U.S. Mint Suspends 1 oz. Gold Coin Sales due to Shortage

Source:

". . .now the American Buffalo one ounce gold coin sales have also been suspended. . ."

Mineweb reported only two weeks ago, on November 25th, the suspension of sales of American Gold Eagle coins by the Mint, which, at the time, reckoned such sales would be resumed early this month—but in the event, not only is the suspension of the Gold Eagle coin sales continuing, but also now the American Buffalo one ounce gold coin sales have also been suspended, with no new sales now planned until sometime in 2010—though the current sharp fall in the gold price may provide the Mint with a bit of respite from its supply/demand woes.

But supply problems also persist with smaller gold coins, particularly given the enormous demand for fractional sized gold coins following the suspension of the one ounce Gold Eagles. Thus the Mint was forced to issue a second memo on Friday saying "the American Eagle Gold Tenth-Ounce Coin inventory was depleted" and that "inventory for the half-ounce and quarter-ounce coins remains very limited." Following the sale of these remaining gold coins on Friday, the Mint anticipated that it would again offer all fractional sizes by mid-December, but in an allocation process.

On a more positive note for the Mint, the resumption of American Silver Eagle bullion sales will resume today. These silver coins were suspended along with the one ounce gold coins a week ago—also due to depletion.

The Mint had been trying to control sales by not releasing the 2009 coins for sale until late in the year—they are usually available throughout the year, but demand has proven to be enormous. This doesn't mean, though, that coins are not available to the U.S. public as some authorized dealers will continue to hold stocks, though these are being depleted rapidly and premiums charged on sales are increasing.

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