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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