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U.S. Mint to halt Gold Coin Sales Citing Low Inventory Level

By Halia Pavliva

Nov. 25 (Bloomberg) -- The U.S. Mint has suspended sales of most American Eagle coins made from precious metals including gold and silver, citing depleted inventories of the metals after sales surged 88 percent in the first 10 months of this year.

Sales will resume “once sufficient inventories of gold- bullion blanks can be acquired to meet market demand,” the mint said in a statement posted on its Web site. Gold coins affected by the suspension include the American Eagle. The uncirculated versions of the 2009 coins won’t be resumed, the mint said.

No one in the mint’s press office was available to respond to questions after 3 p.m. in Washington.

Platinum coins will be sold beginning next month, the mint said. None have been sold this year, the Web site shows.

Sales of American Eagle gold coins jumped to 1.07 million ounces this year through October, from 568,000 a year earlier, according to the mint’s Web site. This month, the mint indicated it sold an additional 124,000 ounces of the coins.

About 23.41 million ounces of silver coins were sold this year through October, and almost 2.59 million more were sold this month, the Web site shows. Last year, the mint sold about 15.38 million ounces of silver American Eagles through October.

Gold climbed to a record of $1,193.30 an ounce after the market settled today in New York, the highest price ever, as the dollar’s slump deepened and central banks stepped up purchases of the metal as a reserve asset.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVSRZyrItDkE