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LBMA acknowledges gold liquidity problems amid price volatility

Section: Daily Dispatches

It's at the bottom of the Financial Times report below. Maybe liquidity problems are inevitable when people try to convert infinite paper to finite metal.

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Goldman Sachs Tells Clients It Is Time to Buy Gold

By Neil Hume and Henry Sanderson
Financial Times, London
Tuesday, March 24, 2020

Gold continued to push higher today as a recent wave of selling dried up and Goldman Sachs told its clients the time had come to buy the "currency of last resort."

Like other asset classes, gold was hit hard in the recent scramble for U.S. dollars, falling more than 12 percent from its early March peak of around $1,700 a troy ounce to $1,460 last week.

... Dispatch continues below ...


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The yellow metal started to see a resurgence on Monday, rising by more than 4 percent after the Federal Reserve said it would buy unlimited amounts of government bonds and the U.S. dollar fell. ...

The strains caused by recent volatility in the gold market were also evident today with the cash price of gold trading at a $23 discount to the future prices on the Comex exchange in New York.

While there is no shortage of physical gold, traders said a lot of it was in the wrong location or the wrong form.

The London Bullion Market Association said today that there had been some impact on liquidity arising from price volatility in Comex 100-ounce futures contracts.

"LBMA has offered its support to CME Group to facilitate physical delivery in New York and is working closely with Comex and other key stakeholders to ensure the efficient running of the global gold market," it said.

... For the remainder of the report:

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