Charter flights insured to ship gold to ease supply logjam

Insurance firms have started covering charter flights to carry gold, helping to ease logjams in the bullion supply chain that caused prices to diverge sharply in different markets, the London Bullion Market Association (LBMA) said on Thursday.
Gold is usually moved between countries in the holds of passenger planes, but most flights around the world have been grounded by measures to control the spread of the coronavirus.
Worries that it may be impossible to ship gold quickly from London, a major storage center, to New York have pushed U.S. gold futures prices far above London spot levels.
Dealers in bars and coins have also faced shortages, with demand for gold, traditionally seen as a safe haven asset, accelerating as the economic impact of the virus become clearer.
Subscribe for our daily newsletter
Subscribe for our daily newsletter

By subscribing I accept the terms of use and privacy policy