U.S. Mint suspends Buffalo gold coins after depletion
Arizona Coin Collector
Looks like there is a run on gold. Troubles in the financial
markets causing people to buy gold.
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FROM:
http://www.canada.com/topics/news/world/story.html?id=7ef5202a-15d8-4a2e-ae85-4128914674e1
U.S. Mint suspends Buffalo gold coins after depletion
Reuters
Published: Thursday, September 25, 2008
NEW YORK - The U.S Mint said Thursday it was temporarily
suspending sales of American Buffalo 24-karat gold
one-ounce bullion coins because strong demand depleted
its inventory.
"Demand has exceeded supply for American Buffalo 24-karat
gold one-ounce bullion coins, and our inventories have
been depleted. We are, therefore, temporarily suspending
sales of these coins," the Mint said in a memorandum to
authorized American Buffalo dealers.
The Mint also told dealers that it would work to build up
its inventory to resume sales shortly.
In mid-August, a shortage of American Eagle one-ounce gold
coins due to "unprecedented" demand had also forced the U.S.
Mint to temporarily suspend sales of the popular coins.
The Mint said Thursday it would continue to supply the
American Eagle 22-karat gold one-ounce and American Eagle
silver bullion coins on an allocation basis to coin dealers.
In addition, the half-ounce, quarter-ounce, and 1-10th
ounce American Eagle gold coins and American Eagle platinum
were also available, the Mint said.
Coin dealers from the United States to Canada have recently
reported a surge in buying of bullion coins and other gold
products as troubles in the financial markets prompted
people to seek a safe haven in precious metals.
On Thursday, the U.S. gold contract for December delivery
ended down $13 or 1.5 percent at $882 an ounce on the COMEX
division of the NYMEX, while spot gold traded at $873 an ounce.
Bullion hit an all-time high of $1,030.80 an ounce on March 17.
With files from Frank Tang
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