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Gold bars are flying from Perth Mint to New York to ease supply squeeze
And still the Comex's recently touted contract for a quarter claim on a 400-ounce London Good Delivery bar hasn't traded even once yet -- and the Comex won't say why and the news organizations that hailed the contract won't even ask, being only propagandists, not journalists.
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By David Stringer
Friday, April 24, 2020
Australia's largest gold refinery has ramped up production of one kilogram bars to ease the supply squeeze in the United States that helped propel a surge in the premium for New York futures.
The collapse in air travel that has 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.
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"We're producing as many kilobars as we can. We're probably churning out 7 1/2 tons of them a week at the moment and we are forward-sold well into May," Richard Hayes, chief executive officer of the Perth Mint, said in an interview. "A very large portion of those kilobars are ending up as Comex deliveries." ...
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