Gold Bars Are Flying 11,000 Miles to New York to Ease Supply Squeeze
- Australia’s Perth Mint has ramped up production of kilobars
- Strong retail demand for gold, silver coins amid virus worries
Gold bars sit in a vault at the Perth Mint Refinery.
Photographer: Bloomberg/BloombergThis article is for subscribers only.
Australia’s largest gold refinery has ramped up production of one kilogram bars to ease the supply squeeze in the U.S. that helped propel a surge in the premium for New York futures.
The collapse in air travel that’s grounded passenger jets -- frequently used to transport gold products -- and virus-related disruptions to some refining capacity has tightened availability of the rectangular bars, typically used to settle the Comex futures contracts.