US Mint Out Of Not Only Silver But Gold American Eagles As Well

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Wed, 06/02/2010 - 12:33 | 389610 watchingdogma
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It's confusing - but there are actually 3 classes of American Eagles - Proof, Uncirculated and Bullion - after much research - the above only applies to Proof and Uncirculated - they're still producing Bullion - so they haven't run out of Silver/Gold - just short so they're not producing 2 out of the 3 coins for each metal.

Wed, 06/02/2010 - 12:36 | 389622 Internet Tough Guy
Internet Tough Guy's picture

+1. They are still making bullion eagle ounces (not fractionals).

Wed, 06/02/2010 - 12:37 | 389624 TheGoodDoctor
TheGoodDoctor's picture

Right this is true but you can still get the bullion coins. Proofs and Uncirculated they are not making - and that is for 2009. We don't know about the 2010 Proofs and Uncirculated yet.

Wed, 06/02/2010 - 12:46 | 389652 papaswamp
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2010 Buffalos get released tomorrow (proof and uncirc)

Wed, 06/02/2010 - 12:47 | 389655 demsco
demsco's picture

EXACTLY! This is not new and has been an issue since 2008. Everyone gets all bent out of shape over this, but there is no shortage, just some are not being produced anymore, fractional uncirculated and proofs, but bullion coins are. The blanks are in short supply, there is plenty of gold. The US Mint can only use US mined materials so  keep that in mind please. Besides the buffalo's they use 22kt blanks which is copper, silver mixed in so they may not have those blanks in supply. GoldenEagleCoins has them and I believe APMEX has them if you are jonesing for some Eagles.

Wed, 06/02/2010 - 13:25 | 389792 DosZap
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I am sure you know, but the way you wrote it,likely was missed by those not in the know.

Buffalos, are 24k..............and others are as you stated 22k.


Wed, 06/02/2010 - 12:45 | 389646 papaswamp
papaswamp's picture

Bullion cannot be purchased through the mint only the Proof and uncirculated. You must go through a listed dealer to get the bullion.

Wed, 06/02/2010 - 13:06 | 389725 Doc
Doc's picture

Exact-a-mundo as the Fonz would say. or


They've got all the 2010 Eagles and Buffalos anyone wants. Silver a plenty too... no shortage quite yet.

Wed, 06/02/2010 - 13:43 | 389857 UncleFurker
UncleFurker's picture




Or or

The numismatic coins are not being produced because the demand for plain jane bullion silver and gold coins is too great. They are mandated by law to fill all market requests for bullion coins before they use what's leftover for numismatic coins and right now, there no blanks left over.



Wed, 06/02/2010 - 18:10 | 390519 BGO
BGO's picture

According to 40 or so dealers listed on there's still plenty of gold, silver, platinum and palladium coins/bars to go around.

Wed, 06/02/2010 - 12:33 | 389611 KxAlpha
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Nah, they can't make those 2010 plats, "Establish(ing) Justice" and 2010 just doesn't compute.

Wed, 06/02/2010 - 12:35 | 389620 Spitzer
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Mako doesn't have a fucking clue.

His thesis is absolutely correct, only if GOLD DID NOT EXIST ! He, like Denninger believes that money is only credit against all existing assets. I don't even think Mako realizes that he doesn't regard gold as money.

If money was only credit against all assets then yes, the whole system is totally fucked. But what is it going to take to get through your scull that money is not credit against all assets like the FED wants you to believe.

Wed, 06/02/2010 - 12:41 | 389636 Johnny Bravo
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So what is money then?

By the way, you spelled skull wrong.

It seems to me that mako is one of the more reasonable people on zerohedge.

Denninger blew GG's argument out of the water, but of course, the reply wasn't printed on ZH.  It doesn't fit in with the goldbug "the world is doomed" hysteria.

Wed, 06/02/2010 - 12:52 | 389674 Burnbright
Burnbright's picture

Money is something of value.

And Denninger's argument was pathetic at best. People posted his response in GG article comments so everyone got a chance to read it.

Wed, 06/02/2010 - 12:58 | 389700 Temporalist
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The only thing more pathetic than Denninger's reply are the people that read it and think he makes any sense.

Wed, 06/02/2010 - 13:01 | 389711 Johnny Bravo
Johnny Bravo's picture

Sorry, but he killed the shit out of GG's post.

Wed, 06/02/2010 - 13:05 | 389718 lookma
lookma's picture

Sorry, but he killed the shit out of some nonsensical strawman while totally ignoring GG's argument


Not that we would expect anything else.  Keep shifting the goalposts Karl

Wed, 06/02/2010 - 13:07 | 389728 Johnny Bravo
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LOL.  As if GG has a legitimate argument.

All of his posts are "if ifs and buts were candy and nuts, gold to 17 million, bitchez!"

