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Physical precious metals capitalists continue to obtain hit with problem after Reuters reported that Scotiabank would certainly relax its precious metals service by 2021. Peter Grosskopf, chief executive officer at Sprott Inc., said that this might contribute to the supply crisis for gold. The COVID-19 pandemic has already drastically influenced the precious metals' global supply chain.
" We were already having a bumpy ride getting the amount of physical that we need. I believe it's going to be that much harder," claimed Grosskopf. "It's practically the opposite of what's occurring in the oil market right now."
In 2018, Scotia unsuccessfully tried to offer its precious metals business as well as eventually scaled down the department when it couldn't find a customer. Grosskopf stated that it is a shock that Scotia determined to shut down its precious metals workdesk instead of looking for another purchaser.
" They had an extremely prominent setting as one of the leading 3 traders in that business," he claimed.
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It will be much harder to get gold as Scotia winds down bullion desk – Sprott’s Peter Grosskopf
Physical precious metals investors continue to get hit with bad news after Reuters reported that Scotiabank would wind down its precious metals business by 2021. Peter Grosskopf, chief executive officer at Sprott Inc., said that this could add to the supply crunch for gold. The COVID-19 pandemic has already severely impacted the precious metals' global supply chain.
"We were already having a tough time getting the amount of physical that we require. I think it's going to be that much harder," said Grosskopf. "It's almost the opposite of what's happening in the oil market right now."
In 2018, Scotia unsuccessfully tried to sell its precious metals business and eventually downsized the department when it couldn't find a buyer. Grosskopf said that it is a surprise that Scotia decided to shut down its precious metals desk instead of looking for another buyer.
"They had a very prestigious position as one of the top three traders in that business," he said.
__________________________________________________________________
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