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Last week Friday Informed We already told you about the state of affairs in the gold market. In it, we wrote that the delivery times of gold and silver have increased considerably due to a sudden run on precious metals. Due to turmoil in the financial markets, many investors are currently looking to buy gold and silver. On top of these developments, the coronavirus has caused a number of smelters and mints to temporarily shut down their production.
In this update, we will bring you up to date on the latest developments in the market. At the moment, the gold market is very busy, fuelled by measures against the coronavirus. Click here for more information on the latest market developments. Below we provide the current state of affairs with regard to delivery times.
We expect to be able to deliver most orders placed before March 15 in the short term. We have already ordered these products from our suppliers before the big rush on precious metals, which means that we expect to deliver them within 1 to 4 weeks. For orders placed after March 15, we take into account delivery times of four to twelve weeks. These products are of course on order at various smelters and mints, but it takes longer before we can deliver them.
Due to the coronavirus, it is currently difficult to determine the exact delivery time of these orders. Due to the various measures against the virus, air traffic between Europe and the United States has been significantly restricted, reducing the capacity to transport precious metals. This affects the supply of silver coins produced in the United States and Canada, such as the Maple Leaf and Eagle coins. However, these mints have indicated that they have sufficient capacity to meet the demand. The Perth Mint expects longer delivery times, but this mint also has sufficient capacity to meet demand.
Due to the closure of three smelters in Switzerland (Valcambi, Argor-Heraeus and PAMP), we expect more delays in the global production chain. These smelters process large 400 troy ounce gold bars and impure gold from the mining sector into pure precious metals. This is the raw material that smelters and mints use to make bars and coins. It is currently unclear how long these production cuts will affect the market.
The Gold bars The ones we sell are produced by smelters in Germany. Due to a sharp increase in demand, long delivery times have arisen here. However, due to the coronavirus, the smelters are unable to operate at full capacity, which may lead to a slight increase in delivery times.
Gold Coins originate from mints in the United States, Canada, Austria and Australia, among others. The delivery times for these products depend on the production capacity of the mints and the availability of transport capacity. The Royal Canadian Mint has halted coin production for two weeks due to the coronavirus. We have not yet received any news of production restrictions from other mints. Delivery times for these mints have also increased due to the enormous demand. We take into account delivery times of four to eight weeks.
Silver bars are sold less often due to the VAT of 21%. We expect delivery times of several weeks for these bars. For silver in combination with storage in Switzerland, the situation is different. The 100 troy ounce silver bars come from the Royal Canadian Mint and are currently less available due to limited transport capacity. The 1,000 troy ounce bars are still readily available at the moment, because they are often already in Switzerland
The demand for Silver Coins has skyrocketed recently. In the short term, we expect a large delivery of silver Maple Leaf coins from various years, with which we will be able to deliver many orders at short notice. For most silver coins, we take into account a delivery time of twelve weeks.
At this time, we are not taking orders for platinum and palladium. Outstanding orders will of course be delivered, but there are also longer delivery times than usual.
Update (March 31, 2020): At the time of writing, we are no longer able to order gold coins and silver coins from our suppliers. We can still order gold bars from Umicore, C. Hafner and Valcambi (in combination with storage). You can also still buy silver bars in combination with storage in Switzerland. When purchasing gold bars, take into account an estimated delivery time of 6 to 8 weeks.
