Posted on 12/07/2009 9:02:26 AM PST by FromLori
The sad state of affairs in gold land: the premium for the 1 ounce Gold Eagle coins has expanded from $59 to $99, Krugerrands are not available for sale in most places, and this most recent development just out of the US Mint: the one-tenth ounce American Eagle inventory at the mint has been depleted, almost instantaneously after the coin was made available for purchase. This occurred the day after the mint announced the release of fractional Eagle Gold Bullion Coins in one-half ounce, one-quarter ounce, and one-tenth ounce weights. As Coin News reports:
The Mint sold 345,000 coins to its authorized purchasers for a total of 58,000 ounces of gold. That, without a single one-ounce size leaving Mint doors. Sales of 2009 one-ounce sized gold eagles are expected to resume in "early December" while the production of the 2010-dated American Eagle Gold and Silver One Ounce Bullion Coin are expected to begin in Jan., 2010.
So no sooner did the Mint start selling the new 1/10 ounce denominated gold pieces, than they ran out.
The US Mint ran out of one ounce 2009 American Gold Eagle coins last week which caused their temporary suspension, and now the fractional sizes that were just launched are either gone or being allocated following record one-day sales. This is the notice sent out by the Mint to authorized purchasers:
Due to strong demand, the American Eagle Gold Tenth-Ounce Coin inventory was depleted. The inventory for the half-ounce and quarter-ounce coins remains very limited. We will offer the remaining half-ounce and quarter-ounce coins for sale via the United States Mint standard allocation process. And indicative of the massive gold demand, the 24-karat one ounce Buffalo coin inventory was depleted as well:
"The United States Mint has depleted its inventory of 2009 American Buffalo One Ounce Gold Bullion Coins," the US Mint stated in a memorandum to authorized purchasers of the precious metal coins. "No additional inventory will be made available. As additional information becomes available regarding 2010-dated American Buffalo One Once Gold Bullion Coins, you will be notified." Following their launch on Oct. 15, the selling pace was fierce. US Mint figures have the 2009-dated coins at 198,000. By comparison, the Mint has said 172,000 were sold in all of 2008 while 167,500 were purchased in 2007. It appears the 79% of the US population that disapproves of Bernanke and is asking for his head, is not sitting idly and every single day continues expressing its "vote" of no confidence in the Chairman by making gold increasingly scarcer. In the meantime, the massive demand for silver coins is also starting to hit the Mint, which as of today had none in store.
Dang, if I were buying gold, that is what I would want.
It won’t be all that long before private ownership of gold is banned again.
It won’t be all that long before private ownership of gold is banned again.
That’s because have an inkling of what’s coming, and many people can still afford 1/10 ounce gold coins. If did another run, I bet the same thing would happen again. But let’s not forget about silver, aka “the poor man’s gold.” It has a history of rising even more than gold during tough economic times. All you have to do is go back to the late 1970s/early 1980s to see what silver did last time aroud!
why krugerrand
Go to the people and take what little gold they have, meanwhile give hundreds of billions of dollars to the banks and high rollers on Wall Street?
Yeah, that one’s gonna go over reeeeaaaaaal good!
ban in the US but not banned elsewhere in the world who will still be buyers, plus during the last confiscation, only 30% or something returned their gold, while 70% held onto them. And also back then gold was money and acted as an anchor to fiat money. Not today, so government has no need to ban gold as they could print fiat money without restriction
Yeah, cause they’ve never done that before. Perhaps not outright banning, but confiscation. Huge difference.
Not to fear. I'm sure the Fed will buy it all back at a fair price...$32/oz.
Exactly! Most people don’t understand that. The reason they banned it in 1933 was BECAUSE IT WAS COMPETITION TO THE FEDERAL RESERVE NOTE!!!
What is the difference between what you just said and what’s happening now?
Only if things remain the same. What if the dollar is devalued to the point of worthlessness or the debt purchasers will not purchase anything without gold backing?
What is the Bid side like? Is it also over spot?
In other words, say I have a canadian maple leaf one ounce gold coin, what can I sell it for at a coin dealer today?
When is the last time you bought anything with gold?
It is no longer “money” in the socially acceptable sense.
Interesting...
Did they include the First Spouse 1/2 toz coins in the total for the 1/2 toz column?
I think they switched the 1/2 oz blanks over for use in the First Spouse series of coins. I am betting that is the reason for low numbers there.
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