The wave of panic over the coronavirus in the US financial circles has led to a gold shortage in the country. Given the gravity of the situation, British bankers have to promptly deliver gold bullions to the New York Stock Exchange by private jets. Hysteria among American bankers and investors has only increased demand for the safe-haven asset. Credit Suisse Group AG, a global investment bank which has minted its own ingots since the mid-19th century, announced that it has run out of gold stocks. Meanwhile, some banks are eagerly awaiting British gold supplies while other Wall Street bankers are asking the Royal Canadian Mint for help. Against this background, the price of gold futures in the US advanced by 9% to $1,620 per troy ounce, to its highest level in seven years.
