One Week Into 2014, UK Royal Mint Runs Out Of Gold Coins

Tyler Durden's picture




 

Update: the UK mint was kind enough to advice that "only" Sovereigns are sold out. More expensive coins are still available:

Just 2 day safter their release, The U.K.’s Royal Mint said it ran out of 2014 Sovereign gold coins “due to exceptional demand.”

  • *U.K. ROYAL MINT SAYS RUNS OUT OF 2014 SOVEREIGN GOLD COINS
  • *ROYAL MINT SAYS EXPECTS TO HAVE COIN STOCK AGAIN BY END OF JAN.

The mint added "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."

 

 

 

Via Bloomberg,

The U.K.’s Royal Mint said it ran out of 2014 Sovereign gold coins “due to exceptional demand.”

The mint expects to have stocks of the coins again by the end of January, it said in a statement e-mailed today. Gold dropped to a six-month low of $1,182.27 an ounce in London on Dec. 31, capping the largest annual decline since 1981.

“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 mint said in the statement. “The Royal Mint continues to supply to its customers and is increasing production to accommodate the higher demand.”

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Wed, 01/08/2014 - 12:05 | 4311606 Tao 4 the Show
Tao 4 the Show's picture

The great disconnect continues.

Wed, 01/08/2014 - 12:10 | 4311622 DoChenRollingBearing
DoChenRollingBearing's picture

I mentioned not long ago that I was about done buying gold, as we now have enough.  That "enough" word is open to interpretation however.

Maybe I should just STFU and go buy some more!

Wed, 01/08/2014 - 12:24 | 4311676 Pladizow
Pladizow's picture

Happens every January!

Wed, 01/08/2014 - 13:08 | 4311911 SafelyGraze
SafelyGraze's picture

because there is no longer any gold available for the mint to sell, it can now (finally!) drop the price to something reasonable

like 100 pounds

or euros

or yuan

or dollars

whatever

that is the beauty of the end of supply

you can name your price

the lower, the better

Wed, 01/08/2014 - 14:21 | 4312179 Diablo
Diablo's picture

ZH ran a similar story almost exactly a year ago: http://www.zerohedge.com/news/2013-01-17/us-mint-out-silver-coins-suspen...

 

Luckily for tyler the gold and silver idiots are pretty stupid so they'll buy any bullshit ZH puts out.

 

Wed, 01/08/2014 - 12:25 | 4311686 BLOTTO
BLOTTO's picture

I just read an old article from the 'Babylonian Times' newspa..errr tablet, circa 1750 B.C., and the mint back then also had a shortage in the beginning of that year.

.

Nothing New Under The Sun.

What was significant and valuable 10,000 years ago - still rules today...

.

Technology will never trump what has always ruled since Day 1.

.

Ya digg?

Wed, 01/08/2014 - 14:01 | 4312110 madtechnician
madtechnician's picture

There was a time when aluminium was more valuable than gold , until electricity came along that is .

Wed, 01/08/2014 - 15:21 | 4312482 Praetorian Guard
Praetorian Guard's picture

Food, water and energy? My opinion is if things get bad enough and JiT ceases to exist, it probably won't matter, be it fiat or PM's...

 

www.gunsgrubandgold.com

Wed, 01/08/2014 - 12:29 | 4311717 Bendromeda Strain
Bendromeda Strain's picture

DoChen, I am very happy for you and your extended family (and heirs) that you have enough money - if I heard you correctly...

Wed, 01/08/2014 - 12:26 | 4311697 XAU XAG
XAU XAG's picture

That's why Bullion By Post have a 1% sale on untill the end of Jan.

 

Yea right!

ROTFLMAO

Wed, 01/08/2014 - 13:36 | 4312017 midtowng
midtowng's picture

Don't these people buying gold know that PMs are a bad investment? The gold bubble has already burst. The hedge funds have been selling. Blah blah blah

Wed, 01/08/2014 - 15:27 | 4312506 RafterManFMJ
RafterManFMJ's picture

I'm not buying gold for the simple fact that I trust "our" government, I believe every statistic they publish, and I know that although every fiat currency ends in tears and war, THIS time it's different.

Because reasons.

Wed, 01/08/2014 - 18:30 | 4313180 Rafferty
Rafferty's picture

But the gold market is rigged. 

Wed, 01/08/2014 - 13:56 | 4312093 robertsgt40
robertsgt40's picture

A tune keeps playing in my head..."Running on Empty"

Wed, 01/08/2014 - 12:12 | 4311631 financial apoca...
financial apocalyptic contagion's picture

yup it says only 7500 available in that edition

this is just hype shit

Wed, 01/08/2014 - 12:22 | 4311678 Winston Churchill
Winston Churchill's picture

I admit it.

