That's due to a couple of different things. A lot of people were writing GC contracts w/o actually having physical gold to cover. When some buyers of those same

That's due to a couple of different things. A lot of people were writing GC contracts w/o actually having physical gold to cover. When some buyers of those same futures contracts wanted to take delivery, those contract writers who took the short position had to now go into the open market and buy gold. However, because of COVID-19, there is very little supply of gold as it is now. A lot of mining companies have no intention of continuing to mine, as they can just give their miners time off and sit on their gold reserves, wait til the price spikes, and start selling their inventory at a 25% markup. That's my theory anyway.