The past week we have seen the physical gold market rise to the occasion. There are a great many new eyes looking at gold, acquiring gold and asking questions about gold. All of this new attention comes at the appropriate time as there is a massive, global situation that gold signals to the world that something is very, very wrong.
The criminal banking cabal that is tied to the COMEX and LBMA have, over the past 5 decades, been able to control gold’s world view through price suppression schemes. The past two decades these schemes have been well documented by GATA and over the past fews years The Daily Coin and several other new organizations have reported on the crimes of the banking cabal as well, but nothing like GATA.
This was left in the comment section of an article here on The Daily Coin – it sums up the COMEX (Crimex) perfectly…
“On Comex, people sell gold they do not own to people who do not want to buy it because they do not have the cash to pay for it.”
With the massive, global changes that have occurred over the past 6-8 weeks we seen a flight to physical gold and physical silver like nothing in our lifetime. We just reported on March 28 – “There’s No Gold” – COMEX Report Exposes Conditions Behind Physical Crunch in which it is reported that, currently, American Gold Eagles are listed on the US Mint’s website at an astounding $2,175 per one PROOF ounce coin!! This is magnitudes higher than the, approximate, $1,627 as of Friday’s close. Just to be clear, proof coins command a higher premium than the usual “brilliant uncirculated” (BU) coins that most people acquire, but the premiums are not this far out of line. $490 premium is way, way, way out of the ordinary.
Here’s another screen shot, this one from Apmex, showing BU coins sporting that disconnect pricing. Check out the price of the Buffalo – $1,933.99 – including about $80 worth of payment processing fees!! The same goes for the AGE!!! Both coins are “random year”, which means they will sell you the coins they receive in whatever condition they receive. On, can’t forget – they hope to get some before mid April which is their promissory delivery date on the Buffalo’s. Late next week on the AGE’s, which means some are in route.
In the meantime, the deep state corporate media is doing their part to run cover for the banking cabal in producing a piece to assure you, the sleeping public, everything is a-okay with the gold market. All the travel restrictions, decade long pressure on the mining industry and now refineries being shutdown is of no concern. Oh, can’t forget the worlds major mints are either sold out or close to sold out completely of product. Keep in mind, if there are travel restrictions getting new product into the mint to make coins becomes more of a challenge. But remember, the precious metals market, in particular the gold market, is just fine, not a problem we have plenty of physical gold to accommodate any and all that come to the window for gold. What a pile of whoie.
Gold is typically transported in the holds of passenger planes, most of which are no longer flying.
The LBMA said there was more than enough refining capacity in the world to meet demand.
“While a few refiners have suspended production as a result of COVID-19, the other good delivery refiners are ready and able to accommodate the industry’s needs,” it said.
Good delivery refiners are those accredited by the LBMA. There are 72 of these in 31 countries, supplying the vast majority of the world’s gold. Source
Okay, the first, and largest, problem is found in the last sentence. The 3 refineries that are currently shuttered along with Swiss / Italian border are responsible for more than 60% of all refined gold in the world. This includes newly mined gold as well as recycle gold. Rand gold refinery in South Africa is slashing production by more than 50%. None these four refineries have notified the world when they would be back to full production. So, it doesn’t matter if you have 100 refineries if they don’t have the capacity, today, that’s not going to change overnight. The problem is going only to get worse until the refineries with the capacity to supply the world with gold are back online, period.
This caused gold prices in New York and London to move sharply apart this week as traders worried that metal couldn’t be flown from London to New York to settle contract obligations. Source
The second problem, is transportation. If you start chartering planes to fly gold around do you think that may have an impact of the cost of gold? Of course it will. If you were paying $100 for something yesterday and the cost jumps to $1,000 today, well, who’s going to absorb that additional cost?
The light at the end of the tunnel can be seen in Perth Mint, Royal Canadian Mint and Royal Mint (UK) which operate their own refineries. As long as they can continue acquiring gold and silver they will be able to continue refining and minting products. These may be the only products online within the next few weeks. But the question remains, what is their capacity? Can they mint 400oz “good delivery bars”? If so, what impact would this have on their ability to produce 1oz, 1/2oz, 1/4oz coins or any of the retail bars of various size? Lots happening in the gold and silver markets and the paper-pushers…well, we’ll see what happens when the markets open later this evening.
As of this writing, Sunday March 29 at 9:30am CDT, there is no news to found regarding the reopening of the major refineries.
