- Record gold sale at the U.S. mint despite central bank dumping of paper!
by Kenneth Schortgen Jr, http://www.examiner.com/
On April 17, the U.S. Mint reported a record 63500 ounces of gold being sold to the public in one day, despite central banks driving down the paper spot price by over 9% in the past week. This record one day sale brings total Mint sales for April to 140000 ounces, and is already twice the total amount of sales for the previous two months combined.
According to today’s data from the US Mint, a record 63,500 ounces, or a whopping 2 tons, of gold were reported sold on April 17th alone, bringing the total sales for the month to a whopping 147,000 ounces or more than the previous two months combined with just half of the month gone. – U.S. Mint via Zerohedge
The disparity between the spot price, and the physical price of gold, proves that the disconnect is official, and paper no longer represents true value in the precious metal markets. While central banks dumped 500 tons of paper gold on Friday, leading to a spot price drop of more than 9%, most physical gold and silver dealers like Kitco and SQ Metals were selling out of stock very quickly as investors and collectors rejoiced in the falling prices.
Besides the U.S., Asian central banks and investors are purchasing physical gold in high volume due to the price drop. Australia, China, and Japan all saw daily sales of precious metals nearly doubled from their biggest dealers, and shortages were occurring for many reputable online retailers.
As Western central banks are forced to short or sell paper gold in the markets to cover margin calls on other investments, the additional volume is quickly being bought up in the physical markets, with the U.S. Mint alone selling an all-time one day record of 63500 ounces.