US Mint buys more gold,silver from Sunshine

Despite a dip in gold coin sales in October, US Mint bought more gold and silver from Idaho’s Sunshine Minting Inc.

Sunshine Minting Inc., a closely held company in Coeur d’Alene, received $1.25 billion from the government for precious metals in the fiscal year that ended Sept. 30, up from $591.4 million during the prior year.

The company supplies raw silver and silver and gold blanks to the U.S. Mint and 13 other government mints around the world.

It is one of five companies that benefited in the latest fiscal year from rising purchases of gold, silver and other metals by the U S Mint.

The Mint makes money from its sales, which it returns to the U.S. Treasury. The Mint spent $3.75 billion in contract spending on precious metals in the fiscal year that ended Sept. 30, up from $2.74 billion the year before.

The growth is tied to the increased price of gold, silver and other metals, as well as increased demand for bullion and collector coins, a Mint spokesman said. Silver was the primary driver.

Sunshine Minting Inc. has almost quadrupled its staff to 270 since 2007, and orders are “still backlogged” because of the “dramatic increases” in demand for silver and gold coins, said Tom Power, the company’s chief executive officer - bullionstreet.com

Posted by VBN on Nov 21 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry