The Houston Chronicle reported last week “Gold shines in a dark time”.
Because of the current recession, and investment scandals like the Bernard Madoff Ponzi scheme, demand for gold coins and gold bars is soaring. Coins like the American Gold Eagle and American Buffalo have been in high demand and short supply, with sales even being suspended in certain instances. The American Buffalo sales were suspended from September through November 2008. The U.S. Mint suspended sales in certain instances due to the fact that the Mint itself had been unable to get enough gold blanks from suppliers. On March 17th, 2008, gold shot up to a record $1,033.90 an ounce
As financial turmoil exist and the Federal Reserve has spent $62 billion into the U.S. banking system, coin dealers have seen demand go up with shortages in both the primary and secondary coin markets.
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