The Phaserl


US Mint Coin Sales: A Harbinger Of The Crisis?

from The News Doctors:

On this Throwback Thursday, let’s take a look back at US gold and silver eagle sales for 2006 and 2014. US gold eagle coin sales in 2014 suffered their largest annual drop in sales since 2006. And we all remember what was happening in 2006, right? The housing bubble was peaking and about to burst. At the end of 2006 the first rumblings of Bear Stearns’ troubleswere about six months away. The Lehman Brothers collapse was still over a year and a half away. And the onset of QE1 and the Fed’s zero interest rate policy were nearly two years away. But could the drop in gold eagle sales have been a harbinger of economic difficulties to come?

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1 comment to US Mint Coin Sales: A Harbinger Of The Crisis?

  • rich

    Also wanted to link this article from the Financial Times today about Russia buying record amounts of gold. Recall, the rumor a couple months ago, obviously floated by the bullion banks, was that Russia was dumping gold. Of course, ex post facto, it turned out that Russia added a lot more gold to its holdings over the last few months:

    Russia accounted for about one-third of central banks’ gold purchases last year as the country spent more on the metal than at any time since the break-up of the Soviet Union amid escalating tensions with the west and a collapse in the value of the ruble.

    Central banks around the world bought a net 461 tonnes of gold in 2014 — 13 per cent higher than the previous year and the second-highest level since the collapse of the gold standard in 1971 — as they continued to diversify their currency reserves following the financial crisis. They have added 1,800 tonnes to their holdings in the past six years.

    Moscow’s shopping spree of the yellow metal was driven by a desire to shift away from a dependency on the dollar and provide support to the beleaguered ruble. Russia’s currency has lost half its value against the dollar in the past year on the back of the plunging oil price as well as western sanctions. The central bank’s foreign currency reserves, mainly US and European government bonds, have also fallen.

    You can read the rest of the article at the Financial Times (for some reason I can’t publish with a link to the FT but the title is “Russia Buys Record Amounts Of Gold”).

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