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March 16, 2009 |
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Commodity Online
MUMBAI: The mad rush for gold coins has forced the United States Mint to suspend sale of several coins which have been in big demand following the rise in gold prices across the world.
Even as the prices of the yellow metal soared across the globe due to the safe haven status of the metals, sale of gold coins witnessed a surge right from the beginning of the recession era.
The race for gold coins has resulted in several minting firms to stop it as they are not able to meet the demand.
Last week, the United States Mint has officially announced the suspension of another slate of gold and silver products. The affected products are 2009 dated American Gold and Silver Eagle coins produced for collectors.
These coins are considered collectible versions of the bullion coins. Although these are collectible coins, they represent a sizeable amount of precious metal sales and represent a method of gold and silver investment for many individuals.
Last year, the US Mint sold 1,157,911ounces of silver in the form of Silver Eagle coins minted for collectors. They also sold 155,740 ounces of gold in the form of Gold Eagle and Gold Buffalo coins minted for collectors.
The US Mint’s website said: “Production of United States Mint American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins in quantities sufficient to meet public demand.
The Mint will resume the American Eagle Gold Proof and Uncirculated Coin Programs once sufficient inventories of gold bullion blanks can be acquired to meet market demand for all three American Eagle Gold Coin products.
The coins have been offered uninterrupted since 1986. The uncirculated version has been offered since 2006.
As a result of the recent numismatic product portfolio analysis, fractional sizes of American Eagle Gold Uncirculated Coins will no longer be produced.
This adds to the lengthy list of 2009 dated precious metals products that have been temporarily delayed or suspended by the US Mint.
US Mint’s 2009 precious metals products that have been temporarily delayed or suspended are:
2009 American Gold Eagle 1/2 oz. (bullion), 2009 American Gold Eagle 1/4 oz. (bullion), 2009 American Gold Eagle 1/10 oz. (bullion), 2009 American Platinum Eagle 1 oz. (bullion), 2009 American Platinum Eagle 1/2 oz. (bullion), 2009 American Platinum Eagle 1/4 oz. (bullion), 2009 American Platinum Eagle 1/10 oz. (bullion), 2009 American Gold Buffalo 1 oz. (bullion),
2009-W Proof American Gold Eagle 1 oz. (collector), 2009-W Proof American Gold Eagle 1/2 oz. (collector), 2009-W Proof American Gold Eagle 1/4 oz. (collector), 2009-W Proof American Gold Eagle 1/10 oz. (collector),
2009-W Proof American Gold Eagle 4 Coin Set (collector), 2009-W Uncirculated American Gold Eagle 1 oz. (collector), 2009-W Proof American Silver Eagle (collector), 2009-W Uncirculated American Silver Eagle (collector).
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