U.S. Mint gold, silver coin sales 'temporarily suspended' - again

Sales and suspension of gold and silver coin or bullion coin sales by the U.S. Mint are becoming a regular part of doing business as overloaded refiners and mint facilities struggle to meet continuing high demand.

RENO, NV - 

Unprecedented demand, a shortage of blanks, and restrictive policies and regulations continue to exacerbate what is almost becoming a chronic shortage of gold and silver coins authorized by the U.S. Mint.

The U.S. Mint has again "temporarily" suspended sales of almost all of its gold uncirculated and proof coins, along with nearly all of silver uncirculated coins because of the limited availability of blanks.

The mint no longer offers for sale the American Buffalo Gold Proof fractional coins and four coin sets are no longer available. Meanwhile the mint will no longer offer American Buffalo Gold Uncirculated Coins.

The 2009 American Buffalo One-ounce Gold Proof Coin is scheduled to go on sale in the second half of the 2009 calendar year after an acceptable inventory of 24-karat gold blanks can be acquired.

The U.S. Mint Online Product Catalog says production of the American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended due to the "unprecedented demand" for American Eagle Bullion Coins for which all available 22-K gold blanks are being allocated.

In the catalog, the government says it will resume the American Eagle Gold Proof and Uncirculated Coin Programs "once sufficient inventories of gold bullion blanks can be acquired to meet market demand for all three American Eagle Gold Coin products."

Congressionally authorized American Eagle Bullion coins are aimed at providing investors an effective way to invest in precious metals. Prices may change on a daily basis as the platinum, gold and silver markets may fluctuate. The mint does not sell the bullion coins directly to the public, but distributes them in bulk through a network of official distributors, who meet government financial and professional criteria, which must be attested to by an internationally accepted accounting firm.

So far this year, the mint has sold 700,000 ounces or 700,000 gold bullion coins, compared to last year's total sales of 860,500 ounces of gold or 1,172,000 bullion coins.

Federal laws and regulations say the gold must be newly mined in the United States. Only a handful of refineries meet the standards and regulations to produce the blanks for the coins.

Meanwhile, silver producers have found themselves equally frustrated by the inability of the U.S. Mint to meet the demand for silver coins. Production of the American Eagle Silver Proof and Uncirculated Coins has also been temporarily suspended because of unprecedented demand for the American Eagle Silver Bullion Coins.

The product catalog states, "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.'"

Thus far this year, silver bullion coin sales total 14,899,500 compared to last year's total sales of 19,583,500.

While gold and silver producers have repeatedly gone to government officials to get them to authorize an increase in the number of refineries which can produce the blanks and the facilities that can mint the coins, industry sources say they feel they have been stonewalled by mint officials who refuse to budge.

Among the U.S. manufacturers of blanks is Sunshine Minting in Coeur d'Alene, Idaho, and Stern-Leach of Attleboro, Massachusetts. Nearly all U.S. Mint gold coins at manufactured at West Point, New York at a remote site on military academy grounds.

U.S. Mint spokesman Michael White told Mineweb refiners are running 24-hours a day, seven days a week trying to meet demand for blanks.

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responses to this article

coincidence? It's funny how these "temporary suspensions" always happen after a significant price correction. by Jamie Pursell on July 14 2009, 07:49 Find this comment inappropriate? Report it

Old News This is old news, this relates to the special proof and W-mint uncirculated collector coins the mint produces. They have suspended them in order to produce the regular bullion coins required by the authorizing legislation. These collector version . .more have been suspended since early 2009, though it is hoped they might be able to produce them later in the year. . .less by Jeff on July 14 2009, 09:30 Find this comment inappropriate? Report it

Old News? This is NOT old news, it includes all uncirculated gold/silver eagles and gold buffalo, the reason given is shortage of blanks. Anyone can just go to usmint.gov and find out themselves. by Jaba on July 14 2009, 14:45 Find this comment inappropriate? Report it

Eagles STILL Available. We are a major dealer in precious metals, selling 1,000 gold eagles per month. We have had no indications of any suspension or delays. Gold Eagles are more available right now than at any point in the last 10 months. This appears to be . .more rehashed news spreading as a viral internet rumor. Chris Olson www.treasureislandcoins.com . .less by Treasure Island Coins, Inc. on July 14 2009, 14:49 Find this comment inappropriate? Report it

Internet rumor spread by the US Mint? Hey, Chris Olsen of Treasure Island Coins, get a clue. Viral internet rumor? Go to the US Mint website and read it for yourself. by Nevada Blue on July 14 2009, 18:08 Find this comment inappropriate? Report it

Old News That announcement has been posted on the US Mint website for at least the last 3 months. This is all old news. Everyone posting thinks they are the ultimate authority on US Mint Eagles. It is false to say they have been suspended AGAIN when . .more they were never sold in the first place. Nobody on Planet Earth has a 2009 Proof gold or silver eagle or buffalo. The UHR is not a proof coin. . .less by Frank on July 14 2009, 19:22 Find this comment inappropriate? Report it

Government fraud I can buy bullion right now on APMEX, but the US Mint is so incompetent that it can't do the same? Doesn't pass the smell test. They know the dollar is going to crash, and apparently, they want to b*ttf*ck everyone in the process.... by John Galt on July 15 2009, 00:19 Find this comment inappropriate? Report it

