Gold and silver bars and coins have become a rarity in Germany after a wave of panic buying of hedging assets. Now, due to the COVID19 pandemic, the three largest gold refineries in Switzerland have halted work.
Some sources claim that the warehouse supplies of gold coins and bars in Germany and Austria are almost depleted. The supply of silver investment products is also close to being exhausted. Private investors have a problem buying the items they need.
The reason is that most producers of gold coins and bars are working at the limit of their capacity. All precious metals dealerships in Germany have closed their stores and are now selling only online. And yet, there's a deficit of the most popular investment products.
This is not all, however. Due to the coronavirus pandemic, the three largest refinement factories in Switzerland were forced to halt their work, as reported by Reuters. Deliveries of precious metals to Germany are also partially interrupted, in order to minimize contact between people. Dealerships are offering their customers the possibility to store their gold in vaults until the end of the coronavirus emergency.
Swiss authorities did not include gold refineries on the list of essential enterprises, so they were recommended to close until the end of the quarantine. The interruption of activities will last at least for a week. The following factories have closed: Valcambi, Argor-Heraeus, and PAMP, all based in Ticino. It's worth reminding that Swiss affinage plants process over half of the world's gold.
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