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One Week Into 2014, UK Royal Mint Runs Out Of Gold Coins
Update: the UK mint was kind enough to advice that "only" Sovereigns are sold out. More expensive coins are still available:
@zerohedge Hi, only #gold #bullion #Sovereigns are sold out. Britannia bullion & Proof Sovereigns are in stock: http://t.co/YFz8AEqOGP
— The Royal Mint (@RoyalMintUK) January 8, 2014
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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The great disconnect continues.
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!
Happens every January!
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
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.
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?
There was a time when aluminium was more valuable than gold , until electricity came along that is .
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
DoChen, I am very happy for you and your extended family (and heirs) that you have enough money - if I heard you correctly...
That's why Bullion By Post have a 1% sale on untill the end of Jan.
Yea right!
ROTFLMAO
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
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.
But the gold market is rigged.
A tune keeps playing in my head..."Running on Empty"
The mint probably miscalculated demand for the proof coin. I wouldn't read too much into this.
yup it says only 7500 available in that edition
this is just hype shit
I admit it.
It was me,had enough Maples,I wanted sometrhing smaller.
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?
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.
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.
Exactly. I don't want to see ZH turn to MSM tricks and loose it's credibility. Stay true Tylers.
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.
Of course! Who would want a shiny rock that only drops in price?
/sarc
This calls for a scientific experiment measuring the drop in price vs the drop from sea-level.
...clickbait...
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
Don't worry. They still have plenty of paper gold. It's the same thing, right? RIGHT?!
Right! Of course, sir!
Yeah but I can't seem to find any paper gold coins in the pretty commemorative boxes. What gives?
"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.
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.
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
You make a good point but there is something about the physical that satisfies.
At the end billions of Asians preferring physical gold doesn't make you less moronic.
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
looks different to me: http://goldprice.org/gold-prices/gold-bars/Credit_Suisse_1_oz_Gold_Bars_1_Year_Premium.png
stupid echo posts
Paper is leveraged 80/1. It's a Ponzi. Do you like holding certificates in a Ponzi?
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?
No. When the Ponzi crashes the real thing goes way up in value.
Lead's gonna jump through the roof as well....
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?
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?
Lots and Lots of fireplaces need lighting right now...
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
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.
thats a good point, now I understand what are you implying, thanks!
+1 for the open mind. All the best to you, sir.
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.
Real gold has no counterparty risk. Paper gold is only as good as your counterparty's solvency.
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...
FUNNY THING: when paper gold is $200/oz and physical gold is $20,000 / oz you won't be able to write the same thing with a straight face.
If you think they'll have the same price you clearly don't understand what's going on.
Would you accept a deed for a property without ever seeing the property? What if the property didn't even exist? What good is your deed now?
What if others were sold the same deed and when you most need it, turns out you didn't own it and your deed is no good?
That's reality.
Time to manipulate the price of paper gold lower...
same as it ever was...
Alert! Alert!
News of gold shortages are spreading like wildfire!
SHOOT THE MESSENGER NOW!
IF NOBODY KNOWS, THERE WILL BE ENOUGH FOR EVERYONE!
£450 is very expensive for a sov. But it is proof so that is where the markup is.
An ordinary sov should be about £220 to buy and £180 to sell.
A 40 euro premium for a 0.235oz gold coin is pretty steep.
I pay about $10-15 above spot for Sov's here in the US.
Like the US mint, they overcharge. Dealers get special pricing (although this may not apply to this limited edition).
Capitalist, agreed.
I still think the current U.S. Silver Eagle is the finest-looking coin in the world. The Buffalo is interesting as well. We have the best coins and at a reliable .999
.
Nope.
The Mexican winged Victory Babe has voluptuous boobs
unlike the flat-chested US walking Liberty Babe.
see it makes perfect sense...
extreme demand, coupled with no supply, means repeated steep declines in the phony debt based currency price.....
ELEMENTARY BOYS...............
And that marks the end of the German Gold.
Gotta love those Sov's!
Gold - 5,000 years of boogie'n and it's still not TIRED!........
