It appears that physical gold is disappearing from the retail and institutional market due to a combination of panic buying by retail and institutional buyers combined with Covid-19 related shutdowns at mints, refiners, and gold miners.

Some initial questions for discussion but I'm sure there are many others:

- Is this just a temporary phenomenon that will pass when Covid-19 shutdowns stop?

- How is the gold price not going up given the enormous supply/demand imbalance? Isn't the problem of a lack of physical gold resolved simply by a higher price?

- How is GLD still adding allocated gold to its shares with physical gold drying up?

- What does this mean for the safety of ETFs which are backed by allocated physical gold and custodied by bullion banks that are trying to meet physical gold demands?

- What is the ever-expanding gold/oil ratio telling us?