US Mint Out Of Silver And Gold American Eagles, Again
Contrary to what many others believe about “Sell in May and go away”, I don’t believe the summer months will be typical for gold or silver. Obviously there are lots of people trying to get their hands on some physical gold and silver all around the world. Frankly, I don’t blame them.
I understand that the US Mint must source all of its gold and silver from US based production by law. At this point, I think the law needs to be changed to allow them to source it all through the COMEX. The COMEX acts as if they have endless supplies of gold and silver that can always be had at great prices.
Why doesn’t everyone just buy all their gold and silver cheaply though the COMEX? Fat chance of this ever happening since the COMEX is mostly just a paper market masquerading as a physical market.
I guess the US Mint could try the IMF as they always seem to have some gold for sale. Although, it’s probably all smoke and mirrors too at this point.
You can read more about the American Eagle shortage over at Zero Hedge. Here is an excerpt from their article.
Update: After following up with the Mint, any shipments and deliveries of American Eagle 2010 edition both gold and silver are TBD and the mint has no idea on when these will be received if at all this year. A small shipment of American Buffalo gold coins will go on sale on June 3 at noon. The mint expects these to sell out promptly.
Earlier we reported that the US Mint has run out of American Eagle silver coins. It turns out the Mint is also out of gold American Eagles. Here is the US Mint page linking to various American Eagle subcategories.
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