Gold Bar Shortage Deepens: Credit Suisse Tell Clients “Do Not Bother Asking”
| ◆ Gold bar shortage globally prompts preppers, bankers and high net worth investors alike to try and acquire large gold bars but mints, refiners, banks and dealers globally are sold out. ◆ As the coronavirus pandemic takes hold, retail and institutional investors and banks are encountering severe shortages of gold bars and coins according to industry participants (see Wall Street Journal story below). ◆ Epic gold shortage prompts those concerned about systemic collapse including preppers, bankers and high net worth alike to try and acquire gold bullion which has become ‘unobtanium’. ◆ Credit Suisse Group AG, which has minted its own bars since 1856, told clients this week “not to bother asking” for gold bars. ◆ Dealers are sold out or closed for the duration and in London, bankers are chartering private jets and trying to finagle military cargo planes to get their bullion to New York exchanges, according to the WSJ. ◆ Gold prices are consolidating after the near 8% gain last week and remain one of the best performing assets in the last twelve months and year to date. ◆ GoldCore remains open for business and when they become available we are buying coins and bars from our government mint and large refinery suppliers and from our clients. Premiums have surged and we are paying 1.5% over spot to clients for gold kilo bars and higher premiums for smaller bars and bullion coins (1 oz). We are only selling to clients who have cleared funds on account and are on our Buyers List. |
NEWS and COMMENTARY
Coronavirus Sparks a Global Gold Rush – WSJ
