US Mint Sells Most Physical Gold In Two Years On Same Day Gold Price Hits Five Year Low

Tyler Durden's picture


Three weeks ago, we reported that the US Mint had run out of physical silver on the same day silver plunged to its lowest price in 2015. This happened just days after the UK Royal mint announced that "during June, we experienced twice the expected demand for Sovereign bullion coins from our customers based in Greece."

While the surge in physical demand clearly did not explain the liquidation in the price of "paper" silver, we are still hoping that the OCC writes us back with an explanation why this happened, and maybe it can clarify also just how much more silver the mint will sell before it runs out of silver in inventory again as it did 20 days ago.

We bring all of this up because just like 20 days ago when unstoppable demand for physical silver met an immovable paper silver selling object (with the "object" for now winning), so earlier today the price of gold tumbled to the lowest level in 5 years, some $1,072 per ounce, before it staged a dramatic comeback closing just under $1,100...


... thanks in no small part to the illegal spoofing we noted earlier.


And lo and behold, just like in the case of silver three weeks ago, today's gold liquidation was not due to selling of physical metal. In fact, quite the contrary: according to the US mint, so far in July the mint has sold a whopping 143,000 ounces of physical gold - the most in over two years, or since April of 2013 - even as the price of gold briefly slid to the lowest level in 5 years.

In other words, retail investors, who have bought over 7 million ounces of gold since January 2008 or the one third the total "held" currently by the GLD ETF, were eagerly buying up all the physical they could get their hands on, or said otherwise, "taking delivery" at the prevailing price, a process which practically assures that the US Mint will be out of gold in the next few days.

We wonder when some central banks, the bulk of whose gold remains in "deliverable" format, decide to do the same? A few more down days in the stock market, coupled with a record high hedge fund short interest, and we just may get our answer.

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Fri, 07/24/2015 - 20:51 | 6351388 knukles
knukles's picture

So were all the buyers Chinese?

Fri, 07/24/2015 - 20:56 | 6351400 kliguy38
kliguy38's picture

nahhh.....just me i think based on my conversations with my buddies......

Fri, 07/24/2015 - 21:02 | 6351416 Bilderberg Member
Bilderberg Member's picture

Normal lack of Supply and over Demand at work

Fri, 07/24/2015 - 21:11 | 6351441 knukles
knukles's picture

Talk about lack of normal, there's always Murphy's Law: You wait and wait, but the minute you use the stethoscope to listen to your balls, the doctor walks in.

Fri, 07/24/2015 - 21:29 | 6351489 BoNeSxxx
BoNeSxxx's picture

I've been watching the buyer premium since the smack down in AU... My very unofficial finding is that it has gone up 20% in the last 10 days. Bullish phyzzz.

Fri, 07/24/2015 - 21:31 | 6351499 Latitude25
Latitude25's picture

Same here and for Ag also.  Those backdated ASEs held their value pretty well through the smackdown.

Fri, 07/24/2015 - 23:42 | 6351762 philipat
philipat's picture

Why not just appoint Nanex to supervise the "Markets"? In that way, we could disband the SEC, CFTC etc. and save a shit load of money AND have much better Regulation?

Unless, of course, "Regulation" is not the intended outcome?

Sat, 07/25/2015 - 13:10 | 6353069 Badsamm
Badsamm's picture

What the fuck does the FBI do? Can't they shoot somebody?

Fri, 07/24/2015 - 21:44 | 6351530 booboo
booboo's picture

If there is so much more paper gold out there would it not be in the best interest of someone with deeeeeep pockets to sell the shit out of their paper drive and down the cost of paper knowing physical would follow in order to buy the real thing at a lower price? just asking

Fri, 07/24/2015 - 23:40 | 6351767 philipat
philipat's picture

Yes, but the only people who could do that are on the inside and benefitting from free money from The Fed. And the PM market is small potatoes in relation to Derivatives on Forex etc. so it would not be a smart move to piss off The Fed by making just a few Hundred Billion on PM upward manipulation? Sorry but it isn't going to happen.

