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Virus Has Sparked Round-the-Clock Rush to Fill U.S. Gold Vaults

  • U.S. imported record amount as key markets became disconnected
  • Logistics companies have been working 24-hour days to keep up
Precious Metal Storage as Gold Gets Federal Reserve Rate Cut Boost
Photographer: Michaela Handrek-Rehle/Bloomberg
Updated on

The scramble to jump on one of the hottest gold trades in years -- by shipping bullion to New York -- has sparked what may be one of the largest ever physical transfers of the metal.

“The flows into New York are unprecedented,” said Allan Finn, global commodities director at logistics and security provider Malca-Amit. His company’s teams in New York have been working 24 hours a day to cope with demand while navigating lockdowns, flight disruptions and social distancing.