Silver

Investors Losing Confidence in the US Mint, while Coin Minting Reports $171 Million Net Loss

Keeping up with investors demand has been a difficult task for the US Mint. The pandemic lockdowns caused a total shut down of mint operations, forced mine closures and caused other widespread disruptions throughout industrial supply chains.

Problems for the Mint only got worse as investor demand for bullion investment coins skyrocketed because of the pandemic. For a few months, the minting of Silver Eagle coins was secretly shifted to the Philadelphia Mint for the first time in history as backorders began to pile up.

Texas Committee Passes Bill To Create 100% Gold And Silver-Backed Transactional Currencies

cheap silver prices

Legislators in Texas are leading the charge against the Federal Reserve’s monopoly on fiat money by offering an option for people to conduct business in sound money.

Physical gold and silver that would support the backing of the digital currency would be stored in a pooled account at the Texas State Bullion Depository.

Silver Institute Report Shows Strong Demand Across All Supply Chains

Silver coins on the background of the growth chart

Investor demand continues to drive up prices for physical silver bullion. Supply chain disruptions at the start of the pandemic led to depletions of wholesale and retail bullion inventories resulting in the prices of physical bullion become far removed from following the paper price.

The US Mint continues struggling during periods of high demand due to ongoing supply chain issues plaguing domestic planchet suppliers.

Storing Silver at Home

It is a good idea when storing silver at home to be prepared range of possibilities. It doesn’t take very long to fill a box or small safe with shiny metal.

So when you are investing in a safe it is a good idea to plan ahead. A good home safe can be a significant investment that you don’t want to find yourself repeating every six months to a year.

Sales Tax When Buying Silver and Gold

$20 Liberty Double Eagle Obverse

Despite the long history of gold and silver being recognized as money, many states continue to tax their citizens for the privilege of owning these metals. The notion of sales tax on precious metals investing is contentious to some and represents a line in the sand between some legislators and investors.

Preparing for the Next Dollar Crisis

Silver coins on the background of the growth chart

The American dollar system is broken. All of the major swings in the economy over the last few years that have been driven by political and policy-based initiatives have led to a decline in global trust of the American dollar. The ongoing banking crisis makes it more evident.

Demand for Silver Eagles Spikes, Along with Premiums

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.

Several Dealers Increase Order Minimums and Shipping Times

APMEX, JM Bullion, SD Bullion and Money Metals Exchange have announced temporary changes to order and shipping policies upon an increase in order volume in recent weeks amidst the ongoing banking crisis. While premiums on silver eagles have recently risen back above 50% per coin. Lower premiums are available for other sovereign bullion coins such as Britannia, Kangaroo and Philharmonic.

SD Bullion Updates Shipping Times, Raises Order Minimum to $500

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.