The United States Mint said on Tuesday it was unable to meet surging demand for its gold and silver bullion coins in 2020 and through January, reports Reuters.
Sales of U.S. gold bullion coins rose 258% in 2020 while silver coin demand was up 28%, the U.S. Mint said.
Heavy buying has continued in 2021, it said, squeezing supplies, which had already been tight as the coronavirus affected production.
The Mint, a division of the U.S. Treasury, had limited distribution of its silver coins to suppliers as it is currently changing the designs for its American Eagle Gold and Silver Bullion Coins.
In January, 220,500 American Eagle gold bullion coins were sold, up 290% from 56,500 a year earlier, the Mint said.
For this year, the U.S. Mint has a limited window to produce its current gold and silver coins, with redesigned coins expected to debut in the summer. It is limiting distribution of its gold, silver and platinum coins to specific dealers because of heavy demand, and a limited number of suppliers of metals, it said in a statement.
This is only the beginning folks. As price inflation as measured by government indexes begins to soar, the demand for gold and silver coins is going to climb at an exponential rate.
-RW
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