Mint suspends sale of gold coins

10 posts / 0 new
Last post
affert's picture
affert
Status: Silver Member (Offline)
Joined: Sep 22 2008
Posts: 100
Mint suspends sale of gold coins

http://www.usatoday.com/money/markets/2008-09-26-mint-gold-coins_N.htm

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 amid
economic turbulence.

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 had to temporarily suspend sales of its
American Eagle one-ounce gold coins on Aug. 15 and later that month
announced sales of the American Eagle coins would resume under an
allocation program to designated dealers.

 (see link for rest of article)

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5734
Re: Mint suspends sale of gold coins

I know the mint is run by the government, but doesn't it seem a little odd that the reaction to increased demand is to suspend sales?

Can you imagine Toyota saying "Demand for the prius caught us offgaurd, we are suspending sales"?

A more likely scenario to me is that the US mint was asked to cut back on their use of gold for a bit.  Then this all makes sense.

mkc's picture
mkc
Status: Member (Offline)
Joined: Aug 19 2008
Posts: 6
Not just the USA - it's too late to buy physical gold in the UK

Well it turns out one of the key pieces of Martenson advice was right - don't leave it too late to take action for self-preservation. I have been very cautious about my moves but today I finally decided to buy my share of physical gold. Too late. I have telephoned every dealer I know in the UK and nobody has a single bullion coin left in stock. No sovereigns, no krugerrands, nothing. One of them offered to take a cheque from me now, put it in their bank account, and order the gold for me. They thought it would take a minimum 3 weeks to get delivery. I've no reason to doubt the dealer's integrity but the trouble is my money would still consist of electronic digits on some bank account somewhere, not physical gold.

The London gold price this morning has hardly moved. I don't trust it any more. I don't think anyone in their right mind would sell physical gold at today's so-called market price. I think the gold market is being manipulated along with everything else.

With deep regret I now think it's passed time we all went through whatever doors we feel are right for ourselves, before they either get slammed shut in our faces (like the gold market) or jammed solid with millions of other people trying to go the same way. I hate being part of a financial panic, it feels so anti-social trying to just look after your own skin when others are going to suffer also, and the mere act of joining the panic makes it worse. But I think we have to act selfishly for a while, and then those of us who have something left at the end of this will have to try and help everyone else get up off the floor.

tmcqui01's picture
tmcqui01
Status: Member (Offline)
Joined: Jul 10 2008
Posts: 3
Gold for Sale?
I've had no trouble finding gold or silver at either APMEX or Bullion direct.   Sure, the choices are limited, but both are available.  Of course, I haven't exactly tried to make multi-million dollar purchases....
mkc's picture
mkc
Status: Member (Offline)
Joined: Aug 19 2008
Posts: 6
Gold for Sale?
I can't find anywhere like that in the UK. Does anybody know of somewhere like APMEX or Bullion direct in the UK? And no I don't want to make a multi-million dollar purchase.
gsti's picture
gsti
Status: Bronze Member (Offline)
Joined: Jul 21 2008
Posts: 60
I am not sure .. but .,.

Sorry I don't know much about e-gold, but gold coins that are considered collectable, well some such as soverign are tax free, easy to transport and store and you do not have to worry about anybody going bust or being defraded at any time.

If gold does go up as many people seem to be predicting, coinage makes a strong case for itself as an investment, at least in the UK.

hope this helps

 

Sorry did not read the orginal post :(  my bad

Good luck finding gold

tmcqui01's picture
tmcqui01
Status: Member (Offline)
Joined: Jul 10 2008
Posts: 3
Gold for Sale?
This site looks English: http://www.taxfreegold.co.uk/
dcy3's picture
dcy3
Status: Member (Offline)
Joined: Oct 1 2008
Posts: 4
Ebay?

There is always Ebay.  Premiums are higher, but atleast you can get it.

gsti's picture
gsti
Status: Bronze Member (Offline)
Joined: Jul 21 2008
Posts: 60
KKPSTEIN's picture
KKPSTEIN
Status: Silver Member (Offline)
Joined: Oct 20 2008
Posts: 120
Re: Gold for Sale?

Are you open to off-shore bullion accounts?   Or are you looking at tangible bullion coinage?  

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments