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Royal Mint Runs Out of Sovereign Gold Coins on “Exceptional” Demand

GoldCore's picture




 

Today’s AM fix was USD 1,226.00, EUR 900.61 and GBP 744.97 per ounce.
Yesterday’s AM fix was USD 1,226.50, EUR 902.50 and GBP 747.37 per ounce.

Gold fell $7.40 or 0.6% yesterday, closing at $1,224.90/oz. Silver slipped $0.31 or 1.56% closing at $19.56/oz. Platinum inched down $0.26, or 0.26%, to $1,410.49/oz and palladium fell $5.03 or 0.7%, to $733.47/oz.
 
Gold is slightly higher today but lower this week. Investor sentiment remains extremely bearish but physical buyers continue to accumulate at these low prices. The UK Royal Mint has run out of 2014 British gold sovereigns due to unprecedented demand.

 
Gold in U.S. Dollars, 5 Year - (Bloomberg)

Respected technical research analyst Louise Yamada predicts further falls in gold. She estimates a short term 19% drop to $1,000 in 2014. However she remains very bullish on gold in the long term.

Bloomberg’s analyst survey of 15 polled this week were the most bullish in a year on gold with only 2 bearish and four neutral. UBS sees near term support at $1,207.57/oz.


Gold in Euros, 5 Year - (Bloomberg)

The U.K.’s Royal Mint, which traces its history back more than 1,000 years, ran out of 2014 Sovereign gold coins due to “exceptional demand” reported Bloomberg.


Gold in British Pounds, 5 Year - (Bloomberg)

“Since the dip in the price of gold we have seen increased demand for our gold bullion coins from the major coin markets, and this presently shows no sign of abating,” the U.K. mint said in the statement. “The Royal Mint continues to supply to its customers and is increasing production to accommodate the higher demand.”

Coin stock availability has gone up and down in the past according to market demand, the mint said in a separate e-mail. Gold climbed to a three-week high of $1,248.51 on Jan. 6 as physical demand increased, particularly in China.

 

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Fri, 01/10/2014 - 09:47 | 4319026 Tall Tom
Tall Tom's picture

Low prices create increased demand.

 

Extraordinary Low prices create Extraordianary Demand.

 

Everybody that I know like to buy during sales. This should not be all that much of a Shock. I hope that they price Gold lower, much lower, like a $1.00 per Ounce. I will buy as much as I can at that price. It is good that they are working so hard to give us the bargain prices. I do actually appreciate it.

 

I am more than happy to take the Gold off of their hands. It is just a barbarous relic after all, right?

Fri, 01/10/2014 - 00:15 | 4318268 MeelionDollerBogus
MeelionDollerBogus's picture

gold just soared to 1233!!

(this shit never gets old)1

1until it does

Fri, 01/10/2014 - 01:33 | 4318435 TrulyStupid
TrulyStupid's picture

No, USD just got pummeled to 1233.

Thu, 01/09/2014 - 22:56 | 4318091 steveo77
steveo77's picture

I will be in Hawaii next week, but I will not be SCUBA diving.   Pressure on the food chain is causing a 500% increase in serious and fatal shark attacks.   Real data is here.

http://nukeprofessional.blogspot.com/2013/12/apex-predators-in-hawaii-ar...

Thu, 01/09/2014 - 18:20 | 4317108 devo
devo's picture

Doesn't matter, prices are going down. You guys posted a similar article last year when the mint ran out of eagles.

Fri, 01/10/2014 - 10:03 | 4319112 Tall Tom
Tall Tom's picture

I hope that they do. I will buy more.

Thu, 01/09/2014 - 22:46 | 4318059 fijisailor
fijisailor's picture

A little self examination would do you good.  You really have no clue what prices will do.  It's just your uneducated guess.

Thu, 01/09/2014 - 17:46 | 4317040 DiggerUK
DiggerUK's picture

The Royal Mint have not run out of sovereigns, they are just having to deal with high demand.

