We will keep you informed on a weekly basis of the latest developments regarding delivery times. As discussed earlier, due to the recent increase in demand for physical precious metals, the waiting time has increased sharply. In this update, we update you on the current situation in the market and expected delivery times.
Compared to a week ago the situation in the market has not changed much. The smelters in Switzerland have restarted production, but some mints are shutting down production. Last week, South Africa's mint closed and this week it was announced that the US Mint had to temporarily close its production facility in New York close because of the coronavirus. This will affect the production of gold Eagle and Buffalo coins.
The Royal Canadian Mint is closed, but plans to restart production soon. That means that the delivery times of gold and silver Maple Leaf coins will remain long for the time being. However, we do see the supply of other investment coins slowly getting underway. For example, we will soon be able to supply Australian Kangaroo, Austrian Philmoniker and British Queen's Beasts coins.
The gold bars we sell are produced by smelters in Germany. Due to a sharp increase in demand, long delivery times have arisen here. You can now order gold bars from us again, but the expected delivery time is 6 to 8 weeks.
Gold coins come from mints in the United States, Canada, Austria, and Australia, among others. The delivery times for these products depend on the production capacity of the mints and the availability of transport capacity. Coins such as the Australian Kangaroo, the Austrian Philharmoniker and the British Queen's Beast can be found in 1 to 2 weeks deliver. For other gold coins, we still take into account a delivery time of 4 to 8 weeks.
Silver bars are sold less often due to the VAT of 21%. You can order these bars, the delivery time is approximately 4 to 6 weeks. Silver bars in combination with storage in Switzerland are currently readily available. Please contact us by phone or email for current delivery times.
The demand for silver coins has skyrocketed recently. For new coins, we still expect delivery times of 8 to 12 weeks. This is due to the production problems at several mints as a result of the coronavirus.
Do you want to sell your precious metals? Please contact us by phone or e-mail for an attractive offer.
We are still not taking orders for platinum and palladium. Of course, we deliver outstanding orders, but there are also longer delivery times than usual. Finally, we would like to reiterate that our delivery service Mikropakket will no longer deliver on Saturdays in the near future. This is due to measures against the coronavirus. As a result, Saturday delivery is currently not possible.