US Mint Runs Out Of Tenth-Ounce Gold Coin Inventory Day After Its Release For Broad Purchase

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Mon, 12/07/2009 - 12:05 | 155260 trav777
trav777's picture

last time we had deflation, premiums blew way out.

I am seeing $63 spreads from spot to sell as of Fri on CNI's site.

at some point the paper economy is going to vaporize

Mon, 12/07/2009 - 12:35 | 155297 Anonymous
Anonymous's picture

Try Tulving, $75 over for buy and $35 over sell. Smaller spread, better pricing.

Mon, 12/07/2009 - 12:11 | 155264 Ivanovich
Ivanovich's picture

Insert Tungsten coin joke anywhere in this thread.

Mon, 12/07/2009 - 12:17 | 155270 lsbumblebee
lsbumblebee's picture

I heard somebody told India that gold is in a bubble so they're going to sell that 200 tons back to the IMF. Somebody says they're going to seek safe haven in fresh minty green US dollars.

Not.

Mon, 12/07/2009 - 12:20 | 155276 Anonymous
Anonymous's picture

LOL

Mon, 12/07/2009 - 12:40 | 155308 Anonymous
Anonymous's picture

Hahaha

Mon, 12/07/2009 - 12:19 | 155275 LoneStarHog
LoneStarHog's picture

Hmmmmm...My guess is that Denninger swapped his entire mattress at the U.S. Mint.

Mon, 12/07/2009 - 13:44 | 155426 Gordon_Gekko
Gordon_Gekko's picture

What the idiot dollar deflationists ala Mish, Prechter, Karl Denninger et. al. don't know is that such shortages are a canary in the coalmine signifying impending devaluation of the paper currency being issued in the area where the shortage occurs as the smart money/insiders are buying all the physical (as has been happening in Vietnam recently). Force majure is only for the paper Gold; no such concept applies to physical Gold.

Mon, 12/07/2009 - 13:59 | 155449 Anonymous
Anonymous's picture

Actually, it was the Franklin Mint. He bought all the remaining Civil War Chess Sets. He has now cornered the market on Civil War Chess Sets--take that, bitches!

Mon, 12/07/2009 - 12:20 | 155277 lizzy36
lizzy36's picture

When i read this "It appears the 79% of the US population that disapproves of Bernanke",i can't help think that there is no way that 20% of Americans know who Ben Bernanke is (let alone what he does or doesn't do).  But i am a cynic.

Mon, 12/07/2009 - 12:58 | 155289 Cursive
Cursive's picture

It doesn't matter whether they know who he is or not.  The public mood is grim and getting grimmer.  If the question was worded in such a way as to link anyone to the current administration of the economy, I'm thinking the vote would be the same regardless of name.

Mon, 12/07/2009 - 14:38 | 155536 Assetman
Assetman's picture

The shrinking supply is just further indication that the public distrusts what the Administration and the Federal Reserve is doing from a policy standpoint.

While there are many that are looking at gold as the investment of the century right now, more and more people who are buying these coins simply want gold as a stable store of value and "insurance policy" on their currency.

If the power brokers in charge do not restore that trust through more rational policies-- this is exactly what they should expect.  My sense is that they know the consequences, yet are willing to play the same game, anyway.

Tue, 12/08/2009 - 03:10 | 156273 APC
APC's picture

...more and more people who are buying these coins simply want gold as a stable store of value and "insurance policy" on their currency.

 

Do you think.  I'm thinking folks are afraid of a deflationary spiral that will see no dollars in circulation.  1/10 ounce gold coins is almost as good as having gold thread or wire.  If you wanted to "store value", and gold can certainly do that for you, it's not going to be for the 12 to 15 hundred dollars you may have in the cookie jar.  And gold bars would probably not be the best to barter with.

Mon, 12/07/2009 - 12:34 | 155296 lsbumblebee
lsbumblebee's picture

They thought the pollster said "lemon snackies".

Mon, 12/07/2009 - 14:23 | 155506 Gordon_Gekko
Gordon_Gekko's picture

I think you're spot on. If you don't disapprove of Bernanke either you are naive or in cahoots with that criminal.

Mon, 12/07/2009 - 14:38 | 155537 Anonymous
Anonymous's picture

And of that 79%, what less than 5% of those people own gold? It's only been over the last 6 to 12 months that when I mention buying gold, people don't look at me with a blank stare.

