Friday, September 26, 2008

Chronicles Of Depression 2.0: #248: Gold Coins

US Mint suspends sale of 24-karat gold coins
WASHINGTON (AP) - The U.S. Mint is temporarily halting sales of its popular American Buffalo 24-karat gold coins because it can't keep up with soaring demand as investors seek the safety of gold amid economic turbulence.

Mint spokesman Michael White said Friday that the sales were being suspended because demand for the coins, which were first introduced in 2006, has exceeded supply and the Mint's inventory of the coins has been depleted.

Maroney said that demand for the one-ounce American Eagle coins was "through the roof." He said Monex still had American Buffalos available Friday because the company had recently stocked up on them.

Emphasis added by me.

The run has begun.

No comments: