UPDATE 1-US Mint to suspend American Eagle gold 1-oz coins Wed
Nov 25, 2009 3:09pm EST - Reporting by Frank Tang; Editing
by Lisa Shumaker
NEW
YORK, Nov 25 (Reuters) - The U.S. Mint said on Wednesday it
will suspend sales of the popular American Eagle 1-ounce bullion
coins as rising demand depleted its inventory. "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," the Mint told its authorized
dealers in a memorandum on Wednesday.
November sales to date were at 124,000 ounces,
higher than the 115,500 ounces sold in each month of September
and October, the Mint said. The Mint said it expects to resume
sales in early December.
Increasing worries about inflation, a falling
U.S. dollar and geopolitical tensions are prompting individual
investors to take physical possession of gold coins and other
bullion products due to the metal's appeal as a safe haven
in financial and political crises. Gold XAU= hit a record
high at just under $1,190 an ounce on Wednesday due to a broadly
lower dollar and renewed interest from central banks.
Year to date, the metal has risen more than
35 percent. Last year, the Mint had also briefly suspended
sales of its American Eagle gold and silver coins due to high
demand and a lack of coin blanks. Produced from gold mined
in the United States, the 22-karat.
American Eagles have been novel items among
collectors and investors since their introduction in 1986.
Each coin has a face value of $50 but it is sold by authorized
dealers at a premium to the price of gold.