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LBMA insists gold shortgage is just a shipping problem
Charter Flights Insured to Ship Gold to Ease Supply Logjam, LBMA Says
By Peter Hobson
Thursday, April 9, 2020
LONDON -- Insurance firms have started covering charter flights to carry gold, helping to ease logjams in the bullion supply chain that caused prices to diverge sharply in different markets, the London Bullion Market Association said today.
Gold is usually moved between countries in the holds of passenger planes, but most flights around the world have been grounded by measures to control the spread of the coronavirus.
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Worries that it may be impossible to ship gold quickly from London, a major storage center, to New York have pushed U.S. gold futures prices far above London spot levels.
Dealers in bars and coins have also faced shortages, with demand for gold, traditionally seen as a safe haven asset, accelerating as the economic impact of the virus become clearer.
"Charter flights have now been approved by insurers in terms of shipping gold," LBMA CEO Ruth Crowell told a conference call with market participants, calling it a "positive and significant development." ...
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