All The Large Gold Refineries Are Back Online

All The Large Gold Refineries Are Back Online by Rory for The Daily Coin

hmmmm…Let’s see…I can get gold bars but I can’t get a hamburger at Wendy’s!!! Do you think there may be something to the gold refineries coming back online as meat processing plants shut down crushing available supply lines to the point of being ordered to reopen or stay open as meat shortages are flaring up across the country? Asking for a friend.

As we reported on May 5, 2020 – Top Two Gold Refineries – 85% Capacity May 4 – some of the top gold refineries in Switzerland had reopened at less than 100% capacity. Now, the world’s fourth largest gold refining operation is now back online. but they are not saying at what level of capacity they will be functioning.

Originally, Rand Refinery had not only crushed production to 60% of capacity, but they had closed the smelter all together.

Rand Refinery, Africa’s only refiner accredited with the London Bullion Market Association, will restart the plant this week after a month-long shutdown, Chief Executive Officer Praveen Baijnath said. While the company was exempt from the lockdown that started on March 27, it closed the smelter and cut the refinery’s capacity to about 60% to reduce the number of workers there.

“Following an induction process for returning employees, the smelter for the arc furnace will be restarted this week and then ramped up,” Baijnath said by email.

The resumption of operations at the Johannesburg smelter comes as Swiss refineries are ramping up production, potentially easing supply concerns that caused gold prices in key markets to diverge dramatically. Valcambi SA plans to reach 85% of normal output this week, with Argor-Heraeus SA targeting about 90%. Refiner MKS PAMP Group is also increasing production. Source

As we had previously stated we feel confident this refineries are being brought back online because of the problems at the COMEX and LBMA caused by the number of contracts demanding delivery of gold at the massively reduced prices being offered at these clearing houses. With all the major refineries back online we should begin to see some easing in the gold markets. We should see some easing in the premiums. What we will not see is the demand begin to ease.

Gold On A Plane Or Perhaps Not

Remember – $6 TRILLION in magic money has just been thrown at the banks and an additional $3 TRILLION has been thrown at all the corporations and a few crumbs actually found their way to the people. Gold is not overlooking this situation at all and will continue to reflect this debasement over the coming year.

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The Daily Coin

Rory Hall, The Daily Coin. Beginning in 1987 Rory has written over 1,000 articles and produced more than 300 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Silver Doctors, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Shadow of Truth YouTube channels to enjoy original videos and some of the best economic, precious metals, geopolitical and preparedness news from around the world.