Paper gold prices may be getting hit this morning, but it seems getting physical gold is harder, as the U.S. mint has suspended it's gold coin sales. Of course they are using the excuse of prices volatility, but considering it is a spot + type pricing, that doesn't pass the smell test.
The U.S. Mint has suspended ALL Numismatic Gold Coins as of August 22 2011!
So, lets think about this...... Venezuela has asked for it's gold back from London and the U.S. and will be testing it for tungsten before getting it back into the country.
Now all of a sudden the U.S. mint has suspended all Numismatic Gold coins..... hhmmmm...... seems to me physical gold is actually hard to get a hold of right now and all available gold may be being collected to send to Chavez.
Some big things are happening in gold behind the scenes. I believe all technical data may have to be thrown out the window in how gold has reacted before when it has risen dramatically and then takes a correction. The correction may be in paper gold (GLD) but where will physical gold prices actually go, will there be a split of pricing in the near future?
From U.S. Mint Suspends gold coin sales
The United States Mint has suspended sales of commemorative gold coins for re-pricing.
Due to the current market volatility, we will be placing these coins on a “pricing grid” similar to the structure we use to price America Eagle, American Buffalo and First Spouse gold coins.
A new grid specific to these coins is being developed and will be posted when complete.
Funny thing about the Bullion Coin Act of 1985 - here is an interesting point that is suppose to be met by the U.S. mint:
(1) Notwithstanding section 5111 (a)(1) of this title, the Secretary shall mint and issue the gold coins described in paragraphs (7), (8,) (9), and (10) of subsection (a) of this section, in quantities sufficient to meet public demand
OH yeah, if you are looking for Silver Eagles on the U.S. Mint site, don't bother..... they don't have those either! No Silver Eagles and now No Gold Eagles.
From U.S. mint - Silver Eagles - uncirculated:
On-Sale: The United States Mint is currently scheduled to release the 2011 American Eagle Silver Silver Uncirculated Coins in the early fall. Please continue to check our schedule product listing page for any additional updates.
I did find they have a "Proof Silver Eagle Set" - for $59.95
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Of course, still listen to all the talking heads telling everyone there is no reason for the price of gold and silver to go up, since there is such vast quantities of it available.
Take a look at the U.S. Mint's "Gold Eagle catalog coin list"
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