The global gold market also did not stand aside from the “coronavirus crisis”. First of all, the supply chain of yellow precious metals to end consumers, established over many years, was affected. Many miners were forced to suspend gold production. Large refineries also quarantined.
For the first time in modern history, a shortage of investment gold has arisen in the world. This has led to the fact that the price of gold in the futures market has become very different from the spot price of precious metals. In retail, markups of dealers have increased markedly.
From the NYSE New York Stock Exchange, which trades US gold mining companies, it follows that over the past few weeks, gold miners have been able to produce 30 tons less gold compared to the previous quarter. According to the study, in the first quarter of this year, 9 out of 10 deposits were affected. The decline in gold production amounted to -15%: from 6.834 million to 5.859 million ounces. Data for the second quarter may still go, since the peak of the epidemic occurred in April.