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.
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.