You Mean There Was Never Any Gold at the Comex?

[Ed. Note: I got news for ya… There’s also no orange juice, pork bellies, or live cattle at the Comex. The Comex is a place where prices are set by trading futures contracts. It’s not a storage warehouse for the physical delivery of every single commodity on their books.]

by Liz Hoffman, Amrith Ramkumar, and Joe Wallace of The Wall Street Journal

It’s an honest-to-God doomsday scenario and the ultimate doomsday-prepper market is a mess.

As the coronavirus pandemic takes hold, investors and bankers are encountering severe shortages of gold bars and coins. Dealers are sold out or closed for the duration. Credit Suisse Group AG, which has minted its own bars since 1856, told clients this week not to bother asking. In London, bankers are chartering private jets and trying to finagle military cargo planes to get their bullion to New York exchanges.

It’s getting so bad that Wall Street bankers are asking Canada for help. The Royal Canadian Mint has been swamped with requests to ramp up production of gold bars that could be taken down to New York.

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