US Mint’s Bullion Sales Double in September

Former US Mint director Ed Moy appeared on Fox Business this week to talk about the popularity of gold as a safe-haven investment. Moy noted that in spite of ongoing negative sentiment toward the yellow metal, people in both the East and West continue to buy it. In fact, the US Mint’s gold bullion coin sales doubled in September versus August, showing that investors see gold’s depressed price as a buying opportunity.

The interview began with a discussion of bitcoin, which has taken a hammering this week. Often referred to as “digital gold,” the digital currency actually bears little resemblance to gold. As a new technology, bitcoin is extremely volatile and speculative. Gold, on the other hand, has been around for millennia as a store of value.

While the host challenged Moy on the value of gold versus other safe-haven investments, Moy hit some of the major points in gold’s favor:

• $1200 is the break-even point for gold miners, meaning supply could soon be strained
• ETFs  (paper gold investments) don’t let you hold real gold
• Stocks can go to zero; gold never will – it’s held its value for thousands of years.

Moy also spoke about his Chinese heritage and the amazing demand for the metal in the Eastern hemisphere.

My parents come from China. They grew up with the mentality that gold is more than just a speculative investment. It’s a storehouse of value. They’ve gone through revolutions, fall of the government, hyperinflation, banking changes, and in the end when people attack you and you run out of the house – generally you have gold around… and that’s how you survive.”

Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffGold
Interested in learning about the best ways to buy gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!