Mon, 12/07/2009 - 12:21 | 155280 Señor Tranche
Señor Tranche's picture

Krugerrands are not available for sale in most place

 

www.apmex.com

Spot + $50 (if you buy >20, otherwise $55)

Mon, 12/07/2009 - 14:31 | 155524 faustian bargain
faustian bargain's picture

I'm experiencing a delay with my small order from apmex, currently. I really hope that doesn't mean they don't have the actual stuff to send me.

Mon, 12/07/2009 - 17:14 | 155788 Señor Tranche
Señor Tranche's picture

I've ordered from them many times.  They always have given excellent customer service.  If they say it's in stock it almost certainly is.  Delay probably in order processing from large volumes.

Mon, 12/07/2009 - 12:26 | 155283 quezrho
quezrho's picture

This seems like a tell-tale sign that gold is bubbling.  When the dumbasses join in, history repeats itself.  I'm not saying golds's run is done.  Just that t feels like buying homes in Vegas in 2006. 

Mon, 12/07/2009 - 12:38 | 155306 LoneStarHog
LoneStarHog's picture

Only about FIVE PERCENT of the population is invested in gold/silver.  Wanna tell me how that is BUBBLING?  When I mention gold/silver to family/friends/etc. I still get a BLANK STARE.

Bubbling my ass!

Mon, 12/07/2009 - 12:41 | 155310 quezrho
quezrho's picture

I have had a different experience.  Seems very well bought in based on similar observations. 

Mon, 12/07/2009 - 12:47 | 155323 Thomas
Thomas's picture

I concur that retailers are buying the tenth ounce coins, so the bubbling statement is logical. I also think we have a way to go. I have never seen such a despised and poorly invested bubble.

Mon, 12/07/2009 - 12:43 | 155313 Anonymous
Anonymous's picture

We shall see. Many told me in 2006 that I'd be nuts not to buy a second property. So many are jumping on the Gold bandwagon that the US gov't will do something to correct its course.

Mon, 12/07/2009 - 14:00 | 155453 Anonymous
Anonymous's picture

American Eagles on the cover of Time in 3...2...1...

Mon, 12/07/2009 - 12:43 | 155312 hack3434
hack3434's picture

Maybe but I don't see people taking $500k adjustable rate loans to buy physical. 

Mon, 12/07/2009 - 14:58 | 155572 quezrho
quezrho's picture

good point

Mon, 12/07/2009 - 13:36 | 155417 Anonymous
Anonymous's picture

It's a new paradigm, and anyone who doesnt buy now will be priced out forever. People who do buy now will be rewarded with a lifetime of riches, as gold will continue its yearly 30% price appreciation.

Retail investors, and those born in future generations will be unable to afford the $5000+/ounce spot price, or diversify their portfolios. They will end up buying gold weighed in grams, or nothing at all.

This asset bubble is different than the others. It will never slow down or pop. The gains are permanent.

Mon, 12/07/2009 - 14:14 | 155488 Winisk
Winisk's picture

Gold isn't even close to bubble territory from my observations.  The dumb asses are still holding onto their equity mutual funds hoping to recover their losses because their dumb ass advisers won't even consider gold as an investment.  Oooh...it's so risky.

Gold has just begun to get the public's attention.   The double standard in the MSM is so strikingly biased against gold.  As soon as it hits a record high, it must be a bubble.  As soon as we see those wacky commercials on late night TV, gold must be in a bubble.  Yet when the stock market hits a high and we are inundated by those feel good banking and mutual fund advertisements literally everywhere we turn, stocks are never considered a bubble.  When shows like 'Flip This House' are on TV, and the newspapers have entire sections devoted to promoting the newest real estate development, it isn't considered a bubble.

Gold isn't even on the radar for the average investor I speak to.  For them, gold is still considered a risky, quirky thing.  

Mon, 12/07/2009 - 15:10 | 155594 arkady
arkady's picture

How come no one is talking about the potential of the USD breakout?  There surge is impressive and if it holds these prices then equities and commodities are poised to pull back.

This does not mean it's over for gold, but short term buying may be exhausted.  Frankly, for long term gold holding a pullback here is healthy.

Mon, 12/07/2009 - 17:19 | 155795 Slewburger
Slewburger's picture

 Its a short term breakout....dollar reverse carry. Thats not my bag but I doubt anybody here would get caught with that position.

Mon, 12/07/2009 - 12:31 | 155290 Cursive
Cursive's picture

So, the demand for gold-plated trinkets is high?