Why the lies.

..._

Fri, 01/10/2014 - 10:03 | 4319105 Tall Tom
Tall Tom's picture

Yes they have...

 

From Bloomberg...

http://www.bloomberg.com/news/2014-01-08/u-k-royal-mint-says-runs-out-of-2014-sovereign-gold-coins.html

 

They sourced it from an email sent and received by them...not what is published on the Royal Mint's website...which is MISLEADING when they claim the coins are in stock.

Thu, 01/09/2014 - 17:21 | 4316937 Rising Sun
Rising Sun's picture

check the queen's pockets

Thu, 01/09/2014 - 16:45 | 4316766 fijisailor
fijisailor's picture

My LCS was out of almost all bullion products.  Physical buying follows demand for physical.  Paper buying follows lack of interest in phony paper.  2 different markets.  Great luck that physical price is tied to paper price idiocy.  How long can that last?

Thu, 01/09/2014 - 20:36 | 4317577 GrinandBearit
GrinandBearit's picture

My LCS guy has been Au dry for the last couple months. 

Finally the other day, he calls me to tell me had a few 1/10oz CME's.  Drove there immediately and bought all of them.

Fractional Au has been harder and harder to come by.

Thu, 01/09/2014 - 16:11 | 4316573 F em all but 6
F em all but 6's picture

Gonna need a bigger monkey hammer

Thu, 01/09/2014 - 13:34 | 4315891 joego1
joego1's picture

Here in Mexico there are no gold or silver coins available in Banco Azteca. What's up? Maybe we are heading for a paper gold world.

Thu, 01/09/2014 - 15:34 | 4316348 Conax
Conax's picture

No gold or silver coins, eh?  That can only mean even bigger discounts are on the way!

I learned this well in 'o8.

Thu, 01/09/2014 - 15:22 | 4316288 artytom
artytom's picture

There is no shortage of 5g French Francs from 1850-1912.
I find this amazing.

Thu, 01/09/2014 - 16:18 | 4316609 Ghordius
Ghordius's picture

simple. not many know them. the one you are talking about is also known as 20 French Francs Napoleon (coin). they are the same as the Spanish 20 Pesetas, the Swiss 20 Francs, the Belgian 20 Francs, the Greek 20 Drachma coin, etc.

all from the Latin Monetary Union (the predecessor of the EUR), all very sturdy because the 5 grams pure gold are mixed with 1.43 grams of usually copper

and the sound they make, this klink is also quite special. but what you won't find that easily are those slightly larger with 25 Francs on one side and 4 Dollars on the other

Fri, 01/10/2014 - 00:26 | 4318299 MeelionDollerBogus
MeelionDollerBogus's picture

got one myself (Belgian 20) that before & after the 1900/oz peak sits at roughly $360/coin.
Love that ping (which rings like a tiny tuning fork).

Thu, 01/09/2014 - 13:12 | 4315783 SAT 800
SAT 800's picture

I like the fact that the article says investor sentiment, (speculator mass mind), remains highly bearish, and then goes on to the next "reason" for a lower gold price. Completely ignoring the fact that market sentiment always is most bearish at a market bottom. As far as charts go; the present double bottom looks pretty good, (bullish).

Thu, 01/09/2014 - 13:46 | 4315956 Bruce Flea
Bruce Flea's picture

Especially when "bearish investor sentiment" is followed closely by "physical buyers continue accumulate at these cheap prices".

The latter being the smarter.

Thu, 01/09/2014 - 11:54 | 4315389 Papasmurf
Papasmurf's picture

Another Goldcore article.  Yawn.

Thu, 01/09/2014 - 13:08 | 4315768 SAT 800
SAT 800's picture

But, but; BofA said just today that Gold was almost worthless, and that even foreign buying couldn't support the price. Aren't they experts on things like this?

