Gold Shows Few Signs of Return to Normal With Spreads Still Wide [Yahoo! Finance News]
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Source: Yahoo! Finance News
Gold Shows Few Signs of Return to Normal With Spreads Still Wide) -- The gold market is showing little signs of going back to normal.The gap between New York futures and spot prices in London is still teetering around $40, a sign of lingering concern over future supply of the physical form of the metal. While gold is being sought as a haven from broader market turmoil, it’s still difficult to ship bullion around the world due to coronavirus-related restrictions.Uncertainty over when the restrictions will be lifted is raising speculation that dealers face logistical risks. Liquidity is also relatively thin in the market, further exacerbating the price dislocation.“People are paying the premiums over in the physical market and I think it’s rolling into the futures,” said Peter Thomas, a senior vice president at Chicago-based broker Zaner Group. “It’s safe-haven buying. People are scared.”To be sure, there’s plenty of gold available in New York, according to the Comex exchange. Stockpile
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