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Yes, We Have No 1-ounce Eagles
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(November 25, 2009) The US Mint let it be known this week that they are temporarily out of stock of gold 1-ounce Eagles and silver Eagles. Meanwhile, gold came within a few dollars of the $1200 level, while silver, platinum, and palladium all approached new highs for 2009.
The Mint’s announcement was no surprise to readers of our 11/8/09 column, but the timing, in the midst of ever-escalating demand and new record prices, could not have been worse. The sudden absence of the USA’s most popular gold and silver bullion coins, even if it is temporary, is still a shock to the domestic precious metals business.

There is some talk from the Mint that they will have at least one more release of 1-ounce gold Eagles and silver Eagles in December. We also still expect the release of fractional sizes in 2009 gold Eagles around December 8th or so.

Demand for physical bullion is strongBut, Krugerrands are hard to find in quantity, .9999 gold bar supplies are tightening up a bit, Pandas are a little short right now, as the 2010 China Panda coins may be the next Pandas that we see on the market.

It’s simply a little inconvenient that this red-hot market is happening so near to the end of the calendar year. We certainly hope not to see a repeat of the kinds of all-over shortages in deliverable bullion coins and bars that we saw last fall and winter.

Precious metals mania continued in the three days before Thanksgiving, with gold trading up into new record territory, as high as $1193 during Wednesday’s session. Thursday's action in the world markets was affected by a credit crisis in Dubai, and gold closed around $1174.00 during Friday's shortened holiday session in New York.

We will resume writing business on Monday November 30th at 7AM Arizona time, but without 1-ounce Eagles for a while. We hope to hear from you then.

 

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