Hurricane Irma could be temporarily devastating to physical gold & silver supplies. Public information including the storm surge map from the Miami-Dade County Emergency Management shows that gold and silver refiners are at serious risk…
We have been keeping a close eye on the storm to provide news on the “precious metals” side of Hurricane Irma.
On this map, directly from Miami-Dade County Emergency Management, and it does not look good.
Located here is just one refiner, which also happens to be one of the largest gold and silver refiners in the entire world:
Here is what we reported earlier in the week on Tuesday when we asked about the possibilities of a gold and silver physical supply shortage:
First the good news: There is plenty of gold and silver right now available for purchase at great prices.
The bad news is that under the radar, however, Irma could literally cause short term devastation to the physical supply of gold & silver.
Over the past three decades, all of Florida, and especially Miami and the entire eastern coast, has become a booming area for precious metal refiners.
Here is from a Miami Herald article called “Miami is a magnet for gold“:
Although Miami may have a reputation for glitz and bling, few people realize it is one of the hubs for the nation’s gold trade.
Last year — for the first time — gold was both the top import and export from the Miami Customs District, which includes airports and seaports from Palm Beach County to Key West. But the reality is most of the gold entered and left via Miami International Airport.
More gold arrived in Miami than any other U.S. customs district last year and it ranked third in outbound shipments of gold. The most common routes take the glittery metal from mines in Colombia, Mexico, Bolivia and Peru and the gold trading center of Curacao, to Miami and then on to Switzerland, the United Arab Emirates and the Dominican Republic.