U.S. Mint Suspends Sales of American Eagle Gold Coins

Discussion in 'Wall St. News' started by THE-BEAKER, Aug 26, 2008.

  1. The U.S. Mint suspended sales of its 1-ounce ``American Eagle'' gold coins after soaring commodity prices led collectors and investors to deplete supplies.

    It is the first time in two decades that the Mint halted sales of the coins, which are made of 22-carat gold from domestic mines. The coins also contain small amounts of alloy for hardening.

    In a memo to dealers dated Aug. 15, Cathy Laperle, a Mint official, said: ``Due to the unprecedented demand for American Eagle Gold One Ounce Bullion coins, our inventories have been depleted. We are therefore temporarily suspending all sales of these coins. We are working diligently to build up our inventory and hope to resume sales shortly.''

    Gold prices soared over the past year, with the most active gold futures reaching a record $1,033.90 an ounce on March 17 as the price of crude oil increased and the dollar weakened against the euro and other currencies. Commodity prices have since retreated.

    American Eagle coins, introduced in 1986, are also available in other weights as well as silver and platinum. The suspension was reported in today's editions of The Wall Street Journal.

  2. Deifinitely time to short PM's, the retail bargain hunters are on the prowl. LOL.
  3. When the ducks are a quackin', ya gotta feed them! :cool:
  4. That means gold has peaked. All the individual suckers loaded up. Just like in 79-81.

    Ask the folks who loaded up on gold 79-81 how they did 10 years later compared to the folks who bought the S&P index or a broad basked of good stocks.
  5. This "news" story is like a year old.