Gold bars have been bought the most since 2013. Physical gold is on course and running out fast. The crisis over COVID-19 has forced many investors to look for a difference in physical gold, which they see as the safest investment. Could Bitcoin benefit from this situation?
COVID-19: Gold bars cannot be obtained
Physical gold has always been a sign of luxury. However, now during the pandemic, it is becoming virtually impossible to reach the bars of this precious metal. There is a huge amount of money paid for one gold bar, which has not been seen since 2013.
Bloomberg reported that Australia’s largest gold producer, The Perth Mint, had to increase production several times. Now it is on the verge of its production capacity and it simply cannot handle more bars to cast. This means problems for many suppliers.
A Perth Mint spokesman told Bloomberg:
“For every single gram we produce, we could sell five or six grams.”
Many commentators believe that a lack of physical gold can be a danger even a salvage for Bitcoin.
It is entirely up to investors whether to decide to use it as a safe haven or to overpay huge sums for precious metal bars.
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