Sat, 07/25/2015 - 02:24 | 6351993 Model T
Model T's picture

You know nothing. Less than nothing.

Sat, 07/25/2015 - 08:53 | 6352340 BoNeSxxx
BoNeSxxx's picture

Care to elaborate? And begin, oh I don't know, a discussion (you know, on a discussion board)?

If not, please refrain from posting ever again. You waste space with bullshit comments like this.

Fri, 07/24/2015 - 21:52 | 6351553 GOLDTRADERRR


Ain't that the truth!

Fri, 07/24/2015 - 22:33 | 6351632 WillyGroper
WillyGroper's picture

Sorry for OT folks, but you got to hear this.

Obummer & Mr. Ed have received summons  by the Sanhedrin

Fri, 07/24/2015 - 23:30 | 6351749 DollarMenu
DollarMenu's picture

I'll bet they both have prior engagements that they are unable to re-schedule.


Fri, 07/24/2015 - 23:47 | 6351794 Pickleton
Pickleton's picture

but the minute you use the stethoscope to listen to your balls,



Uhhhhhhh, ok. 

Sat, 07/25/2015 - 03:35 | 6352067 Zero Point
Zero Point's picture

He's a piker. I rummage the drawers for drugs.

Sat, 07/25/2015 - 04:42 | 6352119 chubakka
chubakka's picture

hm, i have to try that.  

Fri, 07/24/2015 - 22:06 | 6351584 ebworthen
ebworthen's picture

"No demand to see here, move along people, move along."

The nice thing about physical is it isn't on anyone's database.

Sat, 07/25/2015 - 08:30 | 6352301 rejected
rejected's picture

When I go to the sellers I buy from and log in all past sales are shown... wouldn't take much for an interested party to determine how much and where.

Of course due to a boating accident and selling ,,,

Sat, 07/25/2015 - 02:14 | 6351982 Mintcoin
Mintcoin's picture

Gold and silver is common, not rare. You've been duped! There is tons and tons of the cursed stuff. 

Sat, 07/25/2015 - 06:54 | 6352195 Kaervek
Kaervek's picture

Mintcoin has you duped brother, enjoy being fleeced - or are you the one fleecing the sheep?

Fri, 07/24/2015 - 21:18 | 6351461 Latitude25
Latitude25's picture

Yeah it was in my area.  We've had a big influx of them buying houses to park money in.

Sat, 07/25/2015 - 02:23 | 6351990 Model T
Model T's picture

Just like the recent down days in Silver; todays price action in Gold was caused by selling of physical metal. As physical as it gets; big bars of real gold. By whom ? By Hedge Funds and ETF's. Why ? People are rather stupid and move in crowds. But try to avoid outright insanity and don't pay any attention to nonsense like this article.

Fri, 07/24/2015 - 20:59 | 6351393 wrs1
wrs1's picture

Wow, imagine, people buying gold and storing it.  How is that different than the increase in oil surplus?  You think it's any different?  None of these price dips in gold where the mint sold a lot of gold have preceded a large price increase on the CRIMEX.  It's really just chumps buying more gold from those who don't wan it anymore.  Clearly there is a massive surplus of gold and the price is going much lower.  Ask yourselves where the mint is getting all this gold they keep selling?  

Fri, 07/24/2015 - 21:09 | 6351435 zipit
zipit's picture


Fri, 07/24/2015 - 21:15 | 6351449 nmewn
nmewn's picture

True, gold needs batteries, devices, passwords, encryption, accounts and the internet to be viable too!

Its...perfect ;-)

Fri, 07/24/2015 - 21:17 | 6351458 Fukushima Fricassee
Fukushima Fricassee's picture


Sat, 07/25/2015 - 00:23 | 6351866 Moccasin
Moccasin's picture

I have never had to plug my gold in to make a trade.

