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Valued Member
United States
68 Posts |
U.S. mint suspends gold coin salesSubmitted by cpowell on Fri, 2008-08-15 04:27. Section: Daily DispatchesDear Friend of GATA and Gold: The U.S. Mint has suspended sales of American eagle gold coins and is refusing orders from dealers, two coin and bullion dealers confirmed Thursday. The mint's suspension of gold coin sales follows its tight rationing of sales of silver eagle coins, begun in May, when sales to the public were terminated and sales to the mint's 13 authorized dealers were tightly limited. Word of the mint's suspension of gold coin sales came from the American Precious Metals Exchange in Edmond, Oklahoma, and from Centennial Precious Metals in Denver, Colorado. The suspension is overwhelming evidence that the futures contract price of gold on the commodities exchanges is substantially below the physical market price and that, indeed, the commodities exchanges are being used as GATA long has maintained -- as part of a massive scheme of manipulation of the precious metals, currency, and bond markets. Michael Kosares, proprietor of Centennial Precious Metals, explained Thursday: "The U.S. Mint buys direct from the refiners, and this suspension of gold eagle sales may be an indication that the supply line is already backing up, or that the mint expects that it will back up for the rest of the year. I wonder who would give up physical metal at these prices and under these circumstances except distressed sellers. The central banks are in a hunker-down mode as far as I can determine, and it's the mines that supply the refiners. So if the mint, which buys from the refiners, is having a difficult time locating metal, what does that tell you? I keep saying that we may get a surprising rubber-band effect later in the year when the pre-holiday/festival season kicks off in September/October. It may happen sooner. One of our indicators of approaching a bottom in gold is how many calls Centennial Precious Metals gets from our U.S.-based Indian clientele. Here's a quote from my office's report to me at the end of the day today: 'Today was a good day. ... There must have been an Indian convention where someone was handing out USAGold business cards.' That may give you a clue as to thinking in India proper and probably the rest of the Asian rim." That is, through their agents the bullion banks the Western central banks, desperate to prop up a corrupt and tottering financial system, have put gold so much on sale that even the U.S. Mint can't find any now. The price reported from the commodities markets is a fiction -- a scary one, perhaps, but a fiction no less. You can strike a blow at the market riggers who are defrauding the world -- just buy a little real metal. The dealers listed at the bottom right of this dispatch will be glad to help you do it. CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. All Recent News Edited by US Mint
08/16/2008 2:54 pm
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Moderator
 United States
187702 Posts |
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Pillar of the Community
United States
5318 Posts |
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...part of a massive scheme of manipulation of the precious metals, currency, and bond markets.  Is there something new here that hasn't happened before? There has been a speculative run in gold since late 2005. Quote:
...have put gold so much on sale that even the U.S. Mint can't find any now. Perhaps I need a translation here...is there a shortage of gold, and if so--why is the spot price currently so low? Could someone please help this metals noob understand? Thanks!  |
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Pillar of the Community
United States
2589 Posts |
The price of gold is to low so the refiners dont wanna sell it because they believe that if they wait they can sell it later for a higher profit, theirfore a shortage of gold with a lower price.
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Pillar of the Community
United States
5318 Posts |
Thanks Xavier--I must have missed that amidst the spirited tone of the article.
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Pillar of the Community
United States
2269 Posts |
I wonder if this will affect the release of the Jackson First Spouse Bullion, on August 28?
I noticed that the APE sales have also been suspended for the last week.
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Pillar of the Community
United States
628 Posts |
What am I missing? The U.S. Mint website has American Eagle gold and silver for sale as I type this. Am I missing something?
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Pillar of the Community
United States
7123 Posts |
m9frank
Im just guessing here but it maybe that when an order is placed it becomes back ordered and not delivered .
The mint does not necessarily remove listings when back orders occur at least that has been my experiance with them .
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Pillar of the Community
United States
628 Posts |
Thanks Metalman, that makes sense.
My response to the Gold Anti-Trust Action Committee Inc. is;
As far as conspiracy theories go, I have not seen any compelling evidence that gold/silver markets are being manipulated. Precious metals prices have always been and will remain volatile. I would no more count on gold price stability than winter wheat or pork belly price stability. Oil prices, and the relative strength of the dollar to the euro, pound, and yen, have the greatest effect on precious metals prices, far more influence even than world demand for precious metals has.
I see the current low as an opportunity to buy.
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Moderator
United States
16677 Posts |
 . swcoin.ecrater.com
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Valued Member
United States
167 Posts |
It's hard to manipulate a precious metals market like silver and gold. It's been tried and failed badly a couple of times now.
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Pillar of the Community
United States
7123 Posts |
Its not as dfficult if you are providing the market with metal in the sense of the refineries withholding the supply .
the other times that the market was attempted to be controlled was from the demand side and that is of course much more difficult to achieve .
a decline in the release of refined gold and silver will effectually raise the price unless demand decreases to compensate and with the spot prices of gold and silver right now demand is not likely to subside but supply will substantially decline thus as an eventuality the cost per ounce will rise .
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Pillar of the Community
United States
1541 Posts |
I hope the mint will reduce the price of the Buffalos.
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Bedrock of the Community
United States
19935 Posts |
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I see the current low as an opportunity to buy. Big time! |
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Pillar of the Community
United States
6326 Posts |
Well.....if all this translates to cheaper gold prices........then I'm all for it !....  If it's much ado about nothing and the same roller coaster ride it's always been, then.......I won't pay attention to it. |
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Pillar of the Community
United States
2335 Posts |
I'll admit it, I'm curious. Most posts by "US Mint" have seemed to be press releases about upcoming mint products. This post contains a letter from GATA(whoever that is), & isn't a statement from the mint. I have always assumed that "US Mint" was somehow associated with, or employed by, the Mint & was posting for advertising/informational purposes. So, is "US Mint" somehow connected to the Mint? I could be mistaken, but I thought the "shortage" was for bullion products sold to the dealers. That would not affect the coins sold directly to the consumer from the Mint website. I saw a similar "shortage" in 1999, when the bullion silver eagles were in short supply at the beginning of the year. At that time the reason behind the "shortage" was Mint capacity. The striking capacity of the Mint was being used by the new State Quarter program. I don't have any idea why the Mint is not making bullion products available, & I suspect the author of this article doesn't either. I do know that I can buy gold or silver bullion at spot plus a very small premium in any quantity I desire from my regular source. I have noticed that my source doesn't have US Mint bullion products available, but other forms of bullion are available. |
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Replies: 39 / Views: 5,164 |
Posted 08/16/2008 3:22 pm
