Bloomberg.com reported that the U.S. Mint is temporally halting production at its West Point facility in New York because of the risk to employees from the coronavirus. This comes at a time when demand in precious metal coins is surging! Last month, the Mint said it sold out of American Eagle silver coins, while the gold coins it offers were snapped up in March at the fastest pace in over three years.
“The timing is awful,” said Everett Millman, a precious-metals specialist at Gainesville Coins in Florida. “It’s going to exacerbate the supply shortage” in the coin market when demand is soaring. Premiums for gold coins are at 5%-10% over spot gold, compared with less than 1% in normal circumstances.
Feel free to read the full article here at Bloomberg.com
Sven Franssen