Many who want to buy gold, no sellers

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In an article we shared yesterday, we mentioned that there was an unprecedented problem in the world of gold. With the cancellation of the flight services and the closure of the gold refineries, people began to have difficulty in reaching the physical gold. It seems that this problem is getting more and more serious.

Swiss Gold Safe Ltd., which has high security safes in Switzerland and sells large amounts of gold to customers. There is a company called. This company provides services to high-income customers under normal circumstances. But the coronavirus outbreak affected this company as well. With the government’s quarantine of many businesses, Swiss Gold Safe’s services began to fail.

A Great Blow To The Sector
As can be expected, the gold refineries in Switzerland play a key role in the global gold market. But these refineries started to close due to the coronavirus epidemic. In the article we shared yesterday, we mentioned that this is an unprecedented problem. Because these refineries were not closed either during the war or during the financial crisis.

With these refineries closed and the cancellation of commercial flights, global gold shipment was disrupted. Private investors usually get 1 pound or less than 1 pound of gold. The banks, of course, buy much higher amounts of gold than this. However, at the moment, both private investors and banks are struggling to make these transactions due to failing gold shipments. Seamus Fahy, founder of Merrion Vaults, which has gold cases in the UK and Ireland, says the following:

“Investors used to be selective about what to invest up to two months ago. But now they get whatever they get. People are desperately trying to get physical gold. ”

See Also
There Is An Unprecedented Problem In The Gold Market

Investors like Mark Mobius say that it is “a good time to buy gold …” and they think that buying gold can be a good investment decision right now. But as Fahy puts it, there is a desperation in gold transactions right now.

What is the Supply Chain?
As we mentioned in our previous article, the current problem is the decrease in gold supply / stop gold production etc. not. The current problem is that the gold held in Swiss crates (or Asian crates) cannot be transferred to New York or London. In other words, the source of the problem in the gold world comes from the supply chain.

Debra Thomson, one of the executives of IBV International Vaults, states that the problems in the supply chain are growing day by day. Thomson says something like this happened in the latest September 11 attack.

Above, we conveyed Mark Mobius’ views on gold investment. Mobius suggests people recommend buying gold, but Swiss Gold Safe Board Member Ludwig Karl says that it is not easy to buy gold (when we say gold; we mean physical gold):

“There are really crazy things going on right now. If anyone wants to buy gold right now, I wish him good luck. Because most jewelers are closed. ”

We started to experience a similar problem in our country as well. The shops in the Grand Bazaar were temporarily closed the other day, which included jewelers.

We do not know when all these problems will be solved. However, it seems that there will be a cure for the coronavirus outbreak before this problem in the gold world can be solved.

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