GOING FOR GOLD: U.S. Mint Unable To Meet Demand For Gold And Silver Bullion Coins

GOING FOR GOLD: U.S. Mint Unable To Meet Demand For Gold And Silver Bullion Coins. image: Pexels

GOING FOR GOLD: U.S. Mint Unable To Meet Demand For Gold And Silver Bullion Coins.

The United States Mint announced today, Tuesday, that it was unable to meet surging demand for its gold and silver bullion coins in 2020 and through January, in part due to the coronavirus pandemic and plant capacity issues. In 2021, demand for gold and silver has continued to remain strong, with 220,500 American Eagle gold bullion coins sold in January, up a massive 290% from 56,500 a year earlier.

The US Mint has been forced to reduce the volume of gold and silver coins it distributes to authorised purchasers as the coronavirus pandemic slowed down production. To cope with demand, the Mint is now asking dealers to provide their 10-day and 90-day forecasts for demand for the first time ever.

The Mint’s West Point complex in New York had to take measures to prevent the virus from spreading among its employees, and that considerably slowed down coin production. The facility is no longer able to produce gold and silver coins at the same time, forcing it to choose one metal over the other.

“The pandemic created a whole new set of challenges for us to manage,” the Mint. “We believe that this environment is going to continue to lead to some degree of reduced capacity as West Point struggles to balance employee safety against market demand.”

 


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Written by

Tony Winterburn

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