US Mint suspends sales of American Eagle 1oz gold coins


US Mint suspended sales of its popular American Eagle 1oz bullion coins after demand from retail investors stripped its vaults bare.

Sales of the coins are expected to resume in early December.

Investors have been snapping up American Eagle coins, as well as Krugerrands from South Africa and Canada’s Maple Leaf coins as a hedge against inflation and the falling dollar.

Today 1oz American eagles were selling for $1,232.84 each, up $17.24. The coins have a face value of $50 but are sold by dealers at a premium to the price of gold.

Gold futures hit another record today of $1,188.60 per ounce for February delivery.

The US Mint said that it had depleted its current inventory of 1oz American Eagles after selling 124,000 ounces so far this month, up from 115,000 ounces sold in both September and October.

Eagles in .50oz, .25oz and .1oz sizes are still available.

The mint suspended sales of American Eagle gold and silver coins last year after surging demand wiped out its stores.

Twenty-two carat American Eagles have been sold since 1986.

Retail investors are currently searching for a new home for their coin collections after HSBC, America’s biggest private gold depository, said that it would no longer store items from small investors at its Fifth Avenue vault.

Institutional investors are also stocking up on gold and need the vault space currently taken up by retail buyers at the HSBC headquarters.

November 25, 2009
Christine Seib

Source: Times Online

Related articles:

Gold rush forces US to clip Eagle sales (Financial Times)

US Mint to suspend American Eagle gold 1-oz coins (Reuters)

US Mint Runs Out of Gold Coins (The Business Insider)

US Mint Suspends Sales of Gold and Silver Eagle Coins (Coin Update News)

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