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At this very moment (about 10:15, 2020/3/24), GLD/IAU are up about 4.5% and PHYS about 3.5%

What causes such differences? Gold bars are in short supply around the world (https://www.ft.com/content/81d915e2-6cef-11ea-89df-41bea055720b) and I saw in the news that the efp between physical gold and futures exploded. But shouldn't that create premium physical gold, such as PHYS, rather than GLD?

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    $\begingroup$ GLD, IAU are ETFs, PHYS isn't. Pricing mechanism is different (not that ETF mechanism is perfect by any means, as we are finding out). etf.com/sections/blog/… $\endgroup$
    – nbbo2
    Commented Mar 24, 2020 at 14:57

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The value (or time value) of something is not the only determinant of price. Occasionally, financial and/or physical restrictions can get in the way. For instance, it may be hard to get a loan (even a collateralized loan) when the world feels very uncertain. In this case, there is sufficient gold but in the wrong place. There is an uncertainty about whether one can get gold from London in 400oz bars to NY into 100oz bars.

See Gold supply fears push spot prices far below U.S. futures, Peter Hobson, Reuters, March 24 2020.

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