Silver and Platinum Bar Deliveries Surge As Banks Take Delivery


Physical Demand Supply Imbalance Spreading from Gold to Silver and Platinum and Prices To Gain

‘Chaos’ in gold markets ripples to silver and platinum markets

Silver, platinum exchange physical bar deliveries surge as banks reposition

Falling open interest signals increase of metal on CME exchanges as turmoil causes inventories to jump amid efforts to meet the shortages

via Bloomberg

The chaos that engulfed the gold market in March as the global pandemic choked off physical trading routes is rippling through other precious metals, resulting in price dislocations and a surge in exchange inventories for silver and platinum.

The gold market was thrown into turmoil in March as lockdowns grounded planes and closed refineries, leading traders to worry they wouldn’t be able to get gold to New York in time to deliver against futures contracts. That caused futures, which typically trade close to the London spot price, to soar to a premium, inflicting losses on banks that struggled to close arbitrage bets and spurring them to shift some positions out of New York futures.

There are signs that the dynamic isn’t limited to gold. Silver and platinum futures have traded at elevated levels relative to spot metals since early April. And as in the case of gold, the premiums are spurring big increases in on-exchange inventories in New York.

On Monday, first-notice data for the July silver contract on the Comex in New York showed the largest single day of deliveries in almost 25 years. Deliveries for platinum on the New York Mercantile Exchange were more than five times the next largest month this year.

Those deliveries serve as a way for banks to reduce their exposure to price dislocations and limit risk, said David Holmes, a senior vice president at Heraeus Metals New York, a precious metals refiner.

Full article via Bloomberg



NEWS and COMMENTARY

Gold Gains 16% with an 8 – Year High: Why It Will Continue to Rise

PRECIOUS – Gold ticks higher as virus fears counter gains in equities

Asia shares jump as China blue chips scale five-year peak

One fifth of German firms fear for their survival

Indian man wears gold face mask to ward off coronavirus

Cutting dollar from gold sparked pernicious changes

‘Capital Markets Are Not Free’: Billionaire Investor Ray Dalio Says the Fed Is Boosting Asset Prices, Valuation Metrics Don’t Apply, and the U.S. Dollar Is At Risk

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

03-Jul-20  1774.65 1772.90, 1426.29 1422.40 & 1580.33 1577.70
02-Jul-20  1771.85 1777.45, 1415.00 1421.60 & 1568.97 1577.13
01-Jul-20  1787.40 1771.15, 1444.90 1424.63 & 1592.93 1574.82
30-Jun-20 1770.70 1768.10, 1444.18 1436.58 & 1580.35 1577.32
29-Jun-20 1768.80 1771.60, 1434.67 1440.31 & 1571.23 1573.54
26-Jun-20 1762.10 1747.60, 1420.61 1414.51 & 1570.03 1559.91
25-Jun-20 1758.55 1756.55, 1412.64 1414.73 & 1565.29 1565.79
24-Jun-20  1775.70 1766.05, 1420.74 1416.90 & 1573.63 1567.55
23-Jun-20  1755.60 1768.90, 1409.85 1416.36 & 1556.17 1560.70
22-Jun-20  1745.45 1761.85, 1405.26 1418.11 & 1555.72 1567.17
19-Jun-20  1728.55 1734.75, 1392.17 1401.16 & 1541.18 1545.49
18-Jun-20  1732.65 1719.50, 1384.73 1383.51 & 1539.29 1532.93
17-Jun-20  1717.30 1724.35, 1368.69 1375.17 & 1527.88 1537.26

 


Access Latest Goldnomics Podcast (Part II) Here



Own gold coins and bars in the safest vaults in Zurich, Switzerland with GoldCore. Learn why Switzerland remains a safe haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here


Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here



Mark O'Byrne

Also on news-goldcore-com

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

The Inflation Tide is Turning!

In our post on January 28, 2021 “Gold, The Tried-and-True Inflation Hedge for What’s Coming!” we outlined four reasons that we expect higher inflation over the next several years. The brief bullet points are: Money Supplies have risen dramatically Commodity Prices are rising again Reduced Globalization as ‘Made at Home’ policies are proliferating Pent up […]

READ MORE

Tavi Costa- The Fed is Trapped

Tavi Costa of Crescat Capital joins Dave Russell of GoldCore TV this week. He highlights the basic pillars of inflation and why owning tangible assets like gold and silver is now more important than ever. Watch the full interview to find out more. Watch the Video to Learn More Make sure you don’t miss a […]

READ MORE

Featured

Gold posts its first loss in 11 sessions as Trump’s speech ebbs Iran war worries

READ MORE

China and Russia Are Buying Gold and They Don’t Care How Much It Costs

READ MORE

Gold Is Overvalued in Short-Term, Says Goldcore’s O’Byrne

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

The Inflation Tide is Turning!

In our post on January 28, 2021 “Gold, The Tried-and-True Inflation Hedge for What’s Coming!” we outlined four reasons that we expect higher inflation over the next several years. The brief bullet points are: Money Supplies have risen dramatically Commodity Prices are rising again Reduced Globalization as ‘Made at Home’ policies are proliferating Pent up […]

READ MORE

Tavi Costa- The Fed is Trapped

Tavi Costa of Crescat Capital joins Dave Russell of GoldCore TV this week. He highlights the basic pillars of inflation and why owning tangible assets like gold and silver is now more important than ever. Watch the full interview to find out more. Watch the Video to Learn More Make sure you don’t miss a […]

READ MORE

Featured

Gold posts its first loss in 11 sessions as Trump’s speech ebbs Iran war worries

READ MORE

China and Russia Are Buying Gold and They Don’t Care How Much It Costs

READ MORE

Gold Is Overvalued in Short-Term, Says Goldcore’s O’Byrne

READ MORE