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.