The US Mint reports that sales of its gold and silver coins surged in 2020.
Despite mint shutdowns and slowdowns in 2020 – and perhaps because of the economic shutdown and the monetary policies that followed – US mint bullion coin sales rose to the highest levels in years.
Sales of American Eagle silver coins jumped to 30,089,500 ounces in 2020. That is more than double 2019’s total when Silver Eagles sales reached 14,863,500 ounces.
American Eagles gold coin sales experienced an impressive surge in the year gone by as well. The 2020 total was more than five times higher than the year before. Total sales of the American Eagle gold series coins — 1 ounce; 1/2 ounce; 1/4 ounces; and 1/10 oz. coins – reached 844,000 ounces. In 2019 sales totaled only 152,000 ounces, the lowest annual total since the American Eagle coinage began in 1986.
American Buffalo gold coins were introduced in 2006. 2020 Buffalo sales of 242,000 showed an increase of almost four times over the 2019 total of 61,500 ounces.
With the Coronavirus shutdowns beginning in March, gold mines around the world stopped operations as did refineries in Switzerland. The San Francisco US Mint closed in February. Then the US Mint at West Point, a key production facility for US bullion coins, shut down temporarily in April.
Around the world and across the US, just as demand was peaking, many gold and silver dealers found themselves unable to make delivery to their clients at any price. Some dealers asked buyers wait 8 – 12 weeks to get their hands on real gold and silver.
Under these conditions, the Wall Street Journal even coined a new term for gold, calling in “unobtanium.”
But that description did not apply to Republic Monetary Exchange. Even as the economy went into free-fall, when mines stopped mining and mints stopped minting, we continued to make immediate delivery to our clients.
Avoid the needless risk of placing and paying for orders elsewhere with dealers that are asking for advance payment and then promising delivery at some uncertain date in the future.
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