U.S. Mint Discouraging Gold Ownership Due to Gold Shortage, That's not Persuasive Enough

Coin market analyst Michael Zielinski, editor of the Mint News Blog, has analyzed the actions of the U.S. Mint over the last six months and gotten awfully suspicious. Zielinski concludes: "Whether or not it was the U.S. Mint's intention, every significant action they have taken since August has either limited gold availability, eliminated gold product options, or increased the cost of acquiring gold. Has it all just been a consequence of surging global demand for gold, supply chain mismanagement, and bad timing for policy decisions? Or is there something else going on here?"

The explanation offered by the Mint is that there is a gold shortage. Hmmm. That's not a very persuasive claim. Let's see. The U.S. Treasury Department still owns more than 8,000 tonnes of gold. In addition, federal law requires the Mint to produce as many gold and silver coins as are necessary to meet the public's demand, and rather than diminish production or draw down the Treasury's gold stock the Mint could simply buy more gold, as on the New York Commodity Exchange.

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In the midst of a recession, has released a 24-karat, one-ounce gold coin that's currently selling for more than $1,000 in its online catalogue. Wow, that's affordable for us all.