US Mint Again Suspends Gold Coin Sales - Is USA Really Out of Gold?

[bobbyw24]

http://www.istockanalyst.com/article...icleid/3345409

US Mint Again Suspends Gold Coin Sales - Is USA Really Out of Gold?
By: The Prudent Investor Monday, July 13, 2009 1:42 PM



I may have missed one or the other suspension of gold coin sales by the US Mint. But here we go again: Checking the online store of the US Mint I came across notices of delays and suspensions with golden Eagles and Buffaloes with waiting times between weeks and further notice.
While the US Mint press room has entirely omitted this confirmation about the tightness of the bullion market which enjoys upward momentum thanks to the thousands of big problems the world faces.
Checking on 24kt Buffalo gold coins the Mint saddened me with this statement:
Production of United States Mint 2009 American Buffalo Gold Proof Coins has been delayed because of the limited availability of 24-karat gold blanks. The 2009 American Buffalo One-ounce Gold Proof Coin is scheduled to go on sale in the second half of the 2009 calendar year after an acceptable inventory of 24-karat gold blanks can be acquired. The release date, once established, will be posted to the 2009 Scheduled Products Listing.
As a result of the numismatic product portfolio analysis conducted last fall, beginning in 2009, American Buffalo Gold Proof fractional coins and the four-coin set are no longer available. Additionally, the United States Mint will no longer offer American Buffalo Gold Uncirculated Coins.
The most economical way to buy gold coins, US gold eagles is blocked as well:
Production of United States Mint American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins “in quantities sufficient to meet public demand . . . .”
The United States Mint will resume the American Eagle Gold Proof and Uncirculated Coin Programs once sufficient inventories of gold bullion blanks can be acquired to meet market demand for all three American Eagle Gold Coin products. Additionally, as a result of the recent numismatic product portfolio analysis, fractional sizes of American Eagle Gold Uncirculated Coins will no longer be produced.
Not being able to suppress a smile I am left with a few questions:
If gold is soooo cheap why can't the US Mint risk buying those ounces on the free market?
Wasn't it the IMF who said it's gonna go and sell some of its yellow bars? Hey, this could become innovative: See the first ever gold deal done by dark pools in order to keep the public in the dark for some time longer.
If nobody wants gold and sees it as relic of history (like the history of price stability), what keeps the Mint from entering what it sees a buyers market?
Is this maybe blatant price manipulation because we don't know about the size of the Mint's backlog and order book?
Check ebay prices here to see what gold savers are willing to pay. I cannot see any lessening demand for the physical. Is the Mint maybe waiting for Goldman Sachs' summer attack on gold bullion prices, using as much short futures contracts as can be stored in their computers?
They may run in a problem with this strategy, though. Investors worldwide have long begun to snap every gold bar they can get their hand on. As always ahead of hyper inflation people will scratch everything together to get just that other ounce of security.

[Gideon]

Historically, and this has occurred at least thrice in as many years, when the Goldman Sachs/Federal Reserve Cabal wants to suppress PM prices (in relation to the FRN), amazingly, the U.S. Mint suddenly can't find enough metal to produce coinage.

Low prices, and no physical metal? Whatever happened to Supply and Demand?

Go ask uber-avid coin collector Edmund Moy if he thinks metal manipulation is taking place today, and while you are at it, ask him why he killed The Liberty Dollar?

FYI, Back in the day (1792) the U.S. Mint Director would have been publicly hung for such shenanigans.

[buffalokid777]

I think the fed has leased out ALOT of America's gold, to business entities, that don't have the means to pay it back, the only way we can find out for sure is passing HR 1207 so we can audit the fed.

[Brian Defferding]

USA's government holds the most gold out of any country in the world. They're not out of gold, they probably just can't produce any new gold; thus maybe they just can't defy the economic laws of supply and demand. With commodities like gold and silver are being demanded more - whether from investors or from industrial reasons, or from a reaction of a global recession, I don't find this news surprising.

[ctiger2]

USA's government holds the most gold out of any country in the world. They're not out of gold, they probably just can't produce any new gold; thus maybe they just can't defy the economic laws of supply and demand. With commodities like gold and silver are being demanded more - whether from investors or from industrial reasons, or from a reaction of a global recession, I don't find this news surprising.

Are you sure? Fort Knox hasn't been audited in a while. I'd bet most of it's gone by now. Moved offshore to private banks that are part of the Federal Reserve banking cartel.

[Brian Defferding]

Are you sure? Fort Knox hasn't been audited in a while. I'd bet most of it's gone by now. Moved offshore to private banks that are part of the Federal Reserve banking cartel.

If nothing is in Fort Knox, then what are they protecting then?

[ItsTime]

If nothing is in Fort Knox, then what are they protecting then?

The fact that there is nothing there? The truth is more valuable than the gold.

[Brian Defferding]

The fact that there is nothing there? The truth is more valuable than the gold.

I don't think the US ran out of gold. That's a lot of gold they would have to sell. Someone would know.

Even if they did move it offshore, that doesn't mean they ran out. That just means they moved it offshore and are holding it.

[ItsTime]

I don't think the US ran out of gold. That's a lot of gold they would have to sell. Someone would know.

Even if they did move it offshore, that doesn't mean they ran out. That just means they moved it offshore and are holding it.

Nor do I. Just saying if there was none.

[Brian Defferding]

Nor do I. Just saying if there was none.

Ah, gotcha

[Dforkus]

Just because the US mint is out of gold doesn't mean the country is out of gold.

The supply channel for the coin market is smaller than the supply channel for jewelry and other uses of the metal.

Just because demand increases for coins, doesn't mean that suppliers are going to break their long standing, and far more lucrative agreements with jewelers and industries unless the gov't went significantly over spot, which they aren't prepared to do.

[Dr.3D]

Just because the US mint is out of gold doesn't mean the country is out of gold.

The supply channel for the coin market is smaller than the supply channel for jewelry and other uses of the metal.

Just because demand increases for coins, doesn't mean that suppliers are going to break their long standing, and far more lucrative agreements with jewelers and industries unless the gov't went significantly over spot, which they aren't prepared to do.

I don't see why there would be a shortage if the supply channel were to buy gold from the Comex at spot. All that would be left in the process would be to roll it out and punch it into blanks.