Thursday, September 25, 2008

U.S. Mint suspends Buffalo gold coins after depletion

 Thursday » September 25 » 2008

U.S.  Mint suspends Buffalo gold coins after  depletion

  NEW YORK - The U.S Mint said Thursday it was temporarily suspending  sales of American Buffalo 24-karat gold one-ounce bullion coins because  strong demand depleted its inventory. "Demand has exceeded supply for American Buffalo 24-karat gold  one-ounce bullion coins, and our inventories have been depleted.  We  are, therefore, temporarily suspending sales of these coins," the Mint  said in a memorandum to authorized American Buffalo dealers. The Mint also told dealers that it would work to build up its inventory  to resume sales shortly. In mid-August, a shortage of American Eagle one-ounce gold coins due to  "unprecedented" demand had also forced the U.S. Mint to temporarily  suspend sales of the popular coins. The Mint said Thursday it would continue to supply the American Eagle  22-karat gold one-ounce and American Eagle silver bullion coins on an  allocation basis to coin dealers. In addition, the half-ounce, quarter-ounce, and 1-10th ounce American  Eagle gold coins and American Eagle platinum were also available, the Mint  said. Coin dealers from the United States to Canada have recently reported a  surge in buying of bullion coins and other gold products as troubles in  the financial markets prompted people to seek a safe haven in precious  metals. On Thursday, the U.S. gold contract for December delivery ended down  $13 or 1.5 percent at $882 an ounce on the COMEX division of the NYMEX,  while spot gold traded at $873 an ounce. Bullion hit an all-time high of $1,030.80 an ounce on March 17.  

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