Panic Buying Bullion? Raging Coronavirus Pandemic Reportedly Fuels Gold Rush in US
Sputnik / Vitaly BezrukikhBusiness06:19 GMT 28.03.2020(updated 06:29 GMT 28.03.2020) Get short URLby Oleg BurunovTopic: Coronavirus Puts Nations on Lockdown
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The United States has become the country most affected by the pandemic, with over 104,000 cases along with at least 1,500 deaths.
US investors and bankers are facing “severe shortages” of gold bullion and coins due the increasing coronavirus pandemic, The Wall Street Journal reports.
The news outlet added that the Royal Canadian Mint had been “swamped with requests” to ramp up production of 100-ounce gold bars that could be delivered to New York City.
The developments come as the price of gold futures in the US jumped by about 9%, to about $ 1,620 per troy ounce on Thursday, reaching a seven-year high.
Michael Matousek, head trader at the investment management firm US Global Investors, was cited by CNBC as saying that “it’s an indication that things are slowing down dramatically”.
According to Johns Hopkins University, more than 100,000 people across the US have already been infected with the novel coronavirus, with at least 1,500 deaths.
Washington DC and New York have been hit the hardest by the virus, with the death toll standing at 109 and 366, respectively.