Fri, 07/24/2015 - 21:41 | 6351517 Fahque Imuhnutjahb
Fahque Imuhnutjahb's picture

IMF, World Bank, BIS, leased, re-re-rehypothcated, weak hands, recycling brokers, sympathetic western regimes, rap artists' grills & bling, leprechauns 

Sat, 07/25/2015 - 09:33 | 6352430 atoast2toast
atoast2toast's picture

chumps buying more is true 


I just come on here every few days to say 


"buy the fucking dips, keep stacking the phyz bitches" 

Fri, 07/24/2015 - 20:55 | 6351399 Callz d Ballz
Callz d Ballz's picture

Please keep suppressing the price, thanks

Sat, 07/25/2015 - 02:31 | 6351998 Model T
Model T's picture

It's not possible for a manipulator to change the trend of a market; eg. to change a bull market into a bear market"--- Martin Armstrong. Also, very obvious if you actually study the facts of the subject. The prices will reverse and start upward again when it's time for them to do so. Which will be when the "mass mind" is more worried about the Government, and their own futures, than they are about the 6% they thought they were going to make on the Stawk Market.

Sat, 07/25/2015 - 10:08 | 6352495 Wild E Coyote
Wild E Coyote's picture

Don't be naive. It is possible to manipulate markets. It is being done now. And it is being exposed daily.

Sat, 07/25/2015 - 02:33 | 6352000 Model T
Model T's picture

What you're acctually thanking is the mass stupidity of the human animal; as there is no "manipulator".

Fri, 07/24/2015 - 20:56 | 6351401 TeethVillage88s
TeethVillage88s's picture

Who'd a Thunk?

Well maybe many at ZH.

This a has been a message from your ZH Sponsor.

Fri, 07/24/2015 - 20:58 | 6351406 general ripper
general ripper's picture

A lot of people who bought gold on the high side may be buying now to average down?

Sat, 07/25/2015 - 06:34 | 6352171 Buster Cherry
Buster Cherry's picture


Fri, 07/24/2015 - 20:59 | 6351411 22winmag
22winmag's picture

I'm buying gold... on credit!

Fri, 07/24/2015 - 21:01 | 6351415 nmewn
nmewn's picture

These damned freedom lovers! Will we ever be shed of them!

Fri, 07/24/2015 - 21:07 | 6351426 zipit
zipit's picture

Try not to lose it in boating accident

Fri, 07/24/2015 - 21:09 | 6351434 Latitude25
Latitude25's picture

Yeah some stupid CC company sent me a card with a $22k limit.  Now I just want to time a major PM purchase within a month of a debt jubilee.

Fri, 07/24/2015 - 21:53 | 6351555 22winmag
22winmag's picture

You're a mind reader?

Fri, 07/24/2015 - 22:04 | 6351578 Fahque Imuhnutjahb
Fahque Imuhnutjahb's picture

I gotta feelin' we, or at least I, won't qualify for the jewbull-e.

Fri, 07/24/2015 - 21:31 | 6351496 netpounder
netpounder's picture

They want to drop the price using credit?  We bring it back up using their own credit.  In the end, their vaults will be empty and full of Matrix digits only they can see.

Fri, 07/24/2015 - 21:03 | 6351419 Latitude25
Latitude25's picture

So wait a minute.  It's not a Giffen Good?

Fri, 07/24/2015 - 21:44 | 6351526 Soul Glow
Soul Glow's picture

Warren tried to substitute tungsten but couldn't find a buyer.

Fri, 07/24/2015 - 22:58 | 6351686 Bay of Pigs
Bay of Pigs's picture

Nobody ever talks about his shitty silver trade when he dumped the whole lot of it for almost nothing (to SLV).

Charlie Munger must have had his dick up Uncle Warrens ass then...

Fri, 07/24/2015 - 21:07 | 6351429 seek
seek's picture

Price elasticity really is a thing. Something the MMT guys and TPTB seem to ignore when they manipulate shit.

Fri, 07/24/2015 - 21:19 | 6351465 Fukushima Fricassee
Fukushima Fricassee's picture

I will take 2 oZ troy for 750 ml of Pappy 23

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