A Scramble for Gold?

serf

June 11, 2020 14:14

What? Is not the dollar as good as gold? Oh wait,a Democrat fixed that in 1933.Just like they are going to fix it again in 2021.

                                              serf

     https://www.wsj.com/articles/a-scramble-for-gold-is-redrawing-the-map-of-the-market-11591867007

New York faces a gold rush after the pandemic threw precious-metal markets into disarray, setting off a scramble by traders to cut their losses.

Bullion vaults approved by the Comex division of the New York Mercantile Exchange house a record 29.7 million troy ounces, according to FactSet data back to 2013. Almost three quarters of that gold—weighing as much as nine, fully loaded Boeing 737-700 airplanes—has arrived in the past three months.

The displacement was set off by dysfunction in the market in March and early April, caused by fears of a breakdown in ordinarily frictionless gold supply chains. It has reversed the normal flow of bullion from west to east, redrawing the map of the international gold market.

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  Don McManus

  June 11, 2020 15:30

  Nine fully loaded 737-700s is equivalent to about 1.5 747-400s.
  Neither of which is worth its weight in gold.
  
  

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