USM abruptly pulling products

RAWcoin

Yesterday no platinum products available.
Today, as of 11:00 eastern, no gold.
At least with silver a few weeks ago, there was a notice.

jmlanzaf

@RAWcoin said:
Yesterday no platinum products available.
Today, as of 11:00 eastern, no gold.
At least with silver a few weeks ago, there was a notice.

Actually, they never pulled the silver off the site. It was just unavailable. With the gold and platinum, they've completely removed the pages for some reason.

HalfDime

They may be diverting all gold to the bullion program now, due to demand. It can't be a repricing issue as these aren't even up for sale.

TwoSides2aCoin

It’s the new world disorder

ELVIS1

@TwoSides2aCoin said:
It’s the new world disorder

More like China.

LanLord

Is the sky falling yet or is this just a delay in updating the website because platinum will show up 2/6/26.

olympicsos

I am not against it. Honestly, I think the hike in precious metal prices is insane.

jmlanzaf

@HalfDime said:
They may be diverting all gold to the bullion program now, due to demand. It can't be a repricing issue as these aren't even up for sale.

That wouldn't explain pulling the already minted coins from previous years unless they want to sell at a lower price.

RAWcoin

@ELVIS1 said:

More like China.

China buying up all the mint’s precious metals? Perhaps

Or maybe the gold is going to AUstralia, AUstria, & sAUdi Arabia.
And the platinum to PorTugal.

HalfDime

@jmlanzaf said:
That wouldn't explain pulling the already minted coins from previous years unless they want to sell York at a lower price.

Yes, it could also be a bug in their software that deleted products as the Native American coins were pulled as well.

NJCoin

I wouldn't be shocked if it was because their weekly repricing mechanism did not contemplate the extreme volatility we are now seeing. Resulting in people picking them off when prices approach spot, and then canceling orders when prices correct. So they might be waiting for things to calm down.

jmlanzaf

@NJCoin said:
I wouldn't be shocked if it was because their weekly repricing mechanism did not contemplate the extreme volatility we are now seeing. Resulting in people picking them off when prices approach spot, and then canceling orders when prices correct. So they might be waiting for things to calm down.

They didn't have any gold that close to spot, did they?

gyromac

USMint can't comprehend 10-12 delta level move. doesn't know what to do.

so just shut it down

NJCoin

@jmlanzaf said:

@NJCoin said:
I wouldn't be shocked if it was because their weekly repricing mechanism did not contemplate the extreme volatility we are now seeing. Resulting in people picking them off when prices approach spot, and then canceling orders when prices correct. So they might be waiting for things to calm down.

They didn't have any gold that close to spot, did they?

Everything is relative. If gold is moving by over $500 in less than a week, and they want to sell at a $1,000 premium, then it's "that close to spot."

Otherwise, you tell me, why don't they want to sell product that was already minted at far lower prices, and is currently sitting in inventory?

gyromac

my guess is the 1oz Gold Eagle proof jumps from 5550 this morning to 6100-50 level whenever they open it up again.

how many 5550 orders will they cancel from this morning......

makes that 1/2oz Wonderwoman at $4190 look like such a deal

DotStore

They did have some 1oz at $5,520 this morning -- still higher than spot, but the gap was closing quickly...

HATTRICK

Tether is the Hunt Brothers of gold. Take the time to see who is behind it. Eventually the crash will be Epic. Look before you leap into bankruptcy . 🤑🤑🤑

jmlanzaf

@NJCoin said:

@jmlanzaf said:

@NJCoin said:
I wouldn't be shocked if it was because their weekly repricing mechanism did not contemplate the extreme volatility we are now seeing. Resulting in people picking them off when prices approach spot, and then canceling orders when prices correct. So they might be waiting for things to calm down.

They didn't have any gold that close to spot, did they?

Everything is relative. If gold is moving by over $500 in less than a week, and they want to sell at a $1,000 premium, then it's "that close to spot."

