Contact us
CALL US NOW 1-888-GOLD-160

US Mint Struggling With Gold and Silver Coin Production Slowdown

  by    0   1

The US Mint is limiting the distribution of gold and silver coins to authorized third-party distributors due to production slowdowns.

According to a Bloomberg report, the US Mint complex in West Point, N.Y., is taking measures to reduce the spread of COVID-19 among its employees and expects production slowdowns for the next 12 to 18 months. According to a US Mint document, the facility can no longer simultaneously produce both gold and silver coins, forcing it to choose one metal over another.

“The pandemic created a whole new set of challenges for us to manage,” the Mint said in the document. “We believe that this environment is going to continue to lead to some degree of reduced capacity as West Point struggles to balance employee safety against market demand.”

The West Point facility serves as one of the US Mint’s primary bullion production sites, along with its San Francisco complex. The California facility shut down earlier this year and partially reopened in May.

The production slowdowns come as investors clamor for gold and silver bullion coins. Retail silver bullion coin sales jumped by an estimated 60% year-on-year in the first half of 2020, according to data released by the Silver Institute. Meanwhile, the price of gold has surged to an all-time record high.

Even with the production issues, the sale of American Gold Eagles in July is up significantly over last year. To date, the Mint has sold 92,500 ounces of Gold Eagles compared to just 22,000 ounces in July 2019. But the sale of American Silver Eagles is down slightly. To date, the Mint has sold 1,072,000 ounces of Silver Eagles compared to 1,240,000 in July 2019.

In an effort to cope with the supply issues, the Mint is asking dealers to provide 10-day and 90-day demand forecasts. This is the first time this has ever happened. According to the Mint document, this will allow it to decide what products to make since some are more labor-intensive than others.

Get Peter Schiff’s key gold headlines in your inbox every week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

Related Posts

Silver Breaks Above $28 an Ounce

The price of silver broke above $28 an ounce Thursday morning. In the last 30 days, silver has gone up by nearly 54%. On the year, the white metal is up over 71%. Even with these big gains, silver remains historically undervalued compared to gold.


Fed Commitment to Let Inflation Run Isn’t a Promise; It’s a Threat

According to a recent CNBC report, the Federal Reserve is set to make a major commitment to “ramping up inflation.” According to the report, the Fed will pivot to “average inflation targeting.” With this strategy “inflation above the central bank’s usual 2% target would be tolerated and even desired.”


Americans Currently Owe More Than $21 Billion in Back Rent

Most people remain blissfully ignorant of the economic wounds inflicted on the US economy by the government-imposed economic shutdowns in response to the coronavirus. But every once in a while, the curtain blows back and we catch a glimpse of the damage. For example, a report released last week by global advisory firm Stout, Risius […]


$2,000 Gold!

Gold pushed above $2,000 an ounce for the first time ever on Tuesday. The spot price broke through $2,000 a little after noon and then immediately sold off over the next 10 or 15 minutes. In a tweet, Peter Schiff said, “You know the gold bull has a long way to run when the first […]


Despite Big July Gains Silver Still Historically Undervalued

Silver futures were up 25% in July, the second-biggest monthly gain for the white metal on record. And silver is still significantly undervalued compared to gold.


Comments are closed.

Call Now