The epidemic is being used as an excuse for decisions by the mints not to enter the market for monetary metals when demand is high, supplies are tight, and…
by Chris Powell of the Gold Anti-Trust Action Committee (GATA)
12:56p ET Friday, March 26, 2021
Dear Friend of GATA and Gold:
Hugo Salinas Price, president of the Mexican Civic Association for Silver, whose family operates Banco Azteca, reports that the Mexican central bank, the Banco de Mexico, has suspended production of the famous Mexican silver Libertad coin —
https://www.banxico.org.mx/banknotes-and-coins/new-libertad-series-silve…
— attributing the decision to difficulties caused by the coronavirus epidemic.
Banco Azteca long has purchased the Libertad coins from the central bank and sold them to the public, with monthly sales lately reaching 50,000. Now, Salinas Price says, the only Libertads Banco Azteca can obtain are those its customers are willing to sell.
Of course in recent months the U.S. Mint also has reduced or suspended production of U.S. gold and silver coins, again blaming the virus epidemic.
People familiar with gold and silver price suppression policies of governments and central banks and with the tight conditions in the gold and silver markets suspect that the epidemic is being used as an excuse for decisions by the mints not to enter the market for monetary metals when demand is high, supplies are tight, and increased production of gold and silver coins might drive prices higher and encourage more demand.
GATA has asked the Banco de Mexico for comment.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc
CPowell@GATA.org
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