US stops selling gold coins, running out
Posted on 27 September 2008 with no comments from readers
WALL STREET JOURNAL TODAY
Here is an Associated Press report highlighting the reality of the precious metals market – while the spot price is controlled by the futures guys the coin market is going bananas as the retail crowd buy up supplies…
WASHINGTON — The U.S. Mint is temporarily halting sales of its popular American Buffalo 24-karat gold coins because it can’t keep up with soaring demand as investors seek the safety of gold in these turbulent economic times.
Mint spokesman Michael White said Friday that the sales were being suspended because demand for the coins, which were first introduced in 2006, has exceeded supply and the Mint’s inventory of the coins has been depleted. The Mint’s catalog recently quoted a price of around $1,100 for the one-ounce Buffalo coin.
The Mint had to temporarily suspend sales of its American Eagle one-ounce gold coins on Aug. 15 and then later that month announced sales of the American Eagle coins would resume under an allocation program to designated dealers.
Mr. White said the Mint expected to soon start distributing available Buffalo gold goins through a similar allocation program.
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