US Mint Suspends Gold Coin Sales Due to Raising Prices

Friday, September 14, 2007

Is the USA running out of gold?
The US Mint has suspended all sales of most bullion coins on Thursday. A visit to its website shows that all golden American Eagle coins are "not available." This info is hidden on the product pages without a corresponding press release. The US Mint had limited bullion coin sales to a maximum of 10 ounces per order earlier. The Mint will reprice these coins by September 27, it said. Confirmed orders will still be shipped.
US gold reserves have not been audited in more than 40 years and are valued at $42 in the Fed's publications. The USA does not take part in the central bank gold sales agreement which runs until September 2009 and limits gold sales to 500 tons per year.
The info page for the 2007 American Eagle says,
"due to the increasing market value of gold, the American Eagle Gold Uncirculated Coins are temporarily unavailable while pricing for this option can be adjusted; therefore, no orders can be taken at this time. We expect products to be available with adjusted pricing on or after September 27, 2007."
Take note that there is a shortage in bullion silver on the retail level in Europe.
Gold surged to a new 2007 high of $717 per ounce on Friday.


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