Lots of Britons of Indian-origin. They will buy up all the gold coins that the UK Royal mint can produce. And more.
good
Hold on a minute...this is only the expensive PROOF version...have they also run out of the plain vanilla BULLION coin?
NO -plenty for sale.
If `they` remove the capital gains tax, and inheritance gains tax breaks from the Brittania 1oz coins then it could be a signal that suply is tight. And for now there is no VAT on Gold coins or Bullion in the UK - unlike Silver.
If TPTB start to hate individuals owning Gold there is a lot they can do to lessen the attraction without an outright ban on sales. In my area the frequency of `cash for gold` places has cratered in the last 6 months, weak hands now parted with their trinkets or simply not selling at these lower prices?
Incidentaly - Bitcoin is expected to be classed as a `token` or `voucher` with VAT due on purchases.
Same here - cash 4 gold ads have completely disappeared...
I rob banks so I can buy gold coins. I sell illegal drugs to welfare mothers and pimps so I can buy silver coins. I horde copper and nickel and rubies.
It takes some real balls to come on ZH and admit you work for .gov
Plus...one. Excellent.
Excellent!
All well & good Mike Cowan - but do you grow your own veggies and believe in global warming?
cold as @#$@ out still...
$3000 wood stove best investment i ever made.
Yea the best heat in world.
... after kerosene
you could also go wood-boiler & wood gasifier. Maybe a fair bit less than $3000.
Check out youtube channel http://www.youtube.com/engineer775
I never understood the point of buying gold/silver coins. What not just buy the actual thing for investment?
In the UK, Sterling gold is exempt from both VAT and Capital Gains Tax. The British gold and silver coins are "legal tender".
(http://en.wikipedia.org/wiki/Pound_sterling#Legal_tender_and_regional_is...)
So you can buy and sell gold Sovereigns or Britannias tax free. Silver however still attracts VAT (20%) which explains why the smaller sovereign and half sovereign are still popular and silver is less desirable in Europe than the US.
Thanks for letting me know. I didn't know that you could do that in the UK. Makes sense!
Fungibilty and liquidity in an emergency situation if you are not dealing with a PM dealer.
I have both. It's an eggs in basket kind of thing.
The Scotch supply took a bit of a ding this holiday season too. At present, the Scotch was the better investment.
it is the actual thing - how did you conclude otherwise?
My silver maples and gold maples all say .9999 fine.
It's easier to fake bars than coins, by the way.
There is no way the mints can ever keep up with coin demand. For one, they make hardly any coins in the grand scheme of things. And two, the overall demand for bullion is too high. I don't read much into official coin sales. They will always sell exactly as many as they make.
Funny my local coin shop has TUBES of brand new Canada maple leaf right now (TODAY!) and for the last 4 years every time I walk in there is a selection of real mint coins from Australia, Canada, USA, and Austria. I have never seen more than a few sovereigns on sale. Sovereigns are not a good choice really.
Why don't mints producing the most popular coins ever run out?
"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"
What's great about the free market is that we're not all forced into the same category. Some people would rather hold things in their hand or have their land under their feet. In a worst case scenario, they are correct (Jews fleeing Germany could preserve their wealth if they carried it in gold). I like sticking to derivatives or be a landlord by owning a REIT because I don't believe things will get bad enough for the government to jack my stuff. Countries like Canada, USA, and Australia issue their own currency, so there's no need for bail ins. They can always print the money, and they do. They're still doing it right now.
Then why'd they pass legislation to do bail-ins?
I'll be stacking, thanks.
I'm good for AGQ calls for 2015 & 2016 but I still want bullion. At this time I feel both are affordable at the same time & holding no bullion is an incredibly risky proposition. If you don't think so after PFGBest and MFGlobal and Cyprus...well... good luck.
Get the old sovereigns from MERIT for cheap. I got free insured shipping with every order over $1,500 last year.
Blimey!
Soooo why does it keep going down in price....OH YEAH it's manipulated all to fuck!
Go Silver!
