US Mint and Rand Refinery : Too much demand for gold and silver
Interesting to see a seasonal crunch for two years running on physical delivery for two of the most common types of retail gold.
Gold is so scarce – less than 1 ounce per person on the planet
If the US Mint fabricates 120,000 US Gold Eagles every month, that is a production of 1.44 million gold eagles per year – according to the US Census Bureau the population in the US is 308,022,755, which means the US Mint is producing one coin for every 213.9 people.
For every ounce of gold you buy at this ratio, you are shutting 213.9 people out of that market.
On the flip side, what this means if you dont own any, is that the price might be alot higher if you wait.
Mint to suspend American Eagle gold 1-oz coins
NEW YORK, Nov 25 (Reuters) – The U.S. Mint said on
Wednesday it will suspend sales of the popular American Eagle
1-ounce bullion coins as rising demand depleted its inventory.
“The United States Mint has depleted its current inventory
of 2009 American Eagle 1-ounce gold bullion coins due to the
continued strong demand for this product,” the Mint told its
authorized dealers in a memorandum on Wednesday.
November sales to date were at 124,000 ounces, higher than
the 115,500 ounces sold in each month of September and October,
the Mint said.
The Mint said it expects to resume sales in early
Increasing worries about inflation, a falling U.S. dollar
and geopolitical tensions are prompting individual investors to
take physical possession of gold coins and other bullion
products due to the metal’s appeal as a safe haven in financial
and political crises.
Gold XAU= hit a record high at just under $1,190 an ounce
on Wednesday due to a broadly lower dollar and renewed interest
from central banks. Year to date, the metal has risen more than
35 percent. [GOL/]
Last year, the Mint had also briefly suspended sales of its
American Eagle gold and silver coins due to high demand and a
lack of coin blanks.
Produced from gold mined in the United States, the 22-karat
American Eagles have been novel items among collectors and
investors since their introduction in 1986. Each coin has a
face value of $50 but it is sold by authorized dealers at a
premium to the price of gold.