Get ready for the explosion of Gold and Silver prices this summer. The U.S. mint can no longer keep up with the demand for the physical Gold and Silver. 90% of Gold and Silver is traded in the form of EFT paper transactions. With the growing depression, they demand for the actual metal has skyrocketed. Now, the Gold and Silver stocks are diminishing as people begin to hoard with the acceleration collapse of the dollar and other fiat currencies worldwide. Citibank is cashing in government bailout theft dollars with Gold.
The United States Mint has officially announced the suspension of another slate of gold and silver products. The affected products are 2009 dated American Gold and Silver Eagle coins produced for collectors. These coins are considered collectible versions of the bullion coins.
Although these are collectible coins, they represent a sizable amount of precious metals sales and represent a method of gold and silver investment for many individuals. Last year, the US Mint sold 1,157,911 ounces of silver in the form of Silver Eagle coins minted for collectors. They also sold 155,740 ounces of gold in the form of Gold Eagle and Gold Buffalo coins minted for collectors.
The following message was posted on the US Mint's website in the space where the collectible Gold Eagle coins typically appear. The proof coins has been offered uninterrupted since 1986. The uncirculated version has been offered since 2006.
Production of United States Mint American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins “in quantities sufficient to meet public demand . . . .”
The United States Mint will resume the American Eagle Gold Proof and Uncirculated Coin Programs once sufficient inventories of gold bullion blanks can be acquired to meet market demand for all three American Eagle Gold Coin products. Additionally, as a result of the recent numismatic product portfolio analysis, fractional sizes of American Eagle Gold Uncirculated Coins will no longer be produced.
A similar message is posted in the section where collectible American Silver Eagle coins would typically appear. The proof coins have also been offered uninterrupted since 1986 and the uncirculated coins since 2006.
Production of United States Mint American Eagle Silver Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Silver Bullion Coins. Currently, all available silver bullion blanks are being allocated to the American Eagle Silver Bullion Coin Program, as the United States Mint is required by Public Law 99-61 to produce these coins “in quantities sufficient to meet public demand . . . .”
The United States Mint will resume the American Eagle Silver Proof and Uncirculated Coin Programs once sufficient inventories of silver bullion blanks can be acquired to meet market demand for all three American Eagle Silver Coin products.
This adds to the lengthy list of 2009 dated precious metals products that have been "temporarily delayed" or suspended by the US Mint. In my previous post Actions of the US Mint Discourage Gold Ownership, I mentioned the delayed release of 2009 Gold Eagle fractional coins, 2009 Gold Buffalo coins, and all 2009 Platinum Eagle coins. The delay, which was first announced in November 2008, continues with no further explanation provided.
For those keeping track, here is a list of the US Mint's 2009 precious metals products that have been "temporarily delayed" or suspended:
* 2009 American Gold Eagle 1/2 oz. (bullion)
* 2009 American Gold Eagle 1/4 oz. (bullion)
* 2009 American Gold Eagle 1/10 oz. (bullion)
* 2009 American Platinum Eagle 1 oz. (bullion)
* 2009 American Platinum Eagle 1/2 oz. (bullion)
* 2009 American Platinum Eagle 1/4 oz. (bullion)
* 2009 American Platinum Eagle 1/10 oz. (bullion)
* 2009 American Gold Buffalo 1 oz. (bullion)
* 2009-W Proof American Gold Eagle 1 oz. (collector)
* 2009-W Proof American Gold Eagle 1/2 oz. (collector)
* 2009-W Proof American Gold Eagle 1/4 oz. (collector)
* 2009-W Proof American Gold Eagle 1/10 oz. (collector)
* 2009-W Proof American Gold Eagle 4 Coin Set (collector)
* 2009-W Uncirculated American Gold Eagle 1 oz. (collector)
* 2009-W Proof American Silver Eagle (collector)
* 2009-W Uncirculated American Silver Eagle (collector)
In addition, the following precious metals related products were discontinued by the US Mint for 2009. These discontinuations were announced in November 2008. Amidst the environment of unprecedented demand for precious metals, the US Mint determined that these products were "unpopular."
* Uncirculated American Gold Eagle 1/2 oz. (collector)
* Uncirculated American Gold Eagle 1/4 oz. (collector)
* Uncirculated American Gold Eagle 1/10 oz. (collector)
* Unriculated American Gold Eagle 4 Coin Set (collector)
* Uncirculated American Gold Buffalo 1 oz. (collector)
* Uncirculated American Gold Buffalo 1/2 oz. (collector)
* Uncirculated American Gold Buffalo 1/4 oz. (collector)
* Uncirculated American Gold Buffalo 1/10 oz. (collector)
* Unriculated American Gold Buffalo 4 Coin Set (collector)
* Proof American Gold Buffalo 1/2 oz. (collector)
* Proof American Gold Buffalo 1/4 oz. (collector)
* Proof American Gold Buffalo 1/10 oz. (collector)
* Proof American Gold Buffalo 4 Coin Set (collector)
* Uncircualted American Platinum Eagle 1 oz. (collector)
* Uncircualted American Platinum Eagle 1/2 oz. (collector)
* Uncircualted American Platinum Eagle 1/4 oz. (collector)
* Uncircualted American Platinum Eagle 1/10 oz. (collector)
* Uncircualted American Platinum Eagle 4 Coin Set (collector)
* Proof American Platinum Eagle 1/2 oz. (collector)
* Proof American Platinum Eagle 1/4 oz. (collector)
* Proof American Platinum Eagle 1/10 oz. (collector)
* Proof American Platinum Eagle 4 Coin Set (collector)
That makes a total of 38 precious metals products which have been delayed, suspended, or discontinued by the US Mint.