I live in Spain and just like in the rest of the EU, Gold is VAT-free and therefore easy and fairly cheap to acquire. Silver on the other hand carries VAT of over 20% (Germany raised it from 7% to 21% on Jan 1st) everywhere in the EU except for the little eastern Europe country of Estonia. I have yet to order from them, but a German company called CelticGold sells silver VAT-free out of Estonia. With Germany no longer a viable option, it may be the best option left (at least until Brussels forces the Estonian government to tax the sale of silver). Have any Europeans here at ZH ordered from this company?
GATA provides one more piece to our puzzle with Gold manipulation picture in place.
GATA: China Gold Chief Confirms Gold Price Suppression by U.S.
http://sufiy.blogspot.co.uk/2014/01/gata-china-gold-chief-confirms-gold....
hot hot hot.
uk royal mint coins for the first time ever lord rothschild is allowing the use of china plastics and arab blood and ground up pineal gland organs to be used instead of the outdated fad gold materials.
next month we are having a depleted uranium coin with a nice image of prince phillip.
with the lovely inscription in latin the words you are a virus just die or the super rare you are goy you must die
So the UK mint ran out of sovereigns, BFD. In the real world, as ZH readers ponder that there is a global shortage of physical gold, Tulving and other reputable sellers have unlimited ounces of gold coins in tubes ready to ship.
Don't fall for it -- there is plenty of gold right now! Whatever you want.
http://tulving.com/goldbull.html
http://www.gainesvillecoins.com/buy-gold.aspx
The question is not meager US demand. The issue is massive Asian demand.
OK ! Heading to Asia in three days! Not the first time either, as I have come and gone dozens of times, and lived in Asia for years. I can tell you that there are, practically, gold shops on every street. Have never walked by a gold shop in Asia and noticed empty shelves. Quite the opposite. Gold gold gold. Oh wait, the UK mint ran out of .24 oz sovereign coins. Does that indicate a global shortage to you fijisail?
Apparently you don't see what the Chinese see.
New year’s eve is big sales day in Shanghai. The biggest shopping mall usually sell as much goods on 12/31 as it sells in one month. This shopping mall stocked 200 kilos of gold bars and sold out in 3 hours because of special 15% discount that brings the price closer to cost. After the discount, the price is close to Hong Kong’s. It rations gold sales to 20 grams per person, the queue started at 9pm on 12/30, 10 hours before the mall opened door.
http://www.ingoldwetrust.ch/new-years-eve-gold-rush-shanghai-shopping-mall
It's an interesting story. But look at it this way.
200 kg in a shopping mall in Shanghai is really nothing. They said it was 15% discount. So basically they are giving something away. Like an iPhone (compare to stupid Americans) that is $100 off the list price. The shopping mall only has a few hundred of those phones and then sells out. Probably a "loss leader" promo. If there was really no gold in China, there would be no physical avail everywhere.
It wasn't me.
Last bought Canadian. Smaller premium. Would like some Mexican Sophia Vergaras's but premium an extra buck on silver coins.
You guys wrote about this last year with silver eagles. We know how that turned out.
I think it was two years ago. Hilarious to read the comments from the ZH idiots who knew nothing about silver but still had to post about what a monumental event it was. Yeah the sky was really falling--the US Mint ran out of silver proof eagles!! (the most overvalued and stupid thing to buy, and they only produce a small quantity anyway).
yeah, everyone's selling their gold. these guys are about the best known in London http://www.hattongardenmetals.com/buy-gold.aspx
they are out of most everything except krugers. but if you fill in the box you will find they only have one for sale.
Fucking Terrorists buying every mother fucking dip
Yep no mother maintains accurate purchase records like royal mint which will come in useful in the near future. Bah
Alasdair Macleod: The World Of Bubbles, Currency Crisis And Gold
Alasdair Macleod has come out with interesting new way to measure the potential value of Gold. Nobody is interested in Gold now ... apart from China which was buying the record amount of Gold last year. Bitcoin crowd are still happy chasing the Bubbles and 10Y Yield are above 3.0% today again. Interest Rates based derivatives are coming into the picture again.http://sufiy.blogspot.co.uk/2014/01/alasdair-macleod-currency-crisis-and...
You lot are funding government by buying physical from their mint - just thought I'd point that out