The gold industry is so tiny compared to the amount of cash held by institutional investors that it would easily and completely overwhelm it. Gold prices could ignite from this catalyst alone.
Last week saw the market lose yet another major producer to the COVID virus. The United States Mint, North America’s largest producer of gold and silver bullion products, announced the closure of its West Point, New York facility on Wednesday, due to concerns for their workers’ safety.
This week was a continuation of the ‘new normal’, which is anything but normal. COVID continues to complicate our work and personal lives, including the precious metals supply chain.