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Just got off the phone with ABC Bullion in Sydney. Their refinery has been struggling to keep up with demand for a few days now. Demand has surged as the price has risen. People are switching to gold in the SMSFs. Gold is being bought by the kilo. Non-minted gold bullion is pretty much pre-order only, meaning if you buy now you might only get it next week.
see https://www.abcbullion.com.au/store/gold
If this is what is happening at a major non-government bullion seller, I can't imagine Australia, one of the world's largest gold producers, is exporting much gold at all, other than what has been forward-sold by hedged producers.
The Powers That Be are going to have a hell of a time using futures to hold the price down under these conditions.
Folks, this is just the beginning...
