U.S. Mint Suspends all Numismatic (Eagles) Gold Coins as of August 22 2011! Proves no physical gold to be had? No Silver Eagles Available either.

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

2011 American Eagle One Ounce Silver Proof Coin (PS4) Price: $59.95   Qty.   Add to Cart Add to Wish List

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"

2011 American Eagle One Ounce Gold Proof Coin (AK1) Price: $2,035.00 This product is temporarily unavailable.       2011 American Eagle One-Half Ounce Gold Proof Coin (AK2) Price: $1,031.00 This product is temporarily unavailable.       2011 American Eagle One-Quarter Ounce Gold Proof Coin (AK3) Price: $528.00 This product is temporarily unavailable.       2011 American Eagle One-Tenth Ounce Gold Proof Coin (AK4) Price: $225.50 This product is temporarily unavailable.       2011 American Eagle Gold Proof Four-Coin Set (AK5) Price: $3,770.50 This product is temporarily unavailable.

David Morgan & Mike Maloney Saying U.S. Mint may have to Stop Production of Silver Eagles!

David Morgan of Silver-Investor and Mike Maloney of Wealth Cycles, discuss the Metals market. They say the U.S. Mint may have to stop production of the Silver Eagles, due to the Congressional law all the silver has to have been mined in the U.S., for the Eagles. That has been fine in production previously, but now that the Eagles are selling record amounts, over 4 million ounces sold this month (Jan. 2011) alone. They believe the Eagles will not be able to be produced at some point this year.



An extra tid bit, Harvey Organ yesterday had this information in his daily update of the Comex numbers. If this is correct, well it is about time. There has been talk after talk about a Comex default, but it has never happened.

From Harveys update:

There have been rumours that certain hedge funds and sovereign wealth funds are willing to take possession of all gold and silver. In gold it is the February month and in silver it is March. If this is true, the game is over as there will be a default at the comex

which will bring on defaults at the SLV and GLD, and then a default at the Bank of England, and then all the banking system in the USA. I will be watching this closely.

Hhmmmmm...... U.S. Mint Stops Mint Production of 2010 Gold Buffalo and Eagles, NOW Canadian mint stops Minting of 2010 Silver Maple Leafs. Can someone say SHORTAGE OF METALS!?

Now Mints are stopping their Minting of coins due to metal shortage. They don't say that specifically, but you can read between the lines. The U.S. mint said due to "sold out" coins they will no longer make the Gold 2010 Buffalo coins nor the Gold Eagles. Yesterday the Canadian Mint has now said, they will not make any more 2010 Silver Maple Leafs. There were dealers who had already ordered and paid for the 2010 Silver Maple Leafs and were shocked the mint all of a sudden stopped any more minting of them. The Canadian mint has said it will start on the 2011 coins, but those will not be available for over a month.

Sounds like there is not the physical for the mints to produce their coins. Yet, if the Comex and London Metals Exchange actually had all those TONS of Metals along with JP Morgan and it's Trillions of Ounces of shorts and supposed metals available for sale....................... Then WHY would mints have to stop production of their coins?

I hope people have purchased metals and are ready for some Major action in the metals area.

I wonder if my vision of $297.70, as I was waking up one morning, of a one day raise of Gold comes true in the future?

U.S. Mint is Running OUT of Silver and Gold! No Pure Silver Products for Sale.

Seems the U.S. mint is in trouble in providing Silver Eagles.  When you go to the U.S. mint official Website, this is what you get, when you click on Silver Eagles:

Production of United States Mint American Eagle Silver Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Silver Bullion Coins. Currently, all available silver bullion blanks are being allocated to the American Eagle Silver Bullion Coin Program, as the United States Mint is required by Public Law 99-61 to produce these coins “in quantities sufficient to meet public demand . . . .”

Due to the continued, sustained demand for American Eagle Silver Bullion Coins, 2009-dated American Eagle Silver Uncirculated Coins were not produced.

The United States Mint will resume the American Eagle Silver Proof and Uncirculated Coin Programs once sufficient inventories of silver bullion blanks can be acquired to meet market demand for all three American Eagle Silver Coin products.

Well that message has been up since July.  The reports of how many silver eagles and bullion that has sold over the last few months, show a marked decrease!   I am finding, people think it is due to demand being down, when they look at the chart of sales on message boards. 

What is more amazing is... Take a look at their Inventory of AVAILABLE COINS FOR SALE FROM THE MINT: 

Notice anything strange?

Like there are NO Eagles Available in ANY Form.  Also notice what coins they do have available - most are circulating coins that are not all gold or silver.  In fact there are only 5 coins available that have gold in them - those are 1/2 ounces ones on the front page.  What about pure silver ones?  Well good luck finding one available.  The silver dollars for sale - notice they do NOT say 1 oz .999 pure silver on them. 

 
People need to Look at the Real Situation of what is going on with Silver - the supply of physical is basically non-existent at the comex.  

This site as an interesting look at what the law is in the U.S. Mint providing Gold and Silver coins to the public as the Mint states on their website.

Portion:

WHAT DOES THE LAW ACTUALLY SAY?

However, many contend that the 'domestic supply' law doesn't actually exist for silver, but has been confused with a different law on the books for gold, PUBLIC LAW 99-185—DEC. 17, 1985 99 STAT. 1179.

