Just as the premium between physical and paper precious metals prices was starting to fade a little, the US Mint has decided to temporally halt all production at its West Point facility in New York because of the risk to employees from COVID-19.
Bloomberg reports that the Mint had previously redirected some silver bullion production to its Philadelphia facility, Michael White, a spokesman, said in an email.
“My commitment to the health and safety of the Mint workforce is unwavering and continues to be my highest priority”, said Mint Director David J. Ryder.
“These are challenging and unprecedented times, and decisions on Mint operations are made with the best interests of Mint employees first and foremost.”
During the temporary suspension of operations at the West Point facility, it will continue to make American Eagle and America the Beautiful silver bullion coins available to its network of authorized purchasers.
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I call BS. Watch the impact on precious metals as the physical assets are no longer available and the dollar becomes the new toilet paper.
David DeGerolamo
