Gold Sales at a Halt as Prices Soar....

Hot news came this week about the U.S. temporarily suspending sales of the American Buffalos due to fear of running out of the treasured coins.

The 24 karat gold American Buffalo coins were first introduced in 2006. The coins were authorized by Congress for the United States to enter international gold bullion market with competing coins like the South African Krugerrand and the Canadian Maple. The American Buffalos hold a face value of $50, but are priced accordingly with the international gold market. The coin is a one ounce gold bullion coin.

Due to the ongoing economic crisis, consumers are flocking to gold as a safe hedge against inflation. The current demand for the American Buffalo has exceeded the supply and the Mint is depleted of inventory. Sales were temporarily suspended due to demand up over 54% from a year ago

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Gold Sales