Three Swiss gold refineries suspend production due to virus threat
Three of the world’s largest gold refineries said on Monday they had suspended production in Switzerland for at least a week after local authorities ordered the closure of non-essential industry to curtail the spread of the coronavirus.
The refineries – Valcambi, Argor-Heraeus and PAMP – are in the Swiss canton of Ticino bordering Italy, where the virus has killed more than 5,000 people in Europe’s worst outbreak.
Switzerland is a global hub for precious metals refining. The three refineries between them process around 1,500 tonnes of gold a year in Ticino – a third of total global annual supply – as well as other precious metals such as silver.
Valcambi and PAMP said they would suspend operations until March 29. Argor said it would do so until April 5.
The Ticino local government order, issued on Friday, is in force until March 29
Our TR room notes:
now the market is pricing the phscial gold issue
1600-1620 market price of the gold … physical I mean
if we see an equlibrium there … price may go back to 1500
really difficult siutation
easing policies support gold contracts but if a recession comes … 99% it will… this will add a bearish pressure on the gold prices
so we need to trade only the technicals near term
my experience is telling me to trade carefully and I still predict another bearish leg before the big bull run
Subscribe to our premium packages if you would like to get 1000+ instruments analysis and trade signals of Chartreadreadepro.
You can contact us via Skype User Name: Chartreaderpro
DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility