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Gold Drops $790 – U.S. Mint Suspends Gold Eagles

Gold Drops Below $790

Bloomberg
August 14, 2008

Buyers of wedding bands and makers of fillings, take heart: Metals prices fell sharply, following in oil’s footsteps, and as the dollar rallied. Gold lost 8.4% of its value this week, with August gold ending at $786 a troy ounce, below the psychologically significant $800 level. Today alone, the shiny yellow metal lost 2.7%. Gold is down 22% from its record close of $1003.20, reached on March 18; it hit that mark around the time Bear Stearns went belly up, which sent freaked-out investors into hard assets. Silver futures took the gold medal this week, though, in the weekly percentage decline event – August silver fell 16% this week to end at $12.8010 a troy ounce. Almost 10% of that drop came today. A silver lining: Copper fell only 1.7% this week.

 

U.S. Mint Suspends Gold Eagles

Numis Master
August 14, 2008

The Gold Anti-Trust Action Committee is reporting at their website that The U.S. Mint has suspended sales of American Eagle one ounce gold coins and is refusing orders from dealers.

GATA reports that two coin and bullion dealers have confirmed the suspension by the Mint. This news was initially reported by American Precious Metals Exchange.

Chris Powell, Secretary/Treasurer of GATA, says in a website posting, “The suspension is overwhelming evidence that the futures contract price of gold on the commodities exchanges is substantially below the physical market price and that, indeed, the commodities exchanges are being used as GATA long has maintained – as part of a massive scheme of manipulation of the precious metals, currency, and bond markets.”

As of today, fractional gold (1/10 oz, ¼ oz and ½ oz Gold American Eagles) remain unaffected by the shortage. The mint web site is currently not reporting any suspensions of sales and one ounce uncirculated coins are still for sale at the web site.

 


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