dChan
Anonymous ID: 9f5ae8 April 29, 2021, 7:57 p.m. No.13546584   🗄️.is 🔗kun   >>6668

Mints are running out of gold; not enough physical silver to cover paper - former U.S. Mint Director

 

Kitco News

Thursday April 29, 2021 17:07

 

Aglobal shortage of physical gold and silver productshas created a premium on coins and bars, and this premium is causing a disconnect between the spot price and the "true" price that retail investors need to pay, said Ed Moy,former director of the U.S. Mint.

 

Moy, who was the director of the U.S. Mint between 2006 and 2011, cites theinability of the mints around the worldto keep up with physical coin and bar demand as a reason for this shortage.

 

"Not only the U.S. Mint, but other Mints around the world, Australia's Perth Mint, the Mexican Mint, haveall run out of gold,they can't keep it in spot and there's so many shortages retailers are having problems accessing that gold," Moy told Michelle Makori, Kitco's editor-in-chief.

 

Premiums on these physical gold and silver products can run as high as 20% in some places, Moy said.

 

"If you go to any of the top retailers for gold bullion and take a look at what they're charging for an ounce American Eagle gold bullion coin, even though the spot price right now is $1,775 give or take, you're hard pressed to find a ounce gold coin for anything less than $2,000, and I've seen it as high as $2,100," he said.

 

One of the main reasons for why the spot prices have not caught up to gold and silver's premium-adjusted price is that the overall markets are flooded with bullion derivatives, Moy said, but it's only a matter of time before the short contracts keeping the price down expire.

 

"What's artificially depressing the price of gold now is that there's a lot of institutional investors that don't hold gold. What they hold is they buy gold derivatives, like futures…and a lot of them are betting that the economy's going to recover and that everything's going to be fine and gold's going to go down," he said. "As those short contracts come up, what you're seeing is a popping in price."

 

https://www.kitco.com/news/2021-04-29/Mints-are-running-out-of-gold-not-enough-physical-silver-to-cover-paper-former-U-S-Mint-Director.html

 

First I've heard of physical gold shortages. Is this to deflect focus away from silver squeeze this month?

 

  • https://www.sprottmoney.com/blog/A-Time-to-Fight-Back-Craig-Hemke-April-20-2021

  • https://www.sprottmoney.com/blog/The-People-Have-the-Power-Craig-Hemke-April-27-2021

Anonymous ID: 9f5ae8 April 29, 2021, 8:10 p.m. No.13546706   🗄️.is 🔗kun   >>6743 >>6804 >>6812 >>6837 >>6989 >>7151

>>13546668

 

there have been a few out there, of late. when silver blows, it's going to be an epic event.

 

http://www.perthmintbullion.com/Blog/Blog/21-03-17/No_silver_shortage_at_The_Perth_Mint.aspx

 

Is Mexican government playing ball on #silversqueeze? (previous notable)

 

https://www.mining-journal.com/covid-19/news/1384184/mexico-suspends-mining-in-april