The U.S. Mint had a record month in February and sold a million ounces per week. Hoffman says, “This is with the mint allocating a million ounces a week, which is why they sold four million ounces. So, overall, they are at a pace to sell 50% more than they did in last year’s record level. That’s because it is foreigners that are buying it. The reason I know this is because I am getting emails from people from Japan telling me that we cannot buy silver. Can you get it for us? A customer from Australia told me the Perth Mint is sold out of almost all silver products. We haven’t seen this in many years. Why the demand from places like Australia? In Australia, the Australian dollar has gotten crushed, and Australian people are clamoring for precious metals. The price of gold in Australian dollars is almost at an all-time high. So, here in the United States, it’s a little less muted, but business is very brisk. In all the other parts of the world where currencies have crashed and prices are surging, either you cannot get product or you are going to have a very difficult time to get it. America is always the last to go on that ladder. So, when you start to see those shortages abroad, you know that something is afoot. . . . Given that it is untenable that we will survive without another major crisis in this country, I think we are going to see shortages in the U.S. later this year sometime.”
Join Greg Hunter as he goes One-on-One with Andy Hoffman, Marketing Director at Miles Franklin, precious metals experts.
