Mint Sellouts Sign of Market Strength

Proponents of cryptocurrency investors appear to have had an epiphany. As of April 19, Bitcoin had lost 13 percent of its value, while Ether had declined in value by 20 percent. The Reuters news agency quoted Gainesville Coins (Lutz, Fla.) Chief Market Analyst Everett Millman as saying, “One of the main concerns that a lot of people who are new to crypto have is that it's not backed by anything. It just gets on a screen. So attaching them or linking them to a real-world commodity, it does make some sense.” 

It appears it took a coin dealer to bring the crypto world to reality. Reuters pointed out that Pax Gold has increased by 7.4 percent and Tether Gold by 8.5 percent during the same period, each being "stablecoins," those pegged to the dollar or gold to avoid volatility. 

Despite the current economic climate, the U.S. dollar as well as precious metals continue to hold their own, especially in coinage form. Five days after first offering proof 2022-W silver American Eagle coins, the U.S. Mint web site indicated that they were “currently unavailable,” this being due to demand. Initial U.S. Mint product sell-outs appear to be commonplace, an indication of the strength of the collector market. 

Rare coins will once more be taking center stage as well. It was recently announced that U.S. gold coins and patterns valued at more than $50 million owned by the Harry W. Bass Jr. Foundation will be de-accessed via auctions at a date yet to be announced. 

Demand for collectible and investment coins continues to outstrip supply. Collectors don’t need a news agency to point it out.