Mon, 12/07/2009 - 12:31 | 155291 orca
orca's picture

Regardless of price COMEX will be blown out of the water on settle volume before the end of March. This isn't about bubbles or "different this time", this is about security, sanity, self-preservation, trust.

Mon, 12/07/2009 - 14:33 | 155525 Anonymous
Anonymous's picture

Every quarter I hear the same thing *YAWN* never happens. I buy physical anyway, but the goldbug-freakout corner of the blogosphere is pretty consistently wrong. Just watch it for a few quarters, you'll see.

Speaking of which: Where's the martial law and all those bank holidays that were supposed to turn the US landscape into a scene from Mad Max and the Thunderdome? My popcorn is getting cold.

Mon, 12/07/2009 - 12:32 | 155295 Anonymous
Anonymous's picture

Anyone know if this was similar to what happened in 1979? What are the odds of a blow off top in to next year?

Mon, 12/07/2009 - 14:17 | 155493 Anonymous
Anonymous's picture

According to Jim Sinclair jsmineset.com it is not. Jim said the chart has been a Swiss stair: goes up, goes sideways, goes up, etc. He's been saying $1225 for over 2 years. Next stop $1650 by Jan 2011. This time its Austrian! [Keynesianism wont cut it this time]

00777

Mon, 12/07/2009 - 12:35 | 155298 drbill
drbill's picture

Paper gold; -$50 on Friday. Physical gold; still going up!

 

Its not rocket science...

 

The following is a list of fiat currencies that have not failed:

 

end of list

Mon, 12/07/2009 - 12:36 | 155300 Anonymous
Anonymous's picture

Quezrho,

The overall particpation rate is low. Few people own any gold. The purchase of such small "coins" at high premiums is telling in terms of HH purchasing power...1/10th ozzie coin isn't much of a hedge.

Mon, 12/07/2009 - 12:37 | 155303 Anonymous
Anonymous's picture

That is the whole idea behind the latest push with dollar. To scare people off of buying gold. I think what deflationist miss the most,is the phsycological factor of gold. Whether there might be deflation(gold down),or inflation(gold up),people on the most are wary of holding a paper that they don't know how much its worth. But at least with gold,they know that no matter what ,they would have something that they could exchange for necceties. It is the panic,more than the greed that is pushing people into gold. And it will continue to push them there no matter what the dollar or equities do,or don't do....

Mon, 12/07/2009 - 12:42 | 155311 quezrho
quezrho's picture

The following is a list of bubbles that haven't popped:

 

end of list

Mon, 12/07/2009 - 12:47 | 155321 Anonymous
Anonymous's picture

Careful quezrho. The dudes here piled gold back into their portfolios when it "corrected" at a higher price over the last few weeks. Stuck, the panting begins.

Panic bitches!

Mon, 12/07/2009 - 12:56 | 155339 nope-1004
nope-1004's picture

Yup.  We all despise Wall Street for the financial bubble, yet contribute and see nothing wrong with profiting somehow from another bubble, Gold.

Some food for thought:  Is the current price of gold and its activities a direct result of the dollar devaluation?  Or is the dollar being devalued because of the equities (excess liquidity) and gold bubble?

Mon, 12/07/2009 - 13:28 | 155405 Internet Tough Guy
Internet Tough Guy's picture

It's not a bubble, just a wealth transfer. I can't turn on the tv without a cash for gold ad blaring. Drive down the street and signs 'we buy gold' are everywhere.

Dumb money is selling, smart is buying. Which are you?

 

Mon, 12/07/2009 - 14:25 | 155512 Anonymous
Anonymous's picture

Almost correct...

Bailout Bubble

This is the only one that has not popped yet..

Mon, 12/07/2009 - 12:49 | 155327 Thomas
Thomas's picture

The following is a list of chat boarders who have not at one time or another been completely wrong and thus in need of circumspection at times:

 

end of list

Mon, 12/07/2009 - 13:02 | 155349 quezrho
quezrho's picture

nice...haha

Mon, 12/07/2009 - 12:50 | 155330 RobotTrader
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Mon, 12/07/2009 - 14:35 | 155531 faustian bargain
faustian bargain's picture

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Mon, 12/07/2009 - 12:51 | 155332 BobPaulson
BobPaulson's picture

I guess the big question is if/how the physical and paper gold markets can diverge. If paper gold never requires physical delivery, it's just another fiat currency.

Mon, 12/07/2009 - 12:59 | 155343 lsbumblebee
lsbumblebee's picture

Exactly. As long as there are enough investors who are content with a piece of paper that says they own gold then these games will continue.

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