Overwhelming demand forced the United States Mint to suspend one-ounce American Eagle gold coin sales to their network of Authorized Purchasers on August 17.
The suspension of the investment gold coins has been lifted — at least on a limited basis, according to a U.S. Mint memo to its authorized dealers on August 22.
“The unprecedented demand for American Eagle gold one-ounce bullion coins necessitates our allocating these coins among the authorized purchasers on a weekly basis until we are able to meet demand."
Reuters’ Frank Tang wrote Monday,
The Mint said that it will equally divide its Eagles inventory available for sale each week into two equal pools, with the first allocated equally among all authorized dealers, and the second pool distributed according to the dealers’ past sales performance.
Fractional American Eagle gold coins — outside the one-ounce weight — were not suspended. Nor were fractional American Buffalo gold coins.
In addition, collector versions of the Mint gold coins did not suffer suspension, although the decline in gold prices without a similar coin price reduction has resulted in much higher premiums for collectors to assume.
American Eagle platinum collector coins were pulled in early August for price adjustments, and have not yet returned to the Mint’s online catalog.
New York gold for December delivery closed down Monday by $7.80, or 0.9%, to $825.70 an ounce. There is no report for London gold, as the UK markets are closed Monday for holiday.
This is good news to see, even if it’s only for a limited time that that coins are available. It still boggles my mind that they had the need to suspend in the first place. But stuff happens, I guess. I’ve been following the price of gold today and I see it’s been rising some. I wonder if this news didn’t have that effect in some way. Though I would have thought that the shortage of American Eagles from the mint would originally lead to an increase in gold value but gold actually dropped.
Thanks for the info!
I have recently discovered this site. I do appreciate and enjoy it. May I may the suggestion that some of the articles would be more useful if they were dated.
Thanks
Martin, thank you for reading CoinNews!
Each article does have a date directly under its title. We should probably need to look at making it more prominent — better color, larger font, etc.
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