As it currently stands, investors or collectors looking to purchase newly minted American Eagle or American Buffalo precious metals products have only two options available. These are the 2009 1 oz. American Gold Eagle and the 2009 1 oz. American Silver Eagle. Both of these products continue to be subject to rationing.
Source
Showing posts with label Gold shortages. Show all posts
Showing posts with label Gold shortages. Show all posts
Saturday, March 21, 2009
Sunday, November 16, 2008
China Building Up Gold Reserves, May Return to a Gold Standard?
Gold rush
Benjamin Scent
Friday, November 14, 2008
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The mainland is seriously considering a plan to diversify more of its massive foreign-exchange reserves into gold, a person familiar with the situation told The Standard.
Beijing is considering changing its asset allocations during the financial tsunami in order to build up gold reserves "in a big way," the source said.
China's fears about the long-term viability of parking most of its reserves in US government bonds were triggered by Treasury Secretary Henry Paulson's US$700 billion (HK$5.46 trillion) bailout plan, which may make the US budget deficit balloon to well over US$1 trillion this fiscal year.
The US government will fund the bailout by printing new money or issuing huge amounts of new debt, either of which will put severe pressure on the value of the greenback and on government bond yields.
The United States holds 8,133.5 tonnes of gold reserves valued at US$188.23 billion. China holds gold reserves of just 600 tonnes, worth only US$13.89 billion.
Beijing's reserves could easily go up to 3,000 to 4,000 tonnes, Tanrich Futures senior vice president Colleen Chow Yin-shan said.
Until now, the United States has had little choice but to issue massive amounts of debt to fund its deficits, and China has had little choice but to purchase it, as there are not many markets deep enough to absorb the mainland's US$30 billion to US$40 billion in monthly capital inflows.
Government officials involved in the management of China's reserves are beginning to see gold as an attractive place to park some of these funds. They see it as a real, tangible asset that will not lose its value over time - in stark contrast to the greenback, which is becoming more disconnected from economic realities as more bills are printed.
"It's the right time to increase the gold reserves, as the price is about US$710 to US$720 per ounce," said Wan Guoli, vice secretary general of the China Gold Association.
The International Monetary Fund has made reducing global payment imbalances one of its priorities in the aftermath of the financial tsunami.
"I think China probably will expand its strategic reserves into commodities during this downturn," said a Hong Kong-based strategist.
"China will continue to buy treasuries ... otherwise the system would get distorted," he said.
"But I think China will diversify its reserves."
Source
Monex is the low-cost gold and Silver retailer. Paul Bea @ monex 800-949-4653 x2172
To support Goldmoney use Kevin from Goldmoneybill.org as referral.
Benjamin Scent
Friday, November 14, 2008
ADVERTISEMENT
The mainland is seriously considering a plan to diversify more of its massive foreign-exchange reserves into gold, a person familiar with the situation told The Standard.
Beijing is considering changing its asset allocations during the financial tsunami in order to build up gold reserves "in a big way," the source said.
China's fears about the long-term viability of parking most of its reserves in US government bonds were triggered by Treasury Secretary Henry Paulson's US$700 billion (HK$5.46 trillion) bailout plan, which may make the US budget deficit balloon to well over US$1 trillion this fiscal year.
The US government will fund the bailout by printing new money or issuing huge amounts of new debt, either of which will put severe pressure on the value of the greenback and on government bond yields.
The United States holds 8,133.5 tonnes of gold reserves valued at US$188.23 billion. China holds gold reserves of just 600 tonnes, worth only US$13.89 billion.
Beijing's reserves could easily go up to 3,000 to 4,000 tonnes, Tanrich Futures senior vice president Colleen Chow Yin-shan said.
Until now, the United States has had little choice but to issue massive amounts of debt to fund its deficits, and China has had little choice but to purchase it, as there are not many markets deep enough to absorb the mainland's US$30 billion to US$40 billion in monthly capital inflows.
Government officials involved in the management of China's reserves are beginning to see gold as an attractive place to park some of these funds. They see it as a real, tangible asset that will not lose its value over time - in stark contrast to the greenback, which is becoming more disconnected from economic realities as more bills are printed.
"It's the right time to increase the gold reserves, as the price is about US$710 to US$720 per ounce," said Wan Guoli, vice secretary general of the China Gold Association.
The International Monetary Fund has made reducing global payment imbalances one of its priorities in the aftermath of the financial tsunami.
"I think China probably will expand its strategic reserves into commodities during this downturn," said a Hong Kong-based strategist.
"China will continue to buy treasuries ... otherwise the system would get distorted," he said.
"But I think China will diversify its reserves."
Source
Monex is the low-cost gold and Silver retailer. Paul Bea @ monex 800-949-4653 x2172
To support Goldmoney use Kevin from Goldmoneybill.org as referral.
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