United States Mint suspends production of 2009 Gold and Silver Bullion Coins, page 1

Doom Daily

WASHINGTON – The United States Mint will not offer the following products in 2009: the one-ounce American Eagle Silver Proof Coin; the one-ounce American Eagle Silver Uncirculated Coin; the American Eagle Gold Proof Coins (all weights, as well as the four-coin set); the one-ounce American Eagle Gold Uncirculated Coin; the United States Mint Annual Uncirculated Dollar Coin SetTM, which also includes a one-ounce American Eagle Silver Uncirculated Coin; and the American Eagle Platinum Bullion Coins (all weights).

Because of unprecedented demand for American Eagle Gold and Silver Bullion Coins, the United States Mint suspended production of 2009 proof and uncirculated versions of these coins. All available 22-karat gold and silver bullion blanks are being allocated to the American Eagle Gold and American Eagle Silver Bullion Coin Programs, as mandated by Public Law 99-185 and Public Law 99-61, respectively. Both laws direct the agency to produce these coins in quantities sufficient to meet public demand. The proof and uncirculated versions of the American Eagle Gold and Silver Proof Coins are not mandated by law.

You read that? "Because of unprecedented demand..."

People are losing confidence in the dollar and buying gold and silver. So much so that the mint is limiting the production of its coins.

Very interesting. Thank you so much for sharing. I hadn't known or realized that this had occured back in March 2009.

Furthermore, I am deathly confused on those last three sentences though. Maybe you can clarify for me:

All available 22-karat gold and silver bullion blanks are being allocated to the American Eagle Gold and American Eagle Silver Bullion Coin Programs, as mandated by Public Law 99-185 and Public Law 99-61, respectively. Both laws direct the agency to produce these coins in quantities sufficient to meet public demand. The proof and uncirculated versions of the American Eagle Gold and Silver Proof Coins are not mandated by law.

If I am reading that right, it doesn't makes sense. They are allocating all gold/silver bullion blanks to make these coins because there is not enough available for the demand? Doesn't that mean that they ARE making these coins "as mandated by Public Law 99-185 and Public Law 99-61" and not suspending production?

Also, why would any writer of such an article put those two Public Laws in there without any definition of it? As if we are supposed to know off the bat and go, "Oh, yeah, it is all because of Public Law 99-185 and Public law 99-61."

Gold Bullion Act of 1985 (Public Law 99-185): en.wikisource.org...

reply to post by Quazze

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A certain percentage of the runs of certain coins are set aside as "proof sets" or "uncirculated sets". These coins are given special handling and / or packaging to make certain that they don't get worn or marred from handling, and are sold directly to collectors for a premium fee.

Due to a high demand for 'normal' gold and silver coins, the US Mint has decided not to set any coins aside as proof sets, but to devote the entire production run to circulating coins.

reply to post by Quazze

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I think they are talking about different types of coins and they are diverting resources from some to make others.

Oh, lookie here, from ye olde Bloomberg:


www.bloomberg.com...

IMF Sells Gold to India, First Sale in Nine Years

The International Monetary Fund sold 200 metric tons of gold to the Reserve Bank of India for about $6.7 billion, its first sale of the precious metal in nine years.

The transaction, which involved daily sales from Oct. 19-30 at market prices, is in the process of being settled, the IMF said in a statement yesterday. The average price in the sales to India was about $1,045 an ounce, an IMF official said on a conference call with reporters. Gold for immediate delivery rose in Asia, approaching a record $1,070.80 an ounce.

“The most important thing is that people want gold even at these prices,” said Ghee Peh, head of mining research, with UBS AG in Hong Kong. “There’s good support for prices for now” from the IMF’s disposal of bullion, he said.

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