A “tsunami” of secondary gold supply is ready to hit the market once global economies get back to normal, Jeffrey Rhodes, principal consultant of RAK Gold, told a webinar on Tuesday.
The secondary gold supply hasn’t hit the market yet even with gold at a seven-year high, John Reade of the World Gold Council, said in the Dubai Multi Commodities Center webinar on how precious metals have been affected by COVID-19.
Gold jumped to a seven-year high as economies were battered by the coronavirus pandemic, fueling demand for a safe haven. Spot gold climbed to $1,764.73 an ounce on Monday, the highest since October 2010, although it has since declined slightly.
Goldplat plc (LON:GDP) is an AIM-listed, profitable gold recovery services company with two market leading operations in South Africa and Ghana.