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The section above was written before the news that Swiss refiners are closing production. We must remember that 70% of all gold bars are produced in Switzerland and that the 3 biggest refiners are in Ticino where the local government has ordered non-essential factories to close.
The likely outcome of gold production stopping should be a much higher gold price on Monday. But we obviously don’t know if the BIS and the bullion banks will hit the gold market with $ billions of paper gold. Whatever they do in the short run, the market will soon discover that all this paper gold is worthless.
The gold mining stocks are also likely to suffer until the situation is clarified since they have lost their biggest buyers.