Wednesday, 20th August 2008 (594 views)

An expert has addressed the confusion over the US Mint's suspension of the one ounce Gold Eagle coin which was announced last week, reports Mineweb.

According to Richard Smith, owner of gold coin dealership Gold and Stamp Gallery and creator of OnlyGold.com, the US Mint did not suspend all gold coin sales as claimed by other reporters.

In fact, it stopped sales of one product in one size.

Mr Smith explained that the mint had to suspend sales of the Gold Eagle was because the gold coin had grown too popular in recent months.

This year, 36,000 of the Gold Eagles were sold monthly, compared to an average of 12,000 each month last year.

When sales were suspended last week, 60,000 coins had already been delivered in the first two weeks of August.

"In fact, the US Mint is turning out Eagles at a pace not seen since 1999," said Mr Smith.

Mr Smith has been selling and buying gold and numismatic coins since 1978.

 

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