‘There is no gold.’ Bullion dealers sell out in panic buying

‘There’s no gold,’ says Josh Strauss, partner at money manager Pekin Hardy Strauss in Chicago (and a bullion fan). ‘There’s no gold. There’s roughly a 10% premium to purchase physical gold for delivery. Usually it’s like 2%. I can buy a one ounce American Eagle for $1,800,’ said Josh Strauss. ‘$1,800!’ Major gold dealers have sold out of coins and gold bars amid panic buying as the U.S. economy plunges and the government agreed to a record $2 trillion emergency lifeline.

Meanwhile, over at the U.S. Mint, customer service reports they have Eagles available but to buy them direct will cost you $2,175.

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