The U.S. Mint has reduced the volume of gold and silver coins it’s distributing to authorized purchasers as the coronavirus pandemic slows production, a document seen by Bloomberg shows.
The Mint’s West Point complex in New York is taking measures to prevent the virus from spreading among its employees, and that will probably slow coin production there for the next 12 to 18 months, the document shows. The facility is no longer able to produce gold and silver coins at the same time, forcing it to choose one metal over the other, according to the document, which was presented to companies authorized to buy coins from the Mint last week.
The West Point facility is one of the primary sites for bullion production, along with the San Francisco complex, which only partially reopened in May after shutting down earlier in the year. During the 2019 fiscal year, the U.S. Mint overall produced 18.8 million ounces of bullion, according to its most recent annual report.
A spokesman for the Mint didn’t immediately have comment.
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7 comments:
Of course they keep driving down the value of the dollar which will leave it worthless when the collapse comes just like Venezuela
Gold won’t save you the government will confiscate it if it skyrocketed to 5000 or more.
I don't think a capitalist country is systematically embargoing our exports 10:30 ;)
10:30 Exactly, not to mention, machines get covid to and have to shut down!!! Yes I was being silly on the second part!!! To show you how silly it sounds to even suggest a stamping machine can;t stamp coins anymore for covid... Hence creating a coins shortage...
Hilarious story (for those in the know).
Gold and Silver will be withdrawn forthwith from circulation as the fiat US Dollar collapses. The Central Banks have suppressed their value (vs. the Dollar) for decades now to hide the loss of value in fiat currencies.
Buy Gold now.
Buy Silver now.
Regardless of price.
The reset will be mind boggling and one will be able to purchase any commodity with either metal in the future. Silver is the single most under valued commodity in the world right now.
Nah....the Venez don't have much but oil and dictatorship.
We have cars (hmmm, Toyota and Honda lead there)
We have automation (hmmm...we import most of that...)
We have farming and manufacturing (Hey numb nuts, its the 21st Century and farming/manufacturing is subsidized and that great Americana was decades ago)
We have TALK SHOWS (ok)
We have internet (ok)
Hello anything else???
Crickets!
Yeah 1030 I'm wondering now too!!!!
Let's see. We can open Disney World but not the mint. Why? Because reducing coinage puts a hardship on the people and opening Disney World puts money in the Dems pocket as it is left winged owned.
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