During Tom Cloud’s newest precious metals update, he discussed the rising silver premiums on official silver coins as well as the oversold platinum market. Not only have premiums increased on the Silver Eagle coins ever since the U.S. Mint suspended sales to the Authorized Dealers, but they have also increased on other official silver coins.
While some precious metals analysts have made a big deal out of the U.S. Mint suspending sales of Silver Eagles, it’s just business as usual. The U.S. Mint cut back on Silver Eagle production due to the much lower monthly sales figures compared to a few years ago. However, when a few large buyers came in and wiped out the inventory, they needed time to build it back up.
Regardless, the low silver price has pushed up premiums on many of the official silver coins. Tom explains this in his newest video below:
Also, Tom talks about the oversold Platinum market which is now trading at low of $800 compared to over a $1,000 at the beginning of the year. The Commercial hedgers are NET LONG Platinum by 5,700 contracts, the first time since over 25 years:
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