Business | Investment
The new gold rush
The US Mint suspended sales of its one-ounce "American Eagle" gold coins after soaring commodity prices led collectors and investors to deplete supplies.
- Bloomberg
- Published: 23:51 August 22, 2008
Washington: The US Mint suspended sales of its one-ounce "American Eagle" gold coins after soaring commodity prices led collectors and investors to deplete supplies.
It is the first time in two decades that the Mint halted sales of the coins, which are made of 22-carat gold from domestic mines. The coins also contain small amounts of alloy for hardening.
In a memo to dealers dated August 15, Cathy Laperle, a Mint official, said: ""Due to the unprecedented demand for American Eagle Gold One Ounce Bullion coins, our inventories have been depleted. We are therefore temporarily suspending all sales of these coins. We are working diligently to build up our inventory and hope to resume sales shortly.''
Gold prices soared over the past year, with the most active gold futures reaching a record $1,033.90 an ounce on March 17 as the price of crude oil increased and the dollar weakened against the euro and other currencies. Commodity prices have since retreated.
American Eagle coins, introduced in 1986, are also available in other weights as well as silver and platinum. The suspension was reported in yesterday's editions of The Wall Street Journal.
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