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Wall Street Journal: How Covid Is Hitting Global Gold Trading

LONDON, 11 June 2020 – Comment and analysis from BullionVault features today in a report on how the Covid Crisis has affected the global gold market from the Wall Street Journal, the US financial newspaper of record.

With the number of flights between the trading hubs of London and New York shrinking dramatically thanks to lockdowns and a collapse in passenger demand, "the disruption could erode New York's position...by making banks cautious" of selling contracts on the Comex derivatives exchange to hedge their London stockpiles, says the WSJ.

"Trading volumes in over-the-counter gold forward contracts in London have already risen, according to Adrian Ash, director of research at BullionVault," it goes on.

"That would suggest that the market is longer-term going to say: If I've got London and Zurich metal to hedge, I'm going to hedge it in London and Zurich."

Read the full story, also republished by MSN Money, at the Wall Street Journal:

A Scramble for Gold Is Redrawing the Map of the Market

Source: 
Wall Street Journal

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