goldcoinsThe last time there was a systemic physical gold shortage was in July 2013. It is then that, for the first time in 5 years, the 1-month Gold forward offered rate, or GOFO, went negative. Fast forward to today, when as noted over the past week there has been a massive shortage of precious metals – most notably silver which as of this moment is indefinitely unavailable at the U.S. Mint. As a result of the tumble in the paper price, and following eight days of sliding and negative one month GOFO rates, today the physical metal shortage surged, as can be seen by not only the first negative six month GOFO rate since last summer’s much publicized gold shortage when China was gobbling up every piece of shiny yellow rock available for sale, but a 1 month GOFO of -0.1850 percent: the most negative it has been since 2001. More