Otherwise, you tell me, why don't they want to sell product that was already minted at far lower prices, and is currently sitting in inventory?

That is the question. That is still a large premium and the alternative is selling none, since they are gone. And, again, with the silver they just made them unavailable but visible. They didn't nuke the page completely.

RAWcoin

@NJCoin said:
I wouldn't be shocked if it was because their weekly repricing mechanism did not contemplate the extreme volatility we are now seeing. Resulting in people picking them off when prices approach spot, and then canceling orders when prices correct. So they might be waiting for things to calm down.

Agreed!
I was contemplating a proof gold buffalo this morning (at $5590) and doing just that or returning it in 2 weeks
if the rally fizzled.

COCollector

@NJCoin said:
...they might be waiting for things to calm down.

Sadly, I don't see that happening anytime soon.

DotStore

Gold and Platinum back up - with new prices...

gyromac

wow. 5000-5049.99 level while spot crosses 5350. thinking this was kinda low move for USM.

still not touching that 4,030 wonder woman 1/2ozer

Baylor8670

The platinum coins I bought a month ago have gone up $900. Presidential silver medals are up $74.

These are the good old days.

Mr Lindy

2024 16k max mintage & 2025 14k max mintage Proof 24k Buffalo oz are $5,940 this evening

Bochiman

2026 mintages likely to create "rarities"...but they won't be cheap to start with...

Orlena

Maybe the mint took down those listings on gold so they could arrange to set up mortgages for upcoming sales…

BStrauss3

The mint has a bit of a dilemma. The director's report says that they were actively hedging some materials

https://www.usmint.gov/content/dam/usmint/reports/2024-annual-report.pdf

e.g.

Raw materials consist of unprocessed materials and by-products of the manufacturing process, such as scrap or condemned coins. Work-in-process consists of semi-finished materials. The excess, obsolete and unserviceable inventory balance is net of an allowance for loss of $6.1 million and $3.3 million as of September 30, 2024 and 2023, respectively. In addition, as of September 30, 2024 and 2023, the inventory includes $575.7 million and $657.9 million, respectively, which are the market values of the silver hedged. Additional information regarding the derivative instrument can be found in Note 19.

The Mint leases platinum and palladium to avoid the effects of fluctuating metal costs as a result of the changes in market prices. The Mint leases platinum for a fee that range between 1 to 5 percent of the asset’s value and leases palladium for fees that range between 1 to 3 percent. The Mint takes physical possession of the metal to manufacture the bullion coins. Upon sale to the customer, the Mint purchases the metal from the lessor on the same day for the same market price. In FY 2024 and FY 2023, the Mint paid $246 thousand and $7.2 million in leasing fees for platinum. In FY 2024, the Mint paid $13 thousand in leasing fees for palladium and during FY 2023, the Mint did not incur any leasing fees for palladium.

and

The Mint engages in an economic hedging program to avoid the effects of fluctuating silver costs as a result of the changes in market prices. The derivatives used for economic hedging in this program do not qualify for hedge accounting. At the time of purchase of silver inventory used in the production of silver coins, the Mint economically hedges its silver inventory using a silver forward derivative contract. The silver forward derivative contract is recorded in the Balance Sheets at fair value, with changes in fair value recorded in “Gross Cost” in the Statements of Net Cost. The silver forward derivative contract is settled as silver coins are sold to authorized purchasers, and a gain or loss is recognized, which is expected to substantially offset the gain or loss on the fluctuation in price of the silver inventory during that time the forward position remains open.

Each transaction with the trading partner carries a small transaction fee; the fees net to a cost of one- half cent per ounce. The Mint incurred $210 thousand in hedging fees in FY 2024, compared to $244 thousand incurred in FY 2023.

But notice they didn't (at the time) do anything with gold.

MetroD

^^^^^

Source: Page #47 @ https://www.usmint.gov/content/dam/usmint/reports/2024-annual-report.pdf

DotStore

As of this posting, looks like they removed GOLD products again. Maybe because it shot up so quickly (although it pulled back from the highs).