It was me,had enough Maples,I wanted sometrhing smaller.

Wed, 01/08/2014 - 14:50 | 4312324 zhandax
zhandax's picture

I am surprised they sold any.  Apmex is selling 2014 sovereigns today for about $330.  £450 is what, around $675?  A bit stiff for proof premium?

Wed, 01/08/2014 - 13:35 | 4312010 jaxville
jaxville's picture

    The 7500 mintage is a high premium limited item. It is the standard sovereigns that are selling out faster than minting. In the UK sovereigns are the equivalent of Canadian maple leafs or US eagles. From what I understand, sovereigns are completely tax exempt there.There are no sales taxes or capital gains on those coins. Please correct me if I am wrong about this.

 

  Back in 2011 I went to the GATA goldrush convention in London and I brought a few sovereigns with me to sell. I wanted to see how the dealers there operate with an eye to possibly improving my shop. Before I left I read the restrictions on foreigners selling gold in England. I sold two sovereigns at two different shops and neither asked me for proper ID or had me fill out the required form.  Both paid cash. That was the only gold I have sold in almost fifteen years and it bothered me for a month. I did enjoy spending the pounds though.

Thu, 01/09/2014 - 18:30 | 4317211 bentaxle
bentaxle's picture

Sovereigns are not Maple or Eagle "equivalents." These coins tend to be 1oz in weight.

The Sovereign only weighs 0.2354 of an ounce and is much smaller than an Eagle, being only 22.05mm in diameter.

They are tax free, sales, capital gain etc, in the UK, of course.

Modern sovereigns are not of much interest to the numismatist and are really worth no more than bullion. The Royal Mint gets away with  charging almost 100% premium over bullion! Gullibility is alive and well in the uk.

Wed, 01/08/2014 - 12:14 | 4311632 Blank Reg
Blank Reg's picture

Exactly. I don't want to see ZH turn to MSM tricks and loose it's credibility. Stay true Tylers.

Wed, 01/08/2014 - 12:33 | 4311734 Bendromeda Strain
Bendromeda Strain's picture

It would seem that they maybe feel a little pressure to crank out content, which sometimes (imo) leads to interesting and worthy stories that don't get highlighted in the sticky blue box falling to the back pages too soon.

Wed, 01/08/2014 - 12:13 | 4311634 Xibalba
Xibalba's picture

Of course!  Who would want a shiny rock that only drops in price?  

 

/sarc

Mon, 01/13/2014 - 19:09 | 4328729 MeelionDollerBogus
MeelionDollerBogus's picture

This calls for a scientific experiment measuring the drop in price vs the drop from sea-level.

Wed, 01/08/2014 - 12:19 | 4311662 FieldingMellish
FieldingMellish's picture

...clickbait...

Wed, 01/08/2014 - 12:49 | 4311810 Swarmee
Swarmee's picture

I followed the link given in the ZH article to that proof sovereign and not only is it listed as in-stock, but every variant of the sovereign coins and sets are listed as in-stock, even when added to cart.... So, what exactly is this article even talking about?

http://www.royalmint.com/our-coins/ranges/sovereign

Wed, 01/08/2014 - 12:09 | 4311619 Meat Hammer
Meat Hammer's picture

Don't worry. They still have plenty of paper gold. It's the same thing, right? RIGHT?!

Wed, 01/08/2014 - 12:11 | 4311624 DoChenRollingBearing
DoChenRollingBearing's picture

Right!  Of course, sir!

Wed, 01/08/2014 - 12:22 | 4311673 Colonel Klink
Colonel Klink's picture

Yeah but I can't seem to find any paper gold coins in the pretty commemorative boxes.  What gives?

Wed, 01/08/2014 - 12:26 | 4311693 Spungo
Spungo's picture

"Don't worry. They still have plenty of paper gold. It's the same thing, right? RIGHT?!" Why the hate on paper gold? Instead of buying gold and selling it, a derivative means you're making a bet that it will go up and someone else is betting it will go down. It's like betting on a horse race. A lot of ETFs use derivatives for tax purposes. If you actually own shares of something, you need to pay tax on the dividends. If you own the derivative, the dividends are added into the share price so you don't pay capital gains until you sell it.

Wed, 01/08/2014 - 13:43 | 4312043 GreatUncle
GreatUncle's picture

Not quite a horserace.

