Hurricane Ian Threatens Major Florida Mints; Retail Silver Demand Skyrockets
Stock market and currency turmoil have set off a massive precious metals buying spree in the past three weeks.
The yen crashed last week, and the British pound crashed this week. Even as the Federal Reserve Note declines in purchasing power against real goods, recent rate hikes have sent the greenback higher against other fiat currencies, creating big dislocations across the world.
The Royal Mint – which mints the Gold Britannia and Silver Britannia – is offline due to the death of Queen Elizabeth. (The 2023 Silver Britannia was to be released this week, but plans were put on hold as the Royal Mint considers how to proceed.)
Meanwhile, Hurricane Ian may hamper production at several major private mints in Florida, further pressuring the supply of silver rounds and bars.
For the moment, the best deals can be found on gold bars, silver rounds, and silver bars. If you are looking for coins, value can generally still be found by avoiding everything produced by the dysfunctional U.S. Mint.