US Mint Halts Gold Coin Sales
The U.S. Mint – a division of the Treasury Department – has halted the sale of American Eagle gold coins due to “depleted inventories” of the increasingly valuable metal.
Sales of the coins will resume once “sufficient inventories of gold-bullion blanks can be acquired to meet market demand,” according to a statement posted on the Mint’s website, although production of the popular 2009 gold American Eagle coins will not be resumed.
Sales of American Eagle gold coins jumped to 1.07 million ounces this year through October, from 568,000 a year earlier as the price of gold soared, the Mint said.
Previously, the world’s top gold producer said that the global gold supply was in “terminal decline,” prompting the price of the precious metal to skyrocket. In addition to its scarcity, gold is viewed as a safe bet compared to other assets in the current “liquidity bubble” created by unprecedented bank bailouts.
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