Place your bet, they are off, and the ETF's are up and running. When does the race stop and you collect your winnings?  The race stops for gold ETF's only when the market collapses and you have to get out before it does that.CHANCES ARE IF YOU ARE NOT IN THE KNOW AND READING THE MSM YOU ARE TOO LATE - LOSE EVERY TIME! Also remember the bookies that took your bet never lose even if they do a Madoff.

 

Wed, 01/08/2014 - 12:27 | 4311695 Ulterior
Ulterior's picture

Hard to understand what are you implying here - I would be much more comfortable holding "paper" gold which I can dump on market anytime soon, than carry around "real" gold and look for interested buyers. The "paper" claim and "real" gold have the same price in the market, so - you are wrong here trying to paint a picture

 

At the end - holding "real" worthless gold and "paper" worthless gold doesnt make you less morronic

Wed, 01/08/2014 - 12:34 | 4311740 Mike Cowan
Mike Cowan's picture

You make a good point but there is something about the physical that satisfies.

Wed, 01/08/2014 - 12:36 | 4311749 fijisailor
fijisailor's picture

At the end billions of Asians preferring physical gold doesn't make you less moronic.

Wed, 01/08/2014 - 12:38 | 4311756 Ulterior
Ulterior's picture

ok, but the price is the same - I dont understand what is the problem with "paper" claims in this case - unless, if you like to sit and watch your gold

Wed, 01/08/2014 - 12:39 | 4311757 Ulterior
Ulterior's picture

stupid echo posts

Wed, 01/08/2014 - 12:40 | 4311774 fijisailor
fijisailor's picture

Paper is leveraged 80/1.  It's a Ponzi.  Do you like holding certificates in a Ponzi?

Wed, 01/08/2014 - 12:44 | 4311793 Ulterior
Ulterior's picture

But if that ponzi crashes - the price of "real" gold goes down in the same manner - or do you think golding physical entity someone will pay you more than market price?

Wed, 01/08/2014 - 13:04 | 4311897 fijisailor
fijisailor's picture

No.  When the Ponzi crashes the real thing goes way up in value.

Wed, 01/08/2014 - 15:17 | 4312463 ejmoosa
ejmoosa's picture

Lead's gonna jump through the roof as well....

Wed, 01/08/2014 - 13:10 | 4311925 unwashedmass
unwashedmass's picture

actually there are premiums now and growing for the real stuff over the "spot" price. 

so yes, i think there are people who will pay more (considerably more in asia and india) for the actual thing rather than any piece of paper. 

the true morons are the ones buying any piece of paper JPM has any contact with ---- hello, who is the custodian of GLD?

Wed, 01/08/2014 - 12:42 | 4311783 Meat Hammer
Meat Hammer's picture

I would be much more comfortable holding "paper" gold which I can dump on market anytime soon

What happens when "the market" doesn't want it?

Wed, 01/08/2014 - 12:44 | 4311789 Hulk
Hulk's picture

Lots and Lots of fireplaces need lighting right now...

Wed, 01/08/2014 - 12:47 | 4311806 Ulterior
Ulterior's picture

who will want the "real" gold then if no one is solvent anymore? If I look at the market price I will not be willing to pay more for a "real" thing too

Wed, 01/08/2014 - 12:53 | 4311834 Meat Hammer
Meat Hammer's picture

If nobody is solvent your paper claim will be redeemable in cash, which at that moment will be as useful as Charmin but not as pleasant on your balloon knot.  

Wed, 01/08/2014 - 12:59 | 4311869 Ulterior
Ulterior's picture

thats a good point, now I understand what are you implying, thanks!

Wed, 01/08/2014 - 13:06 | 4311905 Meat Hammer
Meat Hammer's picture

+1 for the open mind.  All the best to you, sir.

Mon, 01/13/2014 - 19:00 | 4328704 MeelionDollerBogus
MeelionDollerBogus's picture

farmers, gun-sellers, distilleries... drug dealers.

When you go to sell your paper gold who will buy it? I won't, not at any price. I don't take bitcoin either but I might take it over your paper gold.

Wed, 01/08/2014 - 12:44 | 4311786 Papasmurf
Papasmurf's picture

I would be much more comfortable holding "paper" gold which I can dump on market anytime soon, than carry around "real" gold and look for interested buyers.

 

Real gold has no counterparty risk.  Paper gold is only as good as your counterparty's solvency. 

Wed, 01/08/2014 - 15:18 | 4312466 Jonas Parker
Jonas Parker's picture

And if the weather gets cold and your furnace goes out, you can always burn the "paper gold" for heat. Sounds like a plan to me, but I think that I'll stick with the old fashioned stuff that clanks, thank you very much...

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