US Mint Runs Out of American Eagle Gold Coins
Aug 21st, 2008 | By Contrarian Profits | Category: Featured, Financial News, Gold MarketThe recent pull back in gold prices is seen as a buying opportunity by many. The demand is so high that the US Mint has stopped selling popular one-ounce 22-karat American Eagle bullion coins to dealers as they scramble to build the inventory back up. From Reuters:
“Nobody has the Eagles or the Buffalos right now. We bought 2,000 ounces late last week, and those were the last 2,000 ounces that we can find in the marketplace,” said David Beahm, vice president of New Orleans-based Blancard.
“If we don’t have them, nobody has them,” Beahm said. He added that he has been recommending customers to buy the one-ounce Canadian Gold Maple Leaf gold coin instead.
Top Canadian precious metals dealer Kitco reported that demand for gold bullion coins has increased significantly in recent days.
Kitco’s Senior Analyst Jon Nadler said American Eagles are still in stock even though delays in supply and shipping of all bullion products could be possible due to high demand.
This high demand for gold coins during the recent price slide bodes well for the future prospects of the shiny metal… The current spot price of $839 an ounce seems like a bargain compared to highs of over $1,000 earlier this year. With uncertainty in the stock market and weakness in the US dollar gold continues to be an attractive way for preserving wealth.
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