The US Mint has once again suspended sales of American Gold Eagle Coins due to enourmous demand, according to a memo released Nov. 25 to authorized dealers.
"The United States Mint has depleted its current inventory of 2009 American Eagle 1-ounce gold bullion coins due to the continued strong demand for this product," said the Mint in a memorandum. "We will temporarily suspend sales of this product to build up additional inventory."
This is not the first time the Mint has had to temporarily suspend sales of their bullion coins. In August 2008, Gold Eagle Bullion sales were halted only to be resumed a week later, but under an allocation program that lasted well into 2009.
The Mint appears confident in its ability to start offering the coins again this year, stating an early December return.
"It is expected that sales will resume in early December," the Mint added in the memo.
It is unclear at this time if a rationing program will be re-introduced as well.
Demand for US gold bullion coins has been extremely high during the last two years. With the US dollar struggling and with gold prices in record territory (currently over $1,190 an ounce at the time of this writing), investors have been searching for some stability in their portfolio, with gold appearing more attractive in this uncertain economy.
Factor in the limited gold blank or planchet availability and it is easier to understand the crunch the Mint has been under. It does not manufacture its own gold planchets, but instead purchases them from outside vendors. These vendors have not been able to provide an adequate supply, thus the suspension of sales.
1,193,500 Gold Eagles have been sold in 2009 — 124,000 in November itself, ranking as the third best month of the year. 860,500 ounces of the eagles were sold in all of 2008, showing quite an increase in demand for this year.
The following table shows all US Mint bullion coin sales in 2009:
Bullion Coins Sold by Month
|Silver Eagles||Gold Buffalos||Gold Eagles|
The United States Mint anticipates production of the 2010-dated American Eagle Gold and Silver One Ounce Bullion Coin to begin in January, 2010.