At least Denninger deals with reality.

Wed, 06/02/2010 - 13:31 | 389810 Burnbright
Burnbright's picture

At least Denninger deals with reality.

Right...cause gold being a currency is not a reality...right.


Wed, 06/02/2010 - 13:37 | 389835 Johnny Bravo
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When I can buy groceries with gold, I will believe that it is a currency.

Wed, 06/02/2010 - 14:14 | 389960 Misthos
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Try buying groceries with Japanese yen.  Will that work?  You still don't get it.  And why do Central Banks hold gold, if it's not money?  And by the way, there are some stores that will take gold and silver, it was on the news a couple years ago.  In Zimbabwe, grams of gold were used as well.  Recently, SEARS has partnered with a cash for gold outfit to better serve their customers.

Don't fight the trend.  You'll be broke as a result.

Or, you can hold onto paper money without hedging with gold...  god knows the world is going to need a lot of bagholders when sovereign defaults hit.  I'm glad you're volunteering to be one of them.

Wed, 06/02/2010 - 14:22 | 389986 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Ill sell you groceries for gold!

Wed, 06/02/2010 - 14:23 | 389991 hound dog vigilante
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You can't buy groceries here in the US with euros/yen/loonies/pounds either, but they're all currencies.

Further, there are many Mom&Pop grocery and other stores where gold and silver are not only welcome, but preferred. I know an IT contractor who's contract terms stipulate payment in gold. I know a landlord who accepts rent paid in silver.

The times are a-changin'... so you can save that gold/grocery argument for the tourists.


Gold and silver are no different than coffee and cigarettes. If someone/anyone will accept them in trade, then it is currency.

Wed, 06/02/2010 - 15:51 | 390227 dumpster
dumpster's picture

just keep using your food stamps ,, mr bravo out of work zit faced trader   ladies man about town , ..

Wed, 06/02/2010 - 17:17 | 390419 Al Gorerhythm
Al Gorerhythm's picture

When a currency carries the value of my savings into the future, I'll believe it is money.

Wed, 06/02/2010 - 18:26 | 390556 HK
HK's picture

Do a google on Robert Kahre and you'll find the government's response to using gold and silver coins as legal tender.  It provides a perfect example of what has happened to our currency.


Wed, 06/02/2010 - 22:32 | 390969 ED
ED's picture

How bigs your appetite, Johnny?

Thu, 06/03/2010 - 03:45 | 391254 Insert witty title
Insert witty title's picture

Do you live in London? I will sell you groceries for gold. Do you need anything else? I will provide any physical goods you require in exchange for gold.


Wed, 06/02/2010 - 13:01 | 389709 Johnny Bravo
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Money is an abstract concept that is traded for assets and labor.  Money backs assets and labor, since people will provide assets and labor for money.

If FRN's aren't something of value, why don't you give me yours then?
I'll gladly take all of them off your hands at 50 cents on the dollar.

Wed, 06/02/2010 - 13:09 | 389736 RonnieHonduras
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To quote Murray Rothbard: 

"...Money is a commodity. Learning this simple lesson is one of the world's most important tasks. So often have people talked about money as something much more or less than this. Money is not an abstract unit of account, divorceable from a concrete good; it is not a useless token only good for exchanging; it is not a "claim on society"; it is not a guarantee of a fixed price level. It is simply a commodity. It differs from other commodities in being demanded mainly as a medium of exchange. But aside from this, it is a commodity--and, like all commodities, it has an existing stock, it faces demands by people to buy and hold it, etc. Like all commodities, its "price"--in terms of other goods--is determined by the interaction of its total supply, or stock, and the total demand by people to buy and hold it. (People "buy" money by selling their goods and services for it, just as they "sell" money when they buy goods and services.)"

Wed, 06/02/2010 - 13:16 | 389761 Johnny Bravo
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Commodities have value, no?

I guess that goes against the argument that "FRN's are worthless"

Wed, 06/02/2010 - 13:31 | 389807 RonnieHonduras
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They are a commodity currently perceived to have value. That can change overnight to zero.  Gold, I assume, could do the same. But then again, Pharaohs were burrying themselves with the stuff, Same with most ancients.  The conquistidores throttled South / central america for it. It backed the U.S. $ until 1972.  Tell me who the shmucks are in the history of money?  Paper Keynesian-rooted experiments? Or folks who think gold will eventually outvalue slips of paper printed by corrupt banking-political nexus powerbrokers?

Wed, 06/02/2010 - 13:36 | 389834 Johnny Bravo
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Yeah, but you are assuming that other people are not buying assets with their FRN's.

Values of commodities are relative.  You lose 3% a year on FRN's in GOOD times.
How much value did gold lose in good times?

In bad times, like right now, the value of dollars actually increase, since there are not enough of them around.  Sure, the price of gold is increasing at a faster rate, but look at the downside when things recover!

As far as pharaohs and the like, I don't plan on holding anything for 3000 years.  I'll die much sooner.

Wed, 06/02/2010 - 13:58 | 389903 Mr. Mandelbrot
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You mean IF things recover . . .

Wed, 06/02/2010 - 14:01 | 389913 WaterWings
WaterWings's picture

What other sites do you troll? Or is dumpster correct about you?

Wed, 06/02/2010 - 14:33 | 390025 hound dog vigilante
hound dog vigilante's picture

"Values of commodities are relative..."

The value of EVERYTHING is relative. Your point/argument gets weaker and weaker with each post...

Fiat currency has a terrible, tragic track record. They all collapse, despite most being partially backed by land/assets/might. A fiat regime backed by *nothing* is largely unprecedented, and that's exactly what we have had since 1971. Dollar hegemony is doomed to fail, probably sooner than later. Gold is the exit plan, whether one can eat it or not.

Wed, 06/02/2010 - 14:06 | 389929 AnAnonymous
AnAnonymous's picture

One explanation I read about gold and silver having cross values among that many societies is that many societies around the world (have) worshipped the Sun and the Moon. Gold was associated with the Sun and silver was associated with the Moon.

I wrote that because you brought that story of Pharaohs and stuff.

That is a remnant of religious beliefs.

Wed, 06/02/2010 - 14:47 | 390051 DiverCity
DiverCity's picture

That's just ridiculous.  Muslim societies, Christian societies, Buddhist societies, etc. were/are not sun and moon worshippers.  Perhaps it is some sort of vestigial/genetic/hard-wired quirk of humanity, but don't deny that the lure of gold is still strong the world over.  If it is indeed now hard-wired through repeated cultural appreciation over tens of thousands of years of modern behavioral humanity, why fight nature, dude?  Just jump on the bandwagon and ride!

Wed, 06/02/2010 - 19:23 | 390702 Troublehoff
Troublehoff's picture

I don't know too many commodities that can be conjured up with the stroke of an enter key.

In an unsustainable system, the only comoditiy I can guarantee will keep pace with this fractional reserve 'ever expanding or I collapse' system is FIAT currency.

Wed, 06/02/2010 - 14:47 | 390056 thesapein
thesapein's picture

Nice quote.

And prices, wages, etc. are just rates of exchanges, I'd add.

Gold bugs are slowly realizing the money trap of thinking in terms of money instead of rates.


Wed, 06/02/2010 - 13:14 | 389754 WilliamC
WilliamC's picture

Make that a 1964 or prior US 50-cent coin and I'll take you up on it...


Wed, 06/02/2010 - 13:17 | 389763 Johnny Bravo
Johnny Bravo's picture

I'll do even better.  I'll give you 50 cents worth of gold!

Come on... gold is pretty, shiny, and you can hold it in your hand!

Wed, 06/02/2010 - 13:31 | 389811 tmosley
tmosley's picture

So you're saying you will trade me one American Gold Eagle for 100 FRN's?

Where do I sign up?  I'll take all ya got.

Wed, 06/02/2010 - 13:33 | 389819 Johnny Bravo
Johnny Bravo's picture

I don't understand how you even came to that conclusion about what I said.

Wed, 06/02/2010 - 13:54 | 389886 tmosley
tmosley's picture

Shows how very little you know about gold.

A one ounce American Gold Eagle has a face value of fifty dollars.  I would happily pay one hundred dollars for them all day long.

Wed, 06/02/2010 - 13:58 | 389906 Johnny Bravo
Johnny Bravo's picture

Okay, well then sell me your American Gold Eagle for fifty dollars then.

It should have been obvious that I wasn't talking face value, which is why I still don't understand why you came to the conclusion you did.

Wed, 06/02/2010 - 14:13 | 389954 tmosley
tmosley's picture

Snark breeds snark, JB.  You are spouting off about selling gold for double its current market value, so people spout off back to you about buying AGEs and St. Gaudin's coins for just double face value.

Wed, 06/02/2010 - 13:31 | 389808 Spitzer
Spitzer's picture

Note definition. 1. Written undertaking by one party (the writer or maker) to pay a specified sum of money to a named party (the payee) or to the bearer (holder) of the note, on demand or on a stated date.

If money is in the definition of a note that how could the note be money ?

Wed, 06/02/2010 - 15:15 | 390127 New_Meat
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Money is what you use at the grocery store instead of getting an egg's worth of hamburger.  -Ned

Wed, 06/02/2010 - 15:27 | 390153 Monty
Monty's picture

Money is an adjective, not a noun. Money is a property; a description of use or utility. If I can use a thing *as* money, then it *is* money.

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