Gold Buffalo Avaiability In secondary markets, we are seeing stronger premiums on Gold Buffaloes than Gold Eagles, but availabilty is still good, and alternatives to US bullion coins such as maples are even more plentiful. by BullionSupermarket.com on July 15 2009, 02:38 Find this comment inappropriate? Report it

Gold Coin manufactured at West Point, NY why can't I buy gold coins at West Point. I anymore?? West Point is where they manufacture the coins to begin with and it would be convenient for me to buy coins there. Does anybody know why? by Peter Timber on July 15 2009, 05:54 Find this comment inappropriate? Report it

US Mint rumors Plenty of gold and silver Eagles are available through Mint distributors. No, they haven't made Buffaloes this year, or fractional Eagles (yet), but 1-ounce Eagles are in stock, on the shelves, ready for sale. This nonsensical rehash of stale news . .more in the past 36 hours has given birth to rumors bouncing around all over the 'Net, exciting the easily excited. . .less by Richard Smith on July 15 2009, 09:03 Find this comment inappropriate? Report it

Old news, rehashed The Mint has plenty of 1-ounce gold and silver Eagles in the bullion form. So do distributors, so do retailers. In the past 36 hours, this malarkey-filled article has spread shortage rumors all over the 'Net, exciting the easily excitable. C'mon, . .more Mineweb, vet your articles for facts - in this case, you could call a Mint distributor to get the real skinny. Your readers deserve better. . .less by Richard Smith on July 15 2009, 09:43 Find this comment inappropriate? Report it

Did Anyone Ever Think... That perhaps they have suspended the bullion programs so that they can begin manufacturing the proof coins that they are mandated by law to make? Although our government is crooked, unethical and full of theives, everything is not a conspiracy. by coinguru on July 15 2009, 09:47 Find this comment inappropriate? Report it

.S. Mint gold coins Contrary to some of the comments above the author of the article on the shortage of gold coins did check her story with the U.S. Mint. As stated in the article the statutory coins are available but virtually all others are not as the gold supplies . .more are being used for the statutory coinage - further fractional sizes are deferred or abandoned altogether - see the following U.S. Mint statement: "Production of United States Mint 2009 American Buffalo Gold Proof Coins has been delayed because of the limited availability of 24-karat gold blanks. The 2009 American Buffalo One-ounce Gold Proof Coin is scheduled to go on sale in the second half of the 2009 calendar year after an acceptable inventory of 24-karat gold blanks can be acquired. The release date, once established, will be posted to the 2009 Scheduled Products Listing. As a result of the numismatic product portfolio analysis conducted last fall, beginning in 2009, American Buffalo Gold Proof fractional coins and the four-coin set are no longer available. Additionally, the United States Mint will no longer offer American Buffalo Gold Uncirculated Coins." There is a similar statement on the American Eagle gold coinage programme which also states fractional coins will no longer be produced . .less by Editor on July 16 2009, 04:30 Find this comment inappropriate? Report it

U.S. Mint gold, silver coin sales 'temporarily suspended' Here's some clarification on the issue: standard, uncirculated Gold Eagles and Silver Eagles are readily available. The "temporarily suspended" sales apply to the special minted collector versions sold by the Mint directly to the public. Bulk . .more sales of 1-oz Gold Eagles and Silver Eagles continue. See http://www.cmi-gold-silver.com/american-eagles-gold-coins.html and http://www.cmi-gold-silver.com/american-silver-eagles.html . .less by Bill Haynes on July 16 2009, 10:37 Find this comment inappropriate? Report it

Silver coin Hei Thanks for your email Raza Khan by Raza Khan on July 18 2009, 01:02 Find this comment inappropriate? Report it

subcriber Hei Silver coin aded our this email. Raza Khan by Raza Khan on July 18 2009, 04:14 Find this comment inappropriate? Report it

Gold News Fantastic! Really! by Tamara Hakulova on July 18 2009, 04:20 Find this comment inappropriate? Report it

this is a joke! Gimme a break the price was at$12.12 on 4/17 per ounce.Went up to $15 last month and then back down to just over $13 earlier this month.How come thier is a shortage when i can still goto the apmex website and get them for $1.99 over spot? Comex, and . .more JP Morgan know the dollar is falling now they want to take advantage of "the old Panic Buying".Sure tell everybody there is not enough so you can cause the panic and raise the price.It doesnt matter anyway the Silver Eagles are still undervalued when you pay the same prices for regular buillion coins on ebay.Wake up people, keep buying your physical silver while you can.I know i will. and if you think your going to come and take it expect a 2 3/4" slug in your skull! . .less by vinny on July 18 2009, 19:20 Find this comment inappropriate? Report it

Novus Ordo Seclorum interesting: Mineweb uncompromising indipendence. then you see in partnership with infomine (whose logo represents the pyramid and the sun rising on the top. symbol of the misteries schools and secret society, the illuminati) by PeterC on July 20 2009, 01:34 Find this comment inappropriate? Report it

. Silver rounds are cool, but not issued by the us mint, check our pictures out http://www.goldcoinsgain.com/silver-rounds.html by buy silver rounds on January 19 2010, 03:30 Find this comment inappropriate? Report it

. We bought a few of these american platinum eagles that we enjoyed your post. http://www.goldcoinsgain.com/american-platinum-eagle.html by buy american platinum on January 19 2010, 20:56 Find this comment inappropriate? Report it

,, Silver rounds resemble most other coins, but they are not issued by the mint http://www.goldcoinsgain.com/silver-rounds.html by silver rounds on February 04 2010, 03:23 Find this comment inappropriate? Report it

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