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Gold markets again haunted by signs of dislocation
Comex was just rescued with gold from JPMorgan.
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By Justina Vasquez and Elena Mazneva
Tuesday, April 7, 2020
Gold prices that usually move in lockstep are diverging again, reviving fears of impending turmoil just a couple of weeks after the last bout of panic.
An ounce of bullion sold in New York was as much as $50 more expensive than in London on Tuesday, compared with just a few dollars in normal times. The price spread is seen as a measure of the cost to swap futures contracts into gold in its physical form.
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A similar discrepancy occurred about two weeks ago, as the coronavirus crisis disrupted supply chains and caused flight cancellations, leading to worries over a gold-bar shortage in New York just before April futures contracts became deliverable.
In the end, banks including JPMorgan Chase & Co. made more gold available and exchange inventories swelled to levels that were more than enough to cover any demands for delivery.
The resumption in price divergence shows, however, that investors may be still worried about supply disruptions even though delivery for the current most-active futures contract -- June -- isn't due any time soon. ...
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