The U.S. Mint has stopped making silver and gold coins????

When awoke this morning...I was shocked to see a headline in my Google news saying that due to COVID-19 the U.S. Mint will stop making silver and gold coins??? I was like edited. I mean if anything they should be making more as people are realizing silver and gold are great backup resources of alternate income. Sales should be sky-rocketing...but now this? Does anyone think that this is done to ensure that what is already up goes up in value...if this is true then it was done on purpose and this is very suspect. Your thoughts??

 

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I can understand it if the reasoning is due to the huge amounts of money that are being expended related to COVID-19. ~ Chris

 

I suspect the mint is reducing employee presence like anyone else. Trying to distance people and as a result non-essential business is not being conducted.

 

If this is true, I smell dead fish. Any coins minted in precious metals carry a mark-up which is passed on to the buyer. This makes no 'cents' to me either.

 

All joking aside, this points to the $300 Mike Mezak ASEs as being what to expect to pay for one eventually.

If there is any truth at all, Mezak will be all over this if tonight's programming on the History Channel is new.

 

I totally agree with you.

 

West Point has said they will have reduced production due to social distancing measures on the coining floor. They intend to poll distributors for what the demands are and decide which coins to make runs of based off the distributor requests, and if it's Gold eagles, then silver eagles get side lined, or of it's silver eagles then gold eagles get sidelined, and they will produce for what's most in demand and then switch later on, ect.

Basically saying that's the way they need to operate for the foreseeable future, they can do one thing at a time due to spacing, one or the other, and that will be based of distributor demand what they will do at any particular time.

 

I think it's poppycock. I never was interested in visiting any mint, but the videos offered on the net do not reflect large numbers of close proximity workers, but I could be mistaken.

 

I just heard the rumor that the US will be sending out a 2nd stimulus payment sometime soon. Is there any truth to this? ~ Chris

 

The U.S. Mint as a whole has more than 1650 employees according to their website, and that's the newest info I can find.

They have 6 locations, the bullion depository in Fort Knox, The Washington HQ office, then the 4 mint branches, Philadelphia, Denver, San Francisco, and West Point.

if evenly distributed, which it's probably not, that 275 employees per location likely more at the 4 mint locations and less at HQ and Ft. Knox, so maybe 300-350 per minting facility. The video are usually of just a portion of the shops floor.

I dunno. Sounds reasonable to me to need to go to a small staff and limit production in order to net have to keep shutting down to clean after a virus outbreak every week.

 

Yes and no. Yes if they get around to approving it and it passing congress, no, it's not approved yet and who knows if they change qualifying or limits until it is passed.

They will likely do something at some point though..

 

Do you think it might have something to do with the instability in the prices of precious metals and the premium the Mint can reasonably expect customers to pay?

 

They should quarantine the West Point Mint. That way everyone inside can move about freely...and get back to making our coins!

 

I still think there is an ulterior motive. Let's hear from someone who has visited a mint and had a thorough tour.

That's possible.

 

The U.S. Mint has price volitility (for numismatic coins, anyway) well covered...

https://catalog.usmint.gov/on/deman.../dw876195d1/images/PDFs/2020-Pricing-Grid.pdf

https://catalog.usmint.gov/on/deman.../Pricing-Grid-Instructions-2019-Palladium.pdf

...with an important Note...

*Note: The United States Mint reserves the right to discontinue sales of gold numismatic products in the event that the selling price of United States Mint gold bullion products begin approaching the sale price of the gold numismatic products

I'm still trying to understand how that would happen...or what "begins approaching" even means. Does this mean it's time to start loading up on current, low mintage U.S. Mint gold numismatic offerings?

 

Another way to make more money if you ponder the implications.

 

Awh, I remember it well from school "FEED THEM CAKE" sound familiar?

 

Last I heard, it was due to so many employees being out sick, not the social distancing inside the facilities.

 

Here's a couple of interesting things I noticed today on my trip to USmint.gov...

First off, I must have been ordering too slowly because I got a text pop-up offering "assistance". I answered, "Yes, where do I get my Promo Code?"

Lol...they actually have a box to enter a promo code...like ordering flowers. Seriously, has anyone ever seen a promo code for the U.S. Mint?

Anyway, when I hit "Send", I got a message that says, "No one is available at the moment, please try again later"...or something to that effect. Lol...the lights are on, but nobody's home!

Then, the very last box I needed to check to complete my checkout (can't complete the deal without checking this box) reads...

"By making an online purchase, you are agreeing to our Terms of Use, you are confirming that you are at least 18 years old, and you are opting-in to certain collections and uses of your personal data. For more information, including our authority to collect your data, please see our Privacy Policy."

Since it's a "requirement" to submit to anything they ask before making a purchase, I went ahead and checked the box. I'm a man, so of course I didn't spend an hour reading their legalese Privacy Policy.

Later, after I placed my order and put my tinfoil hat back on, I began thinking... "Hmmm, could this be some sort of government program to keep track of my Gold? Perhaps I should have read their Privacy Policy, after all."

 

Did you?