Mint Suspends the Sale of Gold & Silver

Rich Hartford · Nov 25, 2009

Mint Suspends the Sale of Gold & Silver

The U.S Mint suspended the sale of Gold and Silver today.

Rich

SilverMiser · Nov 25, 2009

Re: Mint Suspends the Sale of Gold & Silver

Hi Rich,

Where did you see that? I don't see anything on the mint website. Gold Buffalo still for sale, UHR eagle still for sale.

Silver Miser

jim4silver · Nov 25, 2009

Re: Mint Suspends the Sale of Gold & Silver

That is not 100% accurate RH.

They only suspended Gold and Silver Eagles.

They still sell Buffalo gold coins, first spouse, etc.

Jim

DigginThePast · Nov 25, 2009

Re: Mint Suspends the Sale of Gold & Silver

Fort Knox is empty.

Rich Hartford · Nov 25, 2009

Re: Mint Suspends the Sale of Gold & Silver

I got the info from an alert letter from AMPMEX.

I haven't been to their website yet. It could well be that it is just the Eagles.

Rich

jim4silver · Nov 25, 2009

Re: Mint Suspends the Sale of Gold & Silver

Rich Hartford said:
I got the info from an alert letter from AMPMEX.

I haven't been to their website yet. It could well be that it is just the Eagles.

Rich

RH,

Here is an article I found online that gives some details.

Jim

http://news.coinupdate.com/us-mint-suspends-sales-of-gold-and-silver-eagle-coins-0053/

Rich Hartford · Nov 25, 2009

Re: Mint Suspends the Sale of Gold & Silver

Jim,
Thanks for the article. Is it just last year and this year that they have had the supensions? Is this an odd time of the year to stop production of these coins?

Rich

jim4silver · Nov 25, 2009

Re: Mint Suspends the Sale of Gold & Silver

Rich Hartford said:
Jim,
Thanks for the article. Is it just last year and this year that they have had the supensions? Is this an odd time of the year to stop production of these coins?

Rich

RH,

My guess is that when gold and silver demand heats up they have trouble securing enough "blanks" to mint the coins. I don't know why else they would stop selling them when they can make a profit on each coin. They have sold a pretty high amount of gold and silver Eagles so far this year according to that article.

Jim

golden silver · Nov 25, 2009

Re: Mint Suspends the Sale of Gold & Silver

Just some thoughts here but perhaps they are expecting a huge problem with the dollar. Or they are expecting a very quick spike in PM values. Haulting sale for a period will increase demand and give the government more control over market. I don't know if this is normal but it does not sound good.

Jim you are student of the great depression correct? After the original crash there was a recovery that lasted the better part of year. The market regained more than have of its previous value and people began to be optimistic. Then In late 1930 a second and more devastating crash came that left the country in a depression that lasted more than a decade. I have heard many well known economist on TV and in articles say that we are in for something similar. What do you think?

Golden Silver

Rich Hartford · Nov 25, 2009

Re: Mint Suspends the Sale of Gold & Silver

golden silver said:
Just some thoughts here but perhaps they are expecting a huge problem with the dollar. Or they are expecting a very quick spike in PM values. Haulting sale for a period will increase demand and give the government more control over market. I don't know if this is normal but it does not sound good.

Jim you are student of the great depression correct? After the original crash there was a recovery that lasted the better part of year. The market regained more than have of its previous value and people began to be optimistic. Then In late 1930 a second and more devastating crash came that left the country in a depression that lasted more than a decade. I have heard many well known economist on TV and in articles say that we are in for something similar. What do you think?

Golden Silver

GS,
I know that it happened last year and the mint is suspending the sale of eagles again now,and I agree it does not sound good.
I was just on the AMPMEX site and I cannot believe the prices they are asking for gold, and silver for that matter. I have the feeling that it's all going to be bought up.
I think that the dollar is going to plunge.

Rich

jim4silver · Nov 25, 2009

Re: Mint Suspends the Sale of Gold & Silver

Although I imagine there is alot of physical being bought now, I think the main increase in gold price is due to heavy futures buying. I was in a couple of my local coin stores lately and they have lots of silver and gold and the premiums are where they have been for the past 6 months or so.

I think that we are gonna have a big correction before the really really big up leg in the PM market. I think that this latest move is gonna pull in a bunch of investors who normally don't buy gold. You know the type that follow the latest trend. The price may keep going up for a while.

But at some point things will reverse quickly and the rug will be pulled out from under alot of people who bought in recently. I don't know how low it will go or when it will happen, but I feel it will be enough that even some gold bugs will say the bull market is over.