Thu, 01/09/2014 - 18:02 | 4317103 fijisailor
fijisailor's picture

Sure they are.  When paper to phyz is leveraged 80:1 or whatever the ratio, physical buying is insiginificant and does not greatly affect the price.  Hence in a Ponzi world, B of A is correct.  If B of A thinks it's worthless then let the manipulators manipulate it to zero.  Fine with me.  I like freegold.

Thu, 01/09/2014 - 11:50 | 4315367 OutLookingIn
OutLookingIn's picture

Louise Yamada is overboard without a life jacket on!

Her tech/charting skills are without question - were very good.

Key word - were. In a manipulated and controlled market, tech analysis is at best, useless.

No. She has dropped the game ball with this call!

Fri, 01/10/2014 - 00:32 | 4318314 MeelionDollerBogus
MeelionDollerBogus's picture

proper technical analysis requires:
#1 always using equations
#2 scatterplots & time-series predictions
and must never include
#1 linear support & resistance
#2 pictorial overlays of "double bottom" "triple top" "cup and handle" "head and shoulders"

So your critique of technical analysis to me rings hollow. It sounds to me that you don't even know what technical analysis actually is.

This is what real technical analysis looks like:

HVU (like VXX) vs SPY (SP500 etf) http://flic.kr/p/ikyjpz

VXX vs SPY : http://flic.kr/p/cp3AFs

gold vs silver (NO g/s ratio, which is absolutely never a useful metric): http://flic.kr/p/f17z1s

Thu, 01/09/2014 - 12:45 | 4315636 Fuh Querada
Fuh Querada's picture

Technical analysis is just optical masturbation. If it were of any use for forecasting trends, Ms Yamada would be richer than Soros and would have retired 20 years ago, instead of having to continuously propagate bullshit based on manipulated chart blips.
For the same reason I abandoned Dan Norcini's blog more than a year ago.

Thu, 01/09/2014 - 13:12 | 4315784 OutLookingIn
OutLookingIn's picture

Agree.

Long term 50+ years charts are good.

Give you a "trend" in the long term.

Thu, 01/09/2014 - 11:43 | 4315341 OutLookingIn
OutLookingIn's picture

Why buy English sovereigns?

They are 22ct gold. With high premiums. 

If you want pure 24ct gold, buy buffaloes or maple leafs.

 

 

Thu, 01/09/2014 - 20:38 | 4317595 GrinandBearit
GrinandBearit's picture

It's good to diversify. 

The premiums on Sov's are lower in the states than in Canada or Europe.

Thu, 01/09/2014 - 11:35 | 4315312 Seeking Aphids
Seeking Aphids's picture

Gold climbed to 1248....and was promptly slammed down.....check out today's gold chart - looks like a mini version of Monday's action.....

Thu, 01/09/2014 - 11:09 | 4315212 Lordflin
Lordflin's picture

Technical analysis of a manipulated market... Very useful...

Who is she trying to fool?

Psychological analysis of a class of psychopathic freaks would be more to the point...

Fri, 01/10/2014 - 00:34 | 4318321 MeelionDollerBogus
MeelionDollerBogus's picture

technical (math) analysis (not just pictures and stupid "terms" that are not technical at all, like "head and shoulders"), is the only way to handle manipulation.
To act in concert with manipulation you must have equations to describe it.
To do so requires technical analysis.

Thu, 01/09/2014 - 10:36 | 4315078 disabledvet
disabledvet's picture

time for the Royal Family to "go Midieval" and tack on a ten thousand pound tax on every gold coin struck from the Royal Mint"and paid directly to them." add the note "I will be at the Christening of my Queen Elizabath Class Carriers and I expect them to be in stout form and ready for battle." (signed Queen Elizabeth, circa 2014.)

Thu, 01/09/2014 - 17:55 | 4317074 0b1knob
0b1knob's picture

Wait until totally insane (and secretly Muslim) Prince Charles becomes King.

He will go beyond Medieval... 

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