Gold And Silver Coin And Bar Shortages Globally

Today’s AM fix was USD 1,472.50, EUR 1,125.51 and GBP 947.80 per ounce. 
Friday’s AM fix was USD 1,462.25, EUR 1,123.43 and GBP 947.79 per ounce.


Cross Currency Table – (Bloomberg)

Gold fell $7.00 or 0.48% Friday to $1,467.30/oz and silver finished down 1.65%. Gold and silver both gained for the week at 4.74% and 3.11%, respectively.

Gold rose another 1% overnight in Asia, consolidating on last week’s 4% gain. 


Gold in USD, 1 Month – (Bloomberg)

The slight rebound in prices from multi-year lows has as of yet failed to dampen the global appetite for bullion, causing a shortage in the physical supply of gold coins and bars.

Recent bleak U.S., European and Chinese growth data is also supporting gold due to concerns of recessions and of a global depression.

Central banks including the Federal Reserve and the ECB are set to continue with ultra loose monetary policies which will support gold.


Gold in Euros, 1 Month – (Bloomberg)

The ECB has kept its main interest rate at a record low of 0.75% since July 2012 and may reduce interest rates to 0.5%, either this week or in June. This will further deepen negative real interest rates in most countries in the Eurozone.

The Fed alone is set to keep interest rates near 0% and continue its current pace of bond buying at a whopping $85 billion a month. 

Ultra loose monetary policies will support gold as it is a hedge against currency devaluations and inflation and stagflation – all of which are real risks.


Gold in British Pounds, 1 Month – (Bloomberg)

Premiums for gold and silver bars have jumped higher all over the world. They have surged to multi-year highs in Asia. Reuters reports overnight that premiums are surging due to "strong demand from the physical market, which has led to a shortage in gold bars, coins, nuggets and other products."

Shortages of gold and particular silver coins and bars is not confined to the small coin and bar market and there are also supply issues in the larger bar market with kilo bars being increasingly difficult to secure.

Swiss refineries are struggling to meet global demand for refined gold bars.  They have been cleared out of their stock of kilo gold bars – the preferred form of gold bullion amongst many store of wealth, affluent buyers in Europe and Asia. Buyers have been told that they will have to wait until late May prior to receiving delivery on paid for product.

Shortages are most prevalent in the silver coin and bar market where premiums have surged. 

Silver coins and bars can now not be bought from the largest bullion dealers in the U.S. who have been cleared out of stock in recent days. Unlike after Lehman Brothers where there were shortages and delays of 3 to 4 weeks, there is no guidance being given as to when certain gold and silver coins and bars will be available again.

NEWS
Gold rises 1%, holds near one-week high – Reuters

Gold Bears Defy Rally as Goldman Closes Short Wager – Bloomberg

Fund managers see opportunity in gold’s price drop – The Boston Globe

Gold falls Friday, but scores 4% gain on week – Market Watch

COMMENTARY

Everything Is Rigged: The Biggest Price-Fixing Scandal Ever – Rolling Stone

Canada home to 10% of Swiss bullion – The Globe and Mail

Keiser: The Psyops Of The Gold War – RT

Sinclair: The Rig Is Up – JS Mineset

For breaking news and commentary on financial markets and gold, follow us on Twitter.

 

Mark O'Byrne

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