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.
3 comments:
Such confidence in Joe Biden's magical thinking.
Biden's team are lazy, ignorant, and fuckin crazy.
"three quarters of its yearly lithium carbonate output; and
nearly its entire annual production of neodymium.
One can easily see that the world may not have enough minerals and metals for the EV batteries to support the EV growth projections when you consider that today:
Combined worldwide car sales in 2019 were more than 65 million vehicles annually. [ii]
There are 1.2 billion vehicles on the world’s roads with projections of 2 billion by 2035. [iii]"
Do not be so sure of the utility of silver as a premium electrical conductor going forward. Look up Carbon Nano Tubes (CNT's). Their conductivity eclipses that of metals (any metal), and at the cost of silver, the technology to produce begins to make sense. Also note that the expense is only on the production side, and not the raw materials side. In other words, once CNT production is established, the price of this material will plummet to the level of other generic construction materials (not so with silver. gold, or platinum). Silver is also likely to be eclipsed in the production of battery technology both by CNT's as well as Graphene based products.
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