FILE PHOTO: A quality control agent examines a 2013 enhanced silver eagle silver coin at the United States West Point Mint facility in West Point, New York June 5, 2013. REUTERS/Shannon Stapleton
NEW YORK (Reuters) - The United States Mint said on Tuesday it was unable to meet surging demand for its gold and silver bullion coins in 2020 and through January, due partly to pandemic-driven demand and plant capacity issues.
Sales of U.S. gold bullion coins rose 258% in 2020 while silver coin demand was up 28%, the U.S. Mint said Tuesday. Heavy buying has continued in 2021, it said, squeezing supplies, which had already been tight as the coronavirus affected production.
A social media-driven buying spree lifted silver futures to an eight-year high on Monday, but dealers in the market for coins were already grappling with a supply shortage and shipping delays before that rally.
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WNU Editor: I am very bullish on silver. Silver is the best conductor for electricity among the noble elements, and with the Biden administration now ready to spend trillions on expanding the green economy, silver will be playing a critical part in this growth.
As for gold. The best hedge against economic chaos and financial collapse.
