Coin Chat Radio: Eagle Cancellations, Gold Prices, Precious Metal Coins

by Darrin Lee Unser on October 10, 2009 · 0 comments

Coin Chat Radio Web site No proof one ounce gold or silver American Eagle coins will be struck this year by the US Mint, Bob Van Ryzin relays during his "What’s In the News" segment on this week’s Coin Chat Radio.

He also informs us of several other American Eagle products that will not be available. But the Mint is planning on producing gold Buffalo coins as well as the proof one ounce American Eagle platinum coins this year.

The recent record high on gold prices is the next topic of conversation when Numismatic News Editor Dave Harper talks with Pat Heller from Liberty Coin Service. Heller’s explanation of the spike includes two reasons that can best be described as rumors at this point:


"There is apparently a large surge of demand in gold for the Turkish market, which normally means it’s going to Iran," comments Heller. "Iran’s been in the news lately being under some international pressure a little more than usual and stockpiling some gold could be a way to try to limit their risk, you might say, or give them some flexibility if the pressure increases."

"In the London market, a report was released saying that China, Russia, France and several Middle Eastern countries have been secretly negotiating to replace the US dollar in petroleum transactions," continues Heller in describing his thoughts on the cause of the gold price increases. "The supposed replacement method of paying for the currency would be a basket of currency including the Japanese Yen, Chinese Yuan, gold and a new currency that’s being developed for the gulf cooperation council countries."


The two then discuss the precious metal coin business in general and what the public is buying at Liberty Coin Service. Heller says that he normally recommends 5-10% of someone’s net worth be invested in hard assets such as gold, silver and rare coins. However, he states that he has recently increased that percentage because of the current problems in the world’s economy.

Dave Harper brings up the point the he has come to recognize that coin collectors tend to collect more in silver while investors tend to collect more in gold, and wonders why this is.


"I think it has to do with the amount of bulk for the dollar involved," Heller explains. "If you’re a collector, you can collect a lot of silver coins, fill up a collection, without having to spend as much money for the same bulk of a gold collection. Whereas investors sometimes have a concern about the amount of storage space."


Online Editor Lisa Bellavin and Market Analyst Tom Michael take a few moments to inform listeners of the new book, The Standard Catalog of World Gold Coins, 6th Edition. (See for current numismatic books.) This new edition is called "massive" by Michael as it covers the years 1601 to present. The two also explain the complexities involved in producing a book that has prices based on a precious metals market that constantly changes.

Those interested in listening to this episode or others of Coin Chat Radio may find them at their website Sites like Coin Collecting News also host the free Coin Chat Radio Player with access to all episodes.

For a written perspective on the recent US Mint annoucements, read Gold Buffalo and Platinum Eagle are scheduled and 2009 proof and uncircualted Silver Eagle Coins cancelled.

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