Jack Hunt Coin Broker named gold and silver authorized purchaser
- Published: Sep 21, 2015, 9 AM
The following news release was issued on behalf of Jack Hunt Coin Broker Inc.:
KENMORE, NY – The United States Mint has notified Jack Hunt Coin Broker, Inc., it has been approved as an Authorized Purchaser of gold and platinum bullion coins produced by the Mint. Attaining this status makes Jack Hunt Coin Broker, Inc. one of just 12 Authorized Purchasers worldwide, and the eighth in the United States that can purchase gold and platinum bullion coins directly from the Mint.
“Attaining gold Authorized Purchaser status further illustrates our financial fortitude and market-making capability of gold bullion coins,” says Scott Hunt, President of Jack Hunt Coin Broker. “Furthermore, it places us among the most elite wholesale distributors of gold bullion coins worldwide.”
Jack Hunt Coin Broker has been a United States Mint Authorized purchaser of 1 oz. U.S. Silver Eagles coins since 1987. They also wholesale Royal Canadian Mint, Sunshine Minting and Republic Precious Metals gold and silver bullion coins and bars.
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To become a United States Mint Gold Authorized Purchaser, a company must meet the Mint’s strict financial and professional criteria (visit http://www.usmint.gov/consumer/Gold-and-Platinum-APRequirements.pdf for details about the criteria). The company must also prove it can actively support a continuous two-way market in large volumes of gold and platinum bullion coins, regardless of whether the market is up or down, stable or volatile. As such, there are only a handful of precious metal dealers globally that qualify.
Commenting on the process to become an authorized gold purchaser Hunt stated, “It’s one of the most challenging endeavors we’ve accomplished as a business. It took several years to position our company to meet the Mint’s criteria for gold Authorized Purchaser status.”
Gold Authorized Purchaser status will allow Jack Hunt Coin Broker to further leverage its strong reputation in the market, and open the door for the company to showcase its superior trading and logistical capabilities to an expanded customer base. The company will have the ability to purchase gold coins wholesale from the U.S. Mint at the lowest possible market rates, thus allowing Jack Hunt Coin Broker to wholesale gold and silver bullion at the most competitive rates and meet the demands of the highest volume dealers in the market. Furthermore, Authorized Purchaser status insures that Jack Hunt Coin Broker Inc. will have access to United States Mint gold bullion coins even when market supply is at its tightest.
Rather than selling directly to the public, the United States Mint uses private sector distribution channels for their gold, platinum and silver bullion coins to ensure that the coins are efficiently distributed at the most competitive prices. As a result their bullion coins are widely available to the public, are bought and sold at prices/premiums in line with other similar bullion coin products in the marketplace and are bought and sold with relatively low transaction costs.
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