The bid/offer spread - the difference between the buying and selling prices quoted in the interbank market - is typically around 0.06%. That is tight ! Today however that spread has blown out to over $100 or 7% - an increase of over 100-fold. Evidently the lack of liquidity in the spot market has meant that market-makers are clearly reluctant to take on a trade. With physical supply much diminished, it follows that taking on a position carries significant inherent risk - especially with physical supply drying up rapidly. In short, trading gold has become expensive - not only is underlying price much elevated, but the cost of getting in and out has risen very considerably. It is a reflection of our times.