"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.
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Reader Comments (Page 1 of 1)
12-02-2009 @ 2:30PM
bill said...
Be patient. In a couple of years when the price of gold plummets - AS IT ALWAYS DOES - you'll be able to buy some of these for $350.00. Buy a bunch and when the market spikes again in a few years after that - AS IT ALWAYS DOES - sell at 1,000.00. Don't be a fool and buy now. The spike in gold isn't a hedge for inflation it is cause of it.
12-02-2009 @ 2:37PM
rhodem5000 said...
The price of gold has skyrocketed since Obama took office. Could it be that the confidence people have in him alone with the democrats trying to spend every cent they can and the hell with future generations has caused it?
12-02-2009 @ 3:01PM
ij70 said...
Probably tooling up to make 2010 coins.
12-02-2009 @ 3:15PM
Linda said...
Hmmm interesting today I hear on CNBC about a long gold investor who just sold it all today. Things that make ya go hmmmmm.
12-02-2009 @ 3:50PM
elitistscumbags said...
This story is more bullS??t news to distract your attention away from the fact that your president will be signing away America's Sovereignty in Copenhagen
12-02-2009 @ 5:17PM
js4fl said...
Bill is totally wrong, to the point of literal insanity. He is grossly ignorant, and may not even be as old as I have been actually trading the gold, since 1967---and retiring, off of just 7 years of trading it, at age 34 in 1975. We will NEVER see $350 gold ever again. We are headed toward 10 TIMES that, at $3500, PLUS. The Fed is monetizing the debt. Gold is the only REAL money. ALL paper currencies lose ALL value. They ALWAYS have. Those are the actual certainties. The public is a tad frothy just now. But this is NOT a major 'top', just probably a short-term one.
12-02-2009 @ 4:05PM
jim Connors said...
being an investor in US coins,who has not bought any new coins that don't have them famed words on them you know the words I mean, In God We Trust it has been on every American coin since they started making them!!! What gives the government the right to remove them from our money without even asking if it makes a difference to the public. Now I'm not a regelious person but it's been on every coin since we became our own country so watch what you buy. Seperate God from Government.....Please don't we have enough shit to deal with and better ways to spend OUR MONEY
12-02-2009 @ 5:14PM
js4fl said...
PS There is NO limit to the Fed's alchemy. Under the MCA of 1980, which my friend Texas US Cong. Ron Paul and I opposed at that time when it was only a Bill, they can create even thousands of trillions of so-called "dollars"---actually just nearly worthless "Federal Reseve Notes" which are neither Federal, nor are there any reserves behind them, and they are NOT a 'note' because the former 'promise to pay' on the old, real US dollar has long-since been eliminated---in banking system credit "out of thin air", as Fed Chairman Ben Bernanke has stated in public he CAN. They SHOULD NOT do this, but they ARE and WILL do more of this alchemistic massive fraud and theft. Mark my words. I have known and studied these Fed and Manhattan banksters personally for 4 decades.
12-02-2009 @ 4:21PM
Virgil said...
To Jim Connors, if you dont see the words IN God We Trust on your American coins, then either you are not looking in the right spot or not hard enough. If you look them over all the way and its still not there, it is a mistake. If you dont want any such coins, then let me know and I take any you will send me. So far, all of mine has the wording on them, I just know where to look.
12-02-2009 @ 5:03PM
Janet said...
Sends like a good time to sell the 2 1987 1/2oz American Eagles I have. Now I just have to find a reputable buyer.
12-02-2009 @ 5:41PM
al coholic said...
Let's assume for a moment that the world's currencies actually did lose nearly all it's value. I don't know about you, js4fl, but if I was blessed with a supple of food, weapons, and land, why the hell would I want to trade any of that to you for a few lumps of gold?
Any statement that gold will never again be worth $350 per ounce ignores history.
12-02-2009 @ 6:26PM
MMorgan650 said...
It amazes when the subject of gold comes up how defensive people get. You either see gold as a store of wealth or you don't. All things of value go up and down in value, but I would see $300 gold as likely as $10 dollar a barrel oil. I agree anything is possible, but somethings are more likely than others.
If you don't get gold don't buy it. I personally take comfort in knowing that gold is a 5000 year old market that has out last hundreds of paper currencies. If you believe that your government is responsible and the fed has the dollars best interest at heart stay in paper, and watch your purchasing power depreciate.
12-02-2009 @ 6:28PM
SandhillsRider said...
Gold always spikes when people feel an economic crunch and when unemployment is higher than usual. As soon as things turn around and the dollar is stronger gold will go back down. Panic buying is just what the gold sellers want you to do. Buy low, sell high. Not the other way around.
12-02-2009 @ 7:05PM
SmartFeller said...
Speaking of coins, I wish the US Congress would stop the production of pennies. It now costs much more to mint a penny than it is worth. Along with that, let's make it to where any retail sale is rounded to the nearest nickel, and let's get rid of these damn infernal pennies.
12-02-2009 @ 7:08PM
Robert said...
"""being an investor in US coins,who has not bought any new coins that don't have them famed words on them you know the words I mean, In God We Trust it has been on every American coin since they started making them!!!"""
I am always surprised at the IGNORANCE of the American Public about the History of this country
The Term "In God We Trust" FIRST appered on our coins after....
the Act of Congress dated January 18, 1837, prescribed the mottoes and devices that should be placed upon the coins of the United States.
And the coin that this article is refering to HAS the nmotton on it.
12-02-2009 @ 7:44PM
KMAC said...
Gold was above $1000 in March 2008. Way before President Obama was even nominated so as much as you would like to blame everything from a cold day to the economy on him, that is a NO!
The government gave rebates to millions of families in 2006 and 2008 and the economy still went down. BTW, that money was returned to us but it still amounted to deficit spending by the Bush Administration. The war, $60-80 billion dollar off the budget spending every six months per year. Deficit spending. $ 1.1 trillion dollars spend on the wars before President Obama even took office.
Bank and auto bailouts occurred in 2008 for the history revisionists.
This section is about Gold but stay on track with the history and blame
The "world is ending" has been shouted before and it recovers. Gold will go down but never, never to $350! Like most bubbles it will return to above half of its peak.
12-02-2009 @ 7:48PM
LENNY STEBULIS said...
OF COURSE THEY'RE RUNNING OUT OF GOLD COINS...
AMERICANS WANT TO HAVE THE GOLD SO THAT WHEN THE OBAMA ADMINISTRATION AND THE WORTHLESS BASTARDS WE CALL A CONGRESS COLLAPSE THE AMERICAN ECONOMY, THEY WANT SOMETHING OF REAL VALUE, NOT THE WORTHLESS PAPER THEY KEEP PRINTING WITH NOTHING TO BACK IT...