Posted on 04/24/2013 1:54:37 PM PDT by blam
The Eagles Have Fled
by Dave Gonigam
April 24,2013
The U.S. Mint has been cleaned out of 1/10th-ounce Gold Eagles. So far this month, 85,000 of the coins have exited the Mint’s doors. Now sales are temporarily suspended.
“While the 1-ounce gold bullion coins remain the most popular,” says a Mint statement, “demand for the 1/10th-ounce coins has remained strong too, with year-to-date demand for these coins up over 118% compared to the same period last year.”
Overall Gold Eagle sales this month now total 183,500 ounces. At this rate, April will almost surely end with the second-highest sales on record… and an all-time high is within reach.
Silver Eagle sales for April now total 3,232,000 — the highest April on record.
Supply remains tight, and the Mint continues to ration sales to its dealer network — as it has since a temporary suspension of sales in January.
One of those authorized purchasers says the wholesale premium for Silver Eagles has doubled this month, to around $4.50 each — not that it’s dented sales a bit. “There’s no cheap silver out there,” says Jim Hausman of The Gold Center in Springfield, Ill.
The Mint says it’s trying to find another supplier of blanks — so far, with no luck. “Currently,” according to Coin World, “the Mint secures finished planchets from Sunshine Mint in Coeur d’Alene, Idaho; Vennerbeck Stern-Leach in Lincoln, R.I.; and GSM Metals in Cranston, R.I.”
Anyone who does not have a hoard of gold coins, real silver coins, long lasting food & water, some sealed bottles of booze, plus guns & ammo for defense is not prepared for the coming meltdown of American government and society. The recent dip in gold was just a brief selloff in the ETF paper gold holdings, not a downturn in gold & silver values long term.
I don’t have a hoard of gold....the vast, vast majority of us do not....its too expensive and too risky except to say fun things like “I got a hoard of gold”......
A 1/10th oz American Gold Eagle is only $180 and a 1 oz American Silver Eagle is only $30. And holding fiat money is much riskier.
We are fast approaching (might actually have gotten there), the quantity per person in circulation at which the Republic functioned upon before the advent of the Federal Reserve...
Goldbug ping.
With appropriate machined steel, yes.
Everything looked good at the close today, even (especially?) the mining stocks, which have stunk out loud for months. Actually I’d say that that was the best final hour in many, many months.
The real world coin gold price continues to rise higher than the BS paper gold price. With silver even more noticeable
PM miners are having problems w operating expenses inflating like crazy every year. ABX GDX GDXJ suck compared to 2 years ago. I wish them well but when the worlds largest gold miner ABX cannot get its shiiite right you got big problems
Low gold price can have many ill funded juniors suspending operations or going under. With these Les Miserables SLW would be my choice
Gold ups this morn-— http://www.kitco.com/
Silver at 23.28 right now? In 1983 I bought some at $16 so Les Miserables Act Deux
Isaac newton!...... paging Isaac Newton.
Some managerial expertise is needed at the US Mint please.
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