Monday, October 27, 2008

Mints struggle to meet metals demand

GATA: Mints struggle to meet metals demand

Snippets below:

Safe-haven investors are on a shopping spree for precious metals, snapping up gold and silver as an antidote to topsy-turvy markets -- if they can find any, that is.

Demand for physical gold and silver is gobbling up product at nearly every mint around the globe and in Canada has the Royal Canadian Mint allocating its supply among its distributors, who in turn are limiting the number of coins they sell to dealers, who sell to consumers.

"Virtually every mint in the world is sold out of product and as fast as we can produce it, all of us, there is more demand," said David Madge, director of bullion services at the Royal Canadian Mint.

The situation is causing major headaches for bullion dealers like Donald Carlson.

"It's a nightmare trying to keep enough stock in," said Carlson, general manager of Calgary's Albern Coins & Foreign Exchange Ltd.

Back in March, when gold blew through the roof at $1,033.90 per ounce -- its highest ever price -- business was 70 per cent buyers and 30 per cent sellers, Carlson said.

Now it's 99 per cent buyers and one per cent sellers, and people are buying whatever's available.

Much more at link: Mints struggle to meet metals demand


Anonymous said...

Why don't the mints take delivery of COMEX inventory? Seems kind of odd that the mints in North America all are out of product and/or curtailing production. Silver futures are dropping like a rock. Can anyone give an explanation? Silver bars are readily available at dealers like Maybe someone does not want the public to buy bullion?

Randy said...

Many feel a COMEX Default is looming right around the corner: