US Mint suspends sale of 24-karat gold coins

US Mint suspends sale of 24-karat gold coins

biz.yahoo.com

AP
US Mint suspends sale of 24-karat gold coins
Friday September 26, 2:57 pm ET
By Martin Crutsinger, AP Economics Writer
US Mint forced to suspend sales of American Buffalo 24-karat gold coins due to heavy demand


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.

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[edit on 26/9/2008 by Mirthful Me]

You all better get some 'real' currency before the banks grab the rest.

Myself, freinds and family have.

Tic-Toc and your accounts are locked.
Toc-Tic who you gonna kick?

Let it not be yourselves.

Time is runnning out people to buy some gold, silver and perhaps platinum to hedge against future inflation. I can't think of a more 'real' asset than precious metals and of course land. Got seeds? We're going to need them in the near future.

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(visit the link for the full news article)

Mod Edit: Breaking News Forum Submission Guidelines – Please Review This Link.


[edit on 26/9/2008 by Mirthful Me]

Darn it, I knew I should have studied Alchemy.

Unfortunatly I think for most people, the economy has already downturned enough that it is no longer possible to even think about investing in preciosu metals.

reply to post by asmeone2


For those who do have the means:

Try not to pay a 3% premium above the spot price for bars and no more than 6% premium above spot for coins. Numismatics or old coins no better than new coins at this point.
Good luck.

www.kitco.com...

Gold has no real value. It's a shiny rock, please understand that. It's a shiny rock. It can't provide food, clothing, shelter, or water to you or your family. SHINY ROCK. You can eat gold, but it won't nourish you. You could wear gold, or use it as an umbrella, if you had enough - but it won't do much good. You can drink gold, but if you have to melt it first - it will burn you to death.

Gold is only a shiny rock, just like diamonds, silver, platinum, etc... silly primates.

I cannot rememebr where I read this...I think it was in the boom,gloom doom report from a very respected historical analyst who had said that once the American goverment stops the sale of gold that this is a sighn that we are over the precipice.

The gentleman behind this opinion is very respected

Dr Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude.

TextFamous for his contrarian approach to investing, Marc Faber does not run with the bulls or bait the bears but steers his own course through the maelstrom of international finance markets. In 1987 he warned his clients to cash out before Black Monday in Wall Street; he made them handsome profits by forecasting the burst in the Japanese Bubble in 1990; he correctly predicted the collapse in US gaming stocks in 1993; and he foresaw the AsiaPacific financial crisis of 1997/98 and the resulting global volatility.

His interview today on CNBC warned the viewers to heed this sighn as a time to ready yourself for a severe downturn.

He was long on the US dollar and long on gold although he did say that all commodities will lose extreme value.

Originally posted by whiteraven
He was long on the US dollar and long on gold although he did say that all commodities will lose extreme value.

Except for lead, copper, and brass..in the proper mixed propotions, of course. It has long been said in the "survivalist" community that ammo will be currency in a collapse of the dollar, with .22 LR being the most commonly bartered caliber.

AMEROOOOOOO...........

Look, I think the bottom line is that this is a pretext to bringing the Amero online to battle the Euro. The next line is the single Asian currency.

Looks like the powers that be are rapidly increasing there NWO.......

Uhm, not really news, the U.S. Mint Liberty gold coins which are much more sought after and in my opinion much more beautiful have been out of stock for quite a while now...anyhow, if we do enter a sever downturn due to a banking crisis, the dollar will likely actually gain value as cash will be king. Run on banks = demand for dollars, which is a result of deflation. I see oil spiking once the rescue bill is passed then quickly fading, gold will remain flat to slightly up more than likely, because it's both a safe haven...but it can't escape deflation.

[edit on 27-9-2008 by yellowcard]

I suspect there is merit in investing in metals (coins being the best) at this time. I would surely be looking into making a purchase were I to have any money at all. (Living hand to mouth sucketh when one wants to invest... LOL!)

Still... If I could now, I surely would.

Originally posted by yellowcard
Uhm, not really news, the U.S. Mint Liberty gold coins which are much more sought after and in my opinion much more beautiful have been out of stock for quite a while now...anyhow, if we do enter a sever downturn due to a banking crisis, the dollar will likely actually gain value as cash will be king. Run on banks = demand for dollars, which is a result of deflation. I see oil spiking once the rescue bill is passed then quickly fading, gold will remain flat to slightly up more than likely, because it's both a safe haven...but it can't escape deflation.

I suspect that economics was not your strong suit. You make it sound as if the cash responds at the banks like a scarce but in demand product at the store...

Like people value a piece of paper as they would caviar.

What raises and lowers the value of the dollar is NOT how many people are seeking to have it in "liquid" form (cash) but how many of the dollars have been circulated. And "circulation" includes both those precious pieces of paper, and the numbers written from the Federal Reserve (a private corporation) to the accounts of our governments (for loans and bailouts, for example).

Electronic dollars, as well as printed bills, affect the value of the dollar. And there are not 1/10th the number - nay, even 1/100th - of printed dollars as electronic dollars. (You didn't think the Federal Reserve (a private corporation) actually printed up 700 billion in bills for a bailout...did you?)

So bank runs have ZERO, ZIP, NADA, NOTHING to do with the VALUE of the dollar.

Originally posted by Perseus Apex
US Mint suspends sale of 24-karat gold coins
Friday September 26, 2:57 pm ET

Time to buy silver.

[edit on 28-9-2008 by In nothing we trust]

reply to post by Anonymous ATS


hear hear !

gold is ONLY useful if someone else is prepared to take it off you in exchange for real goods or services

and they will ONLY do that if they have faith in its future value and thier ability to redeme it

if ecconomies go pearshaped this winter - a stack of gold coins will not help you one iota

instead of gold - buy something that will ensure your survival / well being , stuff like :

4000l self bunded tanks full of kerosene

60l plastic drums full of dried beans , flour , rice etc

water putification equipment

tools , weapons

bycicles for all your family - plus spare tyres and other parts

a wood burner stove / heater + as much firewood as you can store

anything except gold

Originally posted by ignorant_ape
reply to post by Anonymous ATS

 

hear hear !

gold is ONLY useful if someone else is prepared to take it off you in exchange for real goods or services

and they will ONLY do that if they have faith in its future value and thier ability to redeme it

While I agree that stocking up on survival items is a good move, I still contend that coinage - in gold, silver and copper (plus other metals) - is also a good move. What individual would look at a silver dime and not believe that they can offer this coin as payment for something they need but might lack what the seller needs...?

I will say, coinage will have value. Just because barter will be popular does not mean that there won't be instances where one of two parties has nothing specifically the other needs, and a medium of exchange will be acceptable.

That medium of exchange will be coinage.

Hope the links below help with the first being current news and the latter informative.


www.bloomberg.com... zo&refer=commodities

7 golden rules of gold investing

Investing in gold and silver

informative gold site

There's gold in them, thar hills.

But it will never satisfy demand.

Gold is to be seen as a metaphor as well as investment during the 'transition' of power to the people.

Other than that, it's nothing more than a beautiful gift of our Creator with its own scientific and inherent properties of which is much more valuable in and of itself if put to use for the advancement of technology in the future 'resource' driven society.

The monetary system is being revealed and will soon be replaced and regarded as the decadent tool for your enslavement by that which remains on the current helm behind the curtain.

Times are a changing and for the betterment of all. A resource, technologically driven future will prevail whereby man will once again see the brother in the other and come together for a more complete and whole existence living amongst nature our Creator had always intended.

FEARS of the unknown long-term effects from the global financial crisis have sparked a new gold rush. With retail and wholesale clients around the world stocking up on the precious metal, the Perth Mint has been forced to suspend orders. As the World Gold Council reported that the dollar demand for gold reached a quarterly record of $US32 billion ($50.73 billion) in the third quarter, industry insiders said the race to secure physical gold had reached an intensity that had never been witnessed before. Perth Mint sales and marketing director Ron Currie said the unprecedented demand had forced the Mint to cease orders until January, with staff working seven days a week, 24-hour days, over three shifts to meet orders.

Perth Mint suspends orders amid rush to buy bullion.

I just wanted mention that not all of the 24k coins unavailable.

The 1/2 ounce and 1/4 ounce proof coins are available.

The 1 ounce and 1/2 ounce uncirculated coins are available.

All the box sets are available.

and by the way, all 22k American gold eagle coins, proof or uncirculated, are available.

Available for purchase online here.
catalog.usmint.gov...

Originally posted by Anonymous ATS
Gold has no real value. It's a shiny rock, please understand that. It's a shiny rock. It can't provide food, clothing, shelter, or water to you or your family. SHINY ROCK. You can eat gold, but it won't nourish you. You could wear gold, or use it as an umbrella, if you had enough - but it won't do much good. You can drink gold, but if you have to melt it first - it will burn you to death.

Gold is only a shiny rock, just like diamonds, silver, platinum, etc... silly primates.

And yet a pound of gold will always be a pound of gold, whereas a dollar bill will not always purchase the same quantity of gold, from year to year. Suddenly which one is it that looks weaker?

Nothing but the actual goods or services themselves have any real value, but it's lucky because everyone has conveniently decided to use currency to determine these values rather than barter, possibly because eating the paper money leads to some terrible bowel movements and my wad of cash rarely manages to read the news from the auto-cue properly.

Honestly, it sounds like someone is talking through a notepad.

Originally posted by MikeboydUS
I just wanted mention that not all of the 24k coins unavailable.

The 1/2 ounce and 1/4 ounce proof coins are available.

The 1 ounce and 1/2 ounce uncirculated coins are available.

All the box sets are available.

and by the way, all 22k American gold eagle coins, proof or uncirculated, are available.

Available for purchase online here.
catalog.usmint.gov...

Their gold products are ridiculously high -- way too far above the market. If you are interested in gold, get Kruggerrands. Never buy a gold buffalo or a maple leaf. They are 24K and are way too soft.

Krugerrands and Eagles are 22K are are *much* more durable.