There is no gold.’ Bullion dealers sell out in panic buying If you think gold GC00, +0.37% 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!”
https://www.marketwatch.com/story/there ... 2020-03-25
World’s Rich ‘Desperate’ for Gold With Metal in Short SupplyLudwig Karl is stuck at home, worried about his elderly relatives. All the while his business is booming.
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/articles ... azy-moment