Run on U.S. Mint halts sale of gold coins

Sale of the U.S. Mint American Buffalo one-ounce 24-karat gold coin has been temporarly halted due to shortage of supply

By Armando Duke

(AXcess News) Houston - The U.S. Mint halted the sale of 24-karat gold Buffalo coins on Friday after a run on the Mint exceeded the number of gold coins made available for purchase. The stoppage was temporary due to the growing demand for gold as a safe haven investment.

The American Buffalo 24-karat gold coin was first minted in 2006. So far this year, 164,000 Buffalo gold coins were sold, which is an increase of 54 percent.

The halt to sales of the American Buffalo 24-karat gold coin sale at the Mint is only temporary, a spokesmen said.

In August, the U.S. Mint temporarily halted the sale of American Eagle one-ounce gold coins as well, though the gold coins are since that time been made available to the public.

Dealers across the Country are seeing a growing demand for gold and silver coins in general as consumers look to precious metals as a safe haven. When it comes to silver bars, Itronics, Inc. (OTCBB: ITRO) in Reno, Nevada says silver sales in the second quarter rose 56% over the same period last year. Why Itronics stands out is it is the only maker of numismatic quality 5-ounce silver bars in the USA, which are struck annually in yearly series. Earlier collectors boast of seeing the value of those bars rise more than 200% due to there more limited production several years ago. But with the demand for precious metals rising, collectors are finding it an attractive alternative to the costly one-ounce gold coins sold by the U.S. Mint.