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Short Squeeze On Physicals
The cause of this whole crisis is the coronavirus, which has led to a lot of mines to shut down. The mines provide liquidity for physical gold to the exchanges. The London exchange is running very tight on supplies and is paying traders not to take delivery on physical gold. This is a potential short squeeze; traders on the short side of the physical trade cannot cover their position in the futures market without paying a hefty premium for physical gold, and it will take a long time to get it