The U.S. Mint has halted production of GOLD and Platinum coins
You might already by aware of the extreme shortage of precious metals over these past several weeks. Many dealers are simply out of stock, compounding the issue that the closures of Mints and refiners have made a bad problem even worse. Investors are not selling their physical gold, platinum and silver in any major quantities either.
Last month, the U.S. Mint sold out of Silver Eagles and supplies of Gold and Platinum Eagles was bought up. The first two weeks of April saw an increase in production of Gold Eagles by 465%; yet they are hard to come by as investors move toward precious metals.
Silver Eagle production was only 350,000 compared to 1.1 million sold in April 2019. All of this at a time when demand has skyrocketed! Every day, I have clients who scoff at the higher premiums, only to wish they would have just paid that price when, a week later, premiums and prices have risen again.
- Nick Grovich