According to Jim Willie they may be. Jim appears to have some contacts in Dubai that are telling him, like everywhere else, there is no gold/silver available. The interesting part is that his contact says gold premiums could rise to $500-600/oz over the next couple months for gold in volume. He also mentioned to Jim that silver in volume is already commanding $25/oz premiums.
Can’t say this is very surprising as the separation between paper and physical metals continues.
See article here.