Don't call the U.S. Mint for American Eagles -- they have none


"The U.S. Mint has depleted its current inventory of 2009 American Eagle one ounce bullion coins due to the continued strong demand," the mint said in a statement issued on Wednesday. It added that selling will resume "once sufficient inventories ... can be acquired to meet market demand."

The stoppage helped push gold prices to an all time high of $1,194.90 a troy ounce. Philip Newman of GFMS said that physical gold demand in North America has picked up in the last two months.


The U.S. Mint said that 1.19 million ounces of American Eagles were sold this year to date, up 75% from the same period last year. Sales of American Eagle silver coins reached 26 million ounces, the highest level in 23 years.

The scarcity of American Eagles has raised their premium to $60.00 dollars above spot gold, much higher than other coins.

Traditionally, the American Eagle and the American Buffalo are among the world's best selling coins. Turkey sells more gold coins that the U.S. but they are limited to within the country.

Just a note for traders. Often we see the price of a commodity rising and don't always know why. Now we know that India's purchase of 200 metric tons from the International Monetary Fund coupled with the U.S. Mint running out of coins was the trigger for the gold rally.

Would you buy gold coins?

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