“(4) The Secretary shall acquire gold for the coins issued under section 5112(i) of this title by purchase of gold mined from natural deposits in the United States, or in a territory or possession of the United States, within one year after the month in which the ore from which it is derived was mined."

There is no mention of silver in this law. In fact, the only mention we found for silver supply chain requirements comes from Title 31 U.S.C. § 5112 : US Code - Section 5112: Denominations, specifications, and design of coins:

"(C) Sources of bullion. - The Secretary shall obtain silver for minting coins under subparagraph (B) from available resources, including stockpiles established under the Strategic and Critical Materials Stock Piling Act."

With respect to the law on the books for gold, the phrase "available resources" is somewhat ambiguous. Are there any qualifiers to an "available resource"?

This ambiguity is so serious that in 2002 Representative Frank Lucas of Oklahoma proposed the Silver Eagle Coin Continuation Act of 2002 (H.R. 4846) to the House of Representatives "to amend title 31, United States Code, to clarify the sources of silver for bullion coins, and for other purposes."

On June 25, 2002, this bill passed the house by a count of 417 Ayes to 1 No (16 Abstain) and moved onto the Senate as S. 2594 [107th]: Support of American Eagle Silver Bullion Program Act.

However, the Senate referred this legislation to the Committee on Banking, Housing, and Urban Affairs, where it has since remained, and has never been signed into law.

So where does that leave the situation? It apparently leaves us with an ambiguous law that is open to interpretation by the only party with the authority to make one - the Treasury Department.

We will discover the ramifications soon enough. If the United States Mint decides not to source in the open market or tap into strategic reserves, the data would indicate that there will be extreme domestic shortages.

Why Doesn't Kitco Have Any Silver Eagles For Sale - Why shipping Gold Eagles OUTSIDE U.S. ONLY?

Why Doesn't Kitco Have Any Silver Eagles For Sale - Why shipping Gold Eagles OUTSIDE U.S. ONLY?

I just looked at Kitco's list of bullion for sale. I found TWO Very Interesting Facts!

One - Kitco does NOT HAVE ANY 1 OUNCE SILVER EAGLES FOR SALE!

Two - Kitco will ONLY Ship U.S. Gold Eagles OUTSIDE The U.S.!

Consider this too.

It seems the last couple of days the Comex has been settling with ANYONE who wants delivery of Gold with CASH - NOT GOLD!

There is a rumor that Comex is settling in cash with anyone who is wanting to take delivery of gold. Monday the 30th of November was the first day - anyone who had a future contract for December could request delivery. It has been said - the 2000+ future contracts who requested delivery - were INSTEAD Paid out in Cash NOT GOLD!

Are they out of Gold?

Also, please know the U.S. mint has Suspended U.S. Gold Eagle Coin Sales - as they have oversold on current orders and their inventory depleted!

The U.S. Mint said on Wednesday it will suspend sales of the popular American Eagle 1-ounce bullion coins as rising demand depleted its inventory. "The United States Mint has depleted its current inventory of 2009 American Eagle 1-ounce gold bullion coins due to the continued strong demand for this product," the Mint told its authorized dealers in a memorandum on Wednesday.

November sales to date were at 124,000 ounces, higher than the 115,500 ounces sold in each month of September and October, the Mint said.

The Mint said it expects to resume sales in early December.

More at link.

Will they start reselling them - is there gold for them to start selling them again?

What Gold and Silver - Lots is happening behind the scenes! HOPE You Got Some!

Kitco's List of Bullion for Sale - for Dec. 2 2009


Gold Eagle 1 oz
(Only shipping outside US) $1,308.20

Gold Eagle 1/10 oz $163.52

Gold Maple 1 oz
(Only shipping to US) $1,296.09

Special Gold Maple 5 X 9 pure 1 oz
(Only shipping to US) $1,356.66

Gold Buffalo 1 oz
(Only shipping outside US) $1,320.32

Gold Maple 1/4 oz
(Only shipping to US) $343.71

Gold Maple 1/10 oz
( Only shipping outside US) $162.91

Gold Maple 1/20 oz
(Only shipping outside US) $96.90

Gold Krugerrand 1 oz $1,296.09

*Gold Bar 400 oz (Please place order by phone) $486,720.00

*Gold Bar 100 oz (Please place order by phone) $121,980.00

Gold Bar 1 oz
(Only shipping outside US) $1,236.30

Gold Bar 1000 g
(Only shipping to US) $39,330.20

Gold Philharmonic 1 oz $1,265.81

Silver Philharmonic 1 oz
(Only shipping to US) $21.67

Silver Maple 1 oz
(Only shipping to US) $21.37

Silver Bar 1000 oz $19,570.00

Silver Bar 100 oz
(Only shipping to US) $2,030.00

Platinum Maple 1 oz $1,639.44

Platinum Koala 1 oz $1,639.44

Platinum Noble 1 oz $1,639.44

Platinum Eagle 1/2 oz
(Only shipping to US) $838.61

Platinum Eagle 1/4 oz
(Only shipping to US) $434.41

Platinum Bar 10 oz
(Only shipping to US) $15,470.00

Platinum Bar 1 oz $1,576.00

Palladium Maple 1 oz $435.00

Palladium Bar 1000 g $13,406.54