank of Russia has suspended the purchase of gold in the domestic precious metals market..."
Saudi Arabia has flooded the market as it warned it would less than a month ago, with Saudi Aramco’s oil supply surpassed 12 million bpd on the first day of April
"My outlook on the domestic oil and gas industry has never been bleaker..."
As COMEX launches a new 400 oz gold futures contract to keep the paper gold show on the road, one slight problem - COMEX vaults have no 400 oz gold bars.
"...worth it's weight in Purell..."
...under pressure from the LBMA and several major banks that trade gold, the CME Group has reportedly changed its contract-delivery rules to allow gold bars in London to be used to settle...
Customers must sell their gold, silver and platinum this week. Otherwise, ABN Amro will do that for them...
"I’ve never seen that before"... "There is no price discovery in the market right now."
"We are likely at an inflection point [for gold] where 'fear'-driven purchases will begin to dominate liquidity-driven selling pressure as it did in November 2008..."
"Basically we’re selling as soon as we get stock on location in secure vaults — but we’re restricted to what we can get hold of, it’s a bit like toilet roll."
“Crash conditions will likely inspire more and more people to demand physical delivery on precious metals over the course of 2020, as fears of paper market shutdowns due to the pandemic grow.”
Few analysts have yet to understand the enormous consequences of the coronavirus for missed payments and accumulating current debt, which is and will rapidly drain liquidity from wholesale money markets...
Why are central banks buying more gold than at any time since 1971? And what has spooked sovereign gold holders to fly their gold out of New York and London?
...while many products have been pummeled by the weak demand outlook and the eruption of an oil price war, others are proving more resilient...
“At no time in human history has silver been this cheap relative to gold.”
Large US wholesalers are completely sold out of all gold and all silver and are not able to replenish.
"Price wars and pandemics are nothing new to the commodity markets, but both occurring simultaneously is something we have yet to witness in our careers."