{"id":56710,"date":"2021-02-10T08:56:47","date_gmt":"2021-02-10T13:56:47","guid":{"rendered":"https:\/\/olduvai.ca\/?p=56710"},"modified":"2021-02-10T09:16:55","modified_gmt":"2021-02-10T14:16:55","slug":"u-s-mint-sold-out-of-gold-silver-coins","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=56710","title":{"rendered":"U.S. Mint Sold Out of Gold & Silver Coins"},"content":{"rendered":"
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U.S. Mint Sold Out of Gold & Silver Coins<\/a><\/h3>\n<\/div>\n<\/div>\n<\/section>\n
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\"U.S.<\/p>\n

REUTERS\/Shannon Stapleton<\/a><\/span><\/div>\n<\/div>\n

This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: U.S. Mint can\u2019t keep pace with demand again, Goldman chief calls silver a supercharged version of gold, and amateur prospector unearths a long-lost golden treasure from Medieval times.<\/p>\n

U.S. Mint runs out of gold and silver coins<\/strong><\/p>\n

Just when we\u2019d hoped the U.S. Mint might\u2019ve worked its way through the\u00a0pandemic-driven backlog<\/a>\u00a0of gold and silver coins, a new surge in demand worsened supply shortages. Last year, the U.S. Mint saw a 258% increase in purchase of gold coins and a 28% increase in silver coins, with heavy buying continuing into 2021. They probably didn\u2019t plan for what happened next\u2026<\/p>\n

On the heels of Reddit\u2019s wallstreetbets triumphant (if brief) GameStop frenzy, the\u00a0day traders<\/a>\u00a0searched for a new target. Some have settled on silver. Amid claims that\u00a0silver\u2019s price should be closer to $1,000 than $25<\/a>, day traders have flocked to both\u00a0gold<\/a>\u00a0and\u00a0silver<\/a>. This made the ongoing supply crunch even worse.<\/p>\n

While silver\u2019s price is still trading around $27, the supply dynamics tell a different tale. The U.S. Mint sold 220,500\u00a0American Eagle gold bullion coins<\/a>\u00a0in January 2021, a staggering\u00a0290% year-on-year increase<\/strong>\u00a0from last January. It\u2019s not just unexpected demand that\u2019s causing problems, though.<\/p>\n

As noted by a retailer of precious metals coins, \u201cThere was going to be a backlog in the silver bullion supply chain that rendered silver eagles more scarce either way.\u201d This is because the U.S. Mint is currently changing designs for its American Eagle gold and silver coins, expected to debut this summer. Once available, the U.S. Mint will ration distribution of gold, silver and platinum coins to dealers due to heavy demand.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n

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U.S. Mint Sold Out of Gold & Silver Coins REUTERS\/Shannon Stapleton This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: U.S. Mint can\u2019t keep pace with demand again, Goldman chief calls silver a supercharged version of gold, and amateur prospector unearths a long-lost golden […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[18769,374,647,30927,730,30926,3564],"class_list":["post-56710","post","type-post","status-publish","format-standard","hentry","category-economics","tag-birch-gold-group","tag-gold","tag-precious-metals","tag-precious-metals-shortage","tag-silver","tag-supply-vs-demand","tag-us-mint"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56710"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56710\/revisions"}],"predecessor-version":[{"id":56713,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56710\/revisions\/56713"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}