Breaking news from the precious metals industry. Gold, silver and platinum group mining, refineries and refining technologies, minting and distribution.
News and information about the global drivers of prices in the precious metals markets. Including central banks, interest rates, industrial manufacturing, electronics and investors.
The US Mint continues to be slow and unable to meet investor demand.
The failures of the Mint and their planchet suppliers have led directly to significant increases in dealer premiums in recent weeks. This week, the lowest dealer premium for silver eagles is more than 60% over spot price.
Some dealers, such as APMEX and JM Bullion are currently selling silver eagles with premiums at over 88% above spot price.
Brazil’s international dollar currency reserves lost over $37.5 billion in from 2021 in 2022 due in large part to lower returns amid the US Federal Reserve’s rate hikes and dollar manipulation. While the country’s central bank reported gold holdings are valued at roughly $7.602 billion.
The BRICS alliance is planning a new currency that will be backed by gold and other commodities such as rare earth elements and fertile soil in an attempt to further dislodge the global hegemony of the dollar as the world’s reserve currency.
Current backlog for some orders is reportedly extending out 7 or more business days. In addition, they are temporarily limiting new orders to over $500.
Money Metals Exchange has also stated that customers should expect order delays of up to an additional 1 to 2 business days.
As the impact of the ongoing banking crisis begins to be felt at home, many Americans are shifting their priorities to protect their financial assets.
The shifting of and diversification of assets is likely continue at a rapid pace in the coming months as excess dollars and crypto funds are moved into hard assets like gold, silver, land, ammunition, firearms and stable food in the coming months as smart investors prepare for further economic hardship.
According to a recently released statement, JP Morgan Chase is the currently sole custodian of 459,485,125.800 troy ounces of fine silver on behalf of the Blackrock owned iShares Silver Trust (SLV).
The man, who wishes to remain anonymous, made the discovery while metal detecting in Victoria’s goldfields, the region at the heart of Australia’s gold rush in the 1800s.
New physical gold-backed ETF to appeal to “climate conscious” investors passes along the higher cost of carbon offsets to investors.
Elected officials from both the Texas Senate and House have proposed complementary bills to create a state issued digital currency option that would be backed with gold and fully redeemable for either fiat cash or gold.
APMEX sold more than 1 million troy ounces of silver in the past 7 days, and 27,000 troy ounces of gold.