LIKE & FOLLOW US

US Mint Warns It Can’t Meet “Surging Demand” For Silver & Gold

Share this!

From News Wars:

With The Fed printing money ‘out the wazoo’, monetizing COVID relief package debt as fast as Congress can pass the bills, demand for bullion was already surging.

However, the last week or so, on the heels of the Reddit-Raiders taking aim at Silver, demand for silver (and gold coins) has exploded…

New Episode of 21: The Podcast live from New York

Sales of U.S. gold bullion coins rose 258% in 2020 while silver coin demand was up 28%, the U.S. Mint said Tuesday.

Which has led to bullion dealers running dry of stock and physical premium to paper silver prices soaring to record highs.

“There are massive shortages. We’ll be completely out of stock if it carries on like this – the first time since our company opened in Singapore seven years ago,” said David Mitchell, managing director at Indigo Precious Metals.

“In the short term, stocks may run out since it takes a long time for sea shipping, but overall supply is ample,” said Peter Fung, head of dealing at Hong Kong-based Wing Fung Precious Metals.

And now, courtesy of Reuters, we have an answer to the shortage.

The US Mint is limiting distribution of its gold, silver and platinum coins to specific dealers because of heavy demand, and a limited number of suppliers of metals, it said in a statement.

The United States Mint said on Tuesday it was unable to meet surging demand for its gold and silver bullion coins in 2020 and through January, due partly to pandemic-driven demand and plant capacity issues… Heavy buying has continued in 2021, it said, squeezing supplies, which had already been tight as the coronavirus affected production.

The last time the US Mint ‘admitted’ its inability to meet demand was in June 2010.

And the reaction in precious metals was…

Trade accordingly.

Read More

****DISCLAIMER****

This article was aggregated by Artificial Intelligence and this content does not necessarily reflect the opinions of Counter Globalist News. We do not own this content. Counter Globalist News is aggregating this article under fair use law for news and commentary purposes on social media networks. All aggregated content is automatically deleted from this site after 14 days. Please bookmark the source or archrive this page if you wish to reference it in the future.

LIKE & FOLLOW US

0 0 vote
Article Rating

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments

Be First to Know!

Join Our Other 2,618 Happy Newsletter Subscribers!


No, thanks!

0
Would love your thoughts, please comment.x
()
x
%d bloggers like this: