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U.S. Mint Stops Making American Eagle Coin

People Holding On To Gold, Not Selling It

POSTED: 6:42 pm MST December 22, 2009
UPDATED: 8:56 am MST December 23, 2009

There’s still demand for the American Eagle Coin, but it isn’t easy to find.

"We can not get enough of the American Eagles,” said Klaus Degler, manager of Rocky Mountain Coin. “Right now the demand is bigger than the supply. We do have product other than the American Eagles that we can sell, but the American Eagles are very popular and that's what people want."

But the American Eagle gold coin is scarce. That’s because the U.S. Mint has stopped making it.

“The reason they told us is that they cannot get the blanks for the coins,” Degler said.

Apparently, there aren’t enough people selling gold. They’re buying instead. And foreign countries, like India and China, have picked up large quantities of gold.

“They also say in the same voice that there is plenty of gold around. But if there is how come they can't get it?" said Charles Rockney, store manager at Rocky Mountain Coin.

It appears many people and countries are holding on to their gold, not selling it. That’s reducing availability. Degler said governments have been buying gold and dumping the dollar.

“People are concerned with inflation. They feel like maybe we will have inflation and I have to protect my assets."

Gold and silver usually retain their value. That’s why precious metals are still so popular, while the dollar, which is backed by the government, is not.

”Some of the concern of our country right now is that the government has produced more and more paper in the last year than any time in the past,” Degler said. “When government prints more paper, that causes inflation and flight away from that currency and right now the flight is going into hard assets such as gold."

Said one Rocky Mountain Coin customer: "When you put your savings into hard-money assets, like gold and silver, they are out of reach of any politician of either party. They cannot take your savings any more. Period."

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