U.S. Mint to temporary cease one-ounce American Eagle gold coins

The United States Mint has announced that it will suspend the sales of one-ounce American Eagle gold coins until early December because of depletion in inventory.

Presently, gold is trading at $1,176.90USD and is expected by many financial analysts to continue to rise to possibly $2,000 and maybe even $5,000 such as famed investors Jim Rogers and Peter Schiff. Amid fears of inflation and decrease in the value of the United States Dollar, investors are slowly fleeing the Dollar and putting their money into gold as a hedge and with the popular demand of gold, the US Mint will temporary suspend sales of one-ounce gold American Eagle coins, according to Reuters. Current November sales are sitting at 124,000 ounces, which is much higher than the 115,000 ounces sold in September and October. The Mint expects to resume the sale of gold bullion coins in early December. On Wednesday, the Mint issued a statement to authorized dealers, “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 US gold coins are not the only ones being snatched by investors. The South African Gold Krugerrand coins are also in short supply and most bullion distributors had to reject orders for Krugerrand coins, reports Numis Master. Coin Update News notes that silver bullion is also reaching record high sales. The Silver American Eagle one-ounce coins have sold 3,132,000 in November. In 2009 alone, silver coins have reached 25,993,000, which is higher than one year prior. Retail investors are also searching for new storage departments for their coin collections after the largest private gold depository, HSBC, will no longer store precious metals from small investors, according to Asia Times Online. Nevertheless, .50oz, .25oz and .1oz sizes are still in stock and for sale.