All of us at Austin Rare Coins & Bullion wish you and your family safety and calm as our country navigates these unprecedented and unsettling events. Nothing is more important than the health and well-being of those we care about. Fortunately, we employed several preemptive measures ahead of the market turmoil caused by the coronavirus over the past week so our business is fully operational and prepared for what lies ahead, whatever that may be.
The immediate impacts of these events have triggered numerous supply disruptions in many industries and
over the past week demand has completely overwhelmed supply in precious metals
. Leading up to the crisis, demand for physical metals was at multi-year lows. All dealer, world mint and refinery inventories were already thin and premiums over spot prices were at historic lows. This is no longer the case.
We have seen an immediate flight to safety in gold and silver coins and bars of all types, very much like we saw during the Financial Crisis of 2008. Even though the prices of "paper gold and silver" like GLD and SLV have fallen, physical inventories have been wiped out. It has been swift, immediate, and many dealers have been caught off-guard. This has caused a significant rise in premiums and for longer delays for delivery. We are doing our best to stay on top of premium changes and delays, but understand that this will most likely continue. The best way to ensure your needs are handled is to call our main line at
1-800-928-6468
. After thirty years in business, I'm proud to report that we are fully prepared for situations like this.
Currently we are seeing several prominent dealers price-gouging their customers.
You will never see that here at Austin Rare Coins & Bullion. Our ordering portal is open and we are covering hundreds of trades a week. We have intimate connections with world mints and top distributors to ensure we can buy and sell immediately at fair prices, just understand there will be a longer than normal delivery time. Austin Rare Coins staff is 100% capable of handling all business in real time, even remotely if need be. ARCI shipping department and depositories are working around the clock to keep up with the sudden surge in demand.
We're here and we can help, just let us know what you need.
Sincerely,
Ryan Denby
President & CEO
Austin Rare Coins & Bullion
