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Where does the US mint get their gold and silver?
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<p>[QUOTE="Conder101, post: 1559549, member: 66"]19Lyds is correct. Once the strategic stockpile was depleted the law requires the coins to be struck from newly mined US metal if possible. (Subsidy to the domestic mining industry) If newly mined metal is not available, or if they need more than the domestic production, then they can go into the open marketplace to purchase metal. I would imagine the Mint has contracts with several of the larger mining companies to buy all their gold and silver production. Domestic production of silver in 2011 was a little over 37 million troy oz. The silver eagle program for the past year or two has been consuming that much if not more silver each year. More than the entire domestic production. Which means that every other consumer of silver has to depend on recycled silver or production from outside the country, which means a worsening balance of payments.[/QUOTE]</p><p><br /></p>
[QUOTE="Conder101, post: 1559549, member: 66"]19Lyds is correct. Once the strategic stockpile was depleted the law requires the coins to be struck from newly mined US metal if possible. (Subsidy to the domestic mining industry) If newly mined metal is not available, or if they need more than the domestic production, then they can go into the open marketplace to purchase metal. I would imagine the Mint has contracts with several of the larger mining companies to buy all their gold and silver production. Domestic production of silver in 2011 was a little over 37 million troy oz. The silver eagle program for the past year or two has been consuming that much if not more silver each year. More than the entire domestic production. Which means that every other consumer of silver has to depend on recycled silver or production from outside the country, which means a worsening balance of payments.[/QUOTE]
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