Friday, April 19th 11:34 AM IST

US Mint sells 2 tons of Gold on a day during price plunge

# US Mint  # gold plunge  # gold coin sale  

This record one day sale brings total Mint sales for April to 140000 ounces despite central banks driving down the paper spot price by over 9% in the past week.

WASHINGTON(BullionStreet): The US Mint witnessed a surge in gold coin sales as the yellow metal plunged during last week.

According to the mint, a whopping two tons of gold were sold on April 17 alone, taking the total sale in the month to 147,000 ounces, which is more than the previous two months combined with just half of the month gone

This record one day sale brings total Mint sales for April to 140000 ounces despite central banks driving down the paper spot price by over 9% in the past week.

The disparity between the spot price, and the physical price of gold, proves that the disconnect is official, and paper no longer represents true value in the precious metal markets.

While central banks dumped 500 tons of paper gold on Friday, leading to a spot price drop of more than 9%, most physical gold and silver dealers like Kitco and SQ Metals were selling out of stock very quickly as investors and collectors rejoiced in the falling prices.

Besides the U.S., Asian central banks and investors are purchasing physical gold in high volume due to the price drop. Australia, China, and Japan all saw daily sales of precious metals nearly doubled from their biggest dealers, and shortages were occurring for many reputable online retailers.

As Western central banks are forced to short or sell paper gold in the markets to cover margin calls on other investments, the additional volume is quickly being bought up in the physical markets, with the U.S. Mint alone selling an all-time one day record of 63500 ounces.

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