There are more and more indications that the physical gold market is running at its limit. The Canadian Mint will not supply Maple Leaf coins for at least the next 3 months, various large refineries are under pressure, while traders are barely keeping up with the order flow. We do not know how the supply will develop in the future. With closed borders, a massive reduction in international transport capacity, slashed work hours and severe operational cuts, I see a real danger ahead in a serious mismatch between supply and demand. We’re already seeing many people who would like to buy but cannot. We run a very real risk of prices for physical gold diverging considerably from the “official” price of paper gold. In fact, there are signs that this is already under way.