Mints running out of gold?

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A global shortage of physical gold and silver products has created a premium on coins and bars, and this premium is causing a disconnect between the spot price and the "true" price that retail investors need to pay, said Ed Moy, former director of the U.S. Mint.

Moy, who was the director of the U.S. Mint between 2006 and 2011, cites the inability of the mints around the world to keep up with physical coin and bar demand as a reason for this shortage.

"Not only the U.S. Mint, but other Mints around the world, Australia's Perth Mint, the Mexican Mint, have all run out of gold, they can't keep it in spot and there's so many shortages retailers are having problems accessing that gold," Moy told Michelle Makori, Kitco's editor-in-chief.
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One of the main reasons for why the spot prices have not caught up to gold and silver's premium-adjusted price is that the overall markets are flooded with bullion derivatives, Moy said, but it's only a matter of time before the short contracts keeping the price down expire.

"What's artificially depressing the price of gold now is that there's a lot of institutional investors that don't hold gold. What they hold is they buy gold derivatives, like futures...and a lot of them are betting that the economy's going to recover and that everything's going to be fine and gold's going to go down," he said. "As those short contracts come up, what you're seeing is a popping in price."

Mints are running out of gold; not enough physical silver to cover paper - former U.S. Mint Director

www.kitco.com

Seems rather bullish...

 

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There seems to be some internets brouhaha happening right now regarding the Perth Mint and their unallocated precious metals programs. Rob Kientz/GoldSilverPros posted a YouTube video claiming the Perth Mint doesn't have the metal backing their unallocated accounts that they should, that they are running a fractional reserve unallocated vaulting program:



This video isn't the first to make this claim:



Now the Perth Mint has responded to the issue:

A Message for our Depository Customers | The Perth Mint

Back to Media AnnouncementsDownload PDF versionFriday 21 May 2021A Message for our Depository Customers The Perth Mint completely refutes any claim that it is running a “fractional reserve” bullion storage program and confirms that ALL customer metal holdings are fully backed and covered by...

www.perthmint.com

Peter Schiff, John Adams et. al tossing bombs on Twitter:

 

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Rob responds to the Perth Mint's statement, Peter Schiff's comments, etc.