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Epidemic slows down production the US Mint reduces the supply of gold and silver coins
Jul 28,2020 15:35CST
Source:SMM compilation
The content below was translated by Tencent automatically for reference.

SMM7 March 28: it is reported that affected by the epidemic, the US Mint has reduced the number of gold and silver coins that can be allocated to authorized purchases.

The West Point Mint plant in New York is taking steps to prevent the epidemic from spreading among its employees, which could slow coin production in the next 12 to 18 months.

The factory can no longer produce both gold and silver coins, which will force it to choose a metal.

The United States Mint produces gold, silver, platinum and palladium coins and sells them through a network of distributors. The company's production capacity of commemorative and investment coins has been declining since it reopened its West Point plant and imposed social quarantine earlier this year.

At present, the US Mint is calling on Americans to use more change, as most people cut back on spending and online shopping during the epidemic, greatly reducing the number of coins in circulation, resulting in a nationwide shortage.

In order to meet the market demand, the Mint now requires dealers to provide their 10-day and 90-day demand forecasts for the first time.

A spokesman for the Mint could not immediately be reached for comment.

Recently, precious metal futures are surging, with gold and silver rising one after another. Like gold, silver is seen as a safe-haven asset, but it is widely used in industry, making it vulnerable to economic downturns. At the height of the novel coronavirus epidemic, silver underperformed gold, but recently rebounded above $20 an ounce.

"[market changes] Precious Metals have repeatedly pushed up the price of gold on the outer disk to reach an all-time high.

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