Then at some point things will really take off again to hit highs way above what we have now.

This is all just my opinion.

golden silver said:
Jim you are student of the great depression correct? After the original crash there was a recovery that lasted the better part of year. The market regained more than have of its previous value and people began to be optimistic. Then In late 1930 a second and more devastating crash came that left the country in a depression that lasted more than a decade. I have heard many well known economist on TV and in articles say that we are in for something similar. What do you think?

Golden Silver

GS,

I think we are gonna have another downward spiral (stock market, etc.) at some point in the not so distant future. Some on TV are saying that we are in a recovery, but I don't see it. As long as we have high unemployment things are gonna stay bad. In my opinion, unemployment and job creation is the BIGGEST factor in the economy. No matter what else, when people aren't working they don't have money to spend. I think 2010 is gonna bring higher unemployment rates than we already have. But I hope I am wrong.

Jim

Silversound · Nov 26, 2009

Re: Mint Suspends the Sale of Gold & Silver

I got the same alert and it definitely gave me the "this is not good" feeling. It also gave me the "I'm glad I'm stacked in PM's" feeling. I agree with the comments here - I feel there is an imminent correction - how deep I do not know, before the final upleg. Looking at the gold charts that cover the last few decades and comparing the parabolic nature of both our current bull market and the bull market in the early 80's shows how much farther we have to go before any kind of blowoff top - the vast majority of price gain occurs in a quite short amount of time. We're getting close to the final surge, it could come any day now, but I feel we do have a lot of headroom price-wise. In my opinion, it has a LONG way to go. That, and the fact that we're still in a 63:1 SGR which is quite far from the historical monetary mean of aprox 16:1 which is about where the SGR reverted to in the last major bull in the 80's. I've been trying to figure out the moves so as to trade the ratio but I do not have any solid feelers or strategy there as of yet. Historically, silver out-performs gold in the final stages of a PM bull and there's a lot of talk out there of silver being more rare than gold now due to industrial consumption and low production (though I've heard multiple conflicting things about the production/demand dynamics). One thing that intrigues me that I have never heard any info about is how much gold and silver does the US hold? My "price manipulation" sensor went off with regards to this whole suspension, as I can't conceive of any reason for it otherwise aside from some actual lack of supply - which to me is good either way! I would just be interested to see how the US would stand to benefit - if at all - from the price of gold and silver skyrocketing.

dsrtfox1942 · Nov 26, 2009

Re: Mint Suspends the Sale of Gold & Silver

Silversound said:
I got the same alert and it definitely gave me the "this is not good" feeling. It also gave me the "I'm glad I'm stacked in PM's" feeling. I agree with the comments here - I feel there is an imminent correction - how deep I do not know, before the final upleg. Looking at the gold charts that cover the last few decades and comparing the parabolic nature of both our current bull market and the bull market in the early 80's shows how much farther we have to go before any kind of blowoff top - the vast majority of price gain occurs in a quite short amount of time. We're getting close to the final surge, it could come any day now, but I feel we do have a lot of headroom price-wise. In my opinion, it has a LONG way to go. That, and the fact that we're still in a 63:1 SGR which is quite far from the historical monetary mean of aprox 16:1 which is about where the SGR reverted to in the last major bull in the 80's. I've been trying to figure out the moves so as to trade the ratio but I do not have any solid feelers or strategy there as of yet. Historically, silver out-performs gold in the final stages of a PM bull and there's a lot of talk out there of silver being more rare than gold now due to industrial consumption and low production (though I've heard multiple conflicting things about the production/demand dynamics). One thing that intrigues me that I have never heard any info about is how much gold and silver does the US hold? My "price manipulation" sensor went off with regards to this whole suspension, as I can't conceive of any reason for it otherwise aside from some actual lack of supply - which to me is good either way! I would just be interested to see how the US would stand to benefit - if at all - from the price of gold and silver skyrocketing.

The govt. is in it for the same reasons most of us are. Too secure their future and profit from it. The major difference is that they have the ability to control the market to an extent and know when prices are going to rise and fall. This allows them to sell to other countries and us, the US citizens via the mint, and make loads of profit. Unfortunately, I believe that the govt has sold too much of our gold and it is sending the market and our dollar into a spiral they can't control. When other countries find out that we don't have the gold backing our dollar like we used to, our dollar will surely crash. That's why the gold bars in China, that were found to be fakes, I feel is being dramatically underplayed and under covered in the news. If it wasn't for a few web sites I visit, I wouldn't know anything about them. If it comes to light that our govt. sold fake gold bars to China, what do you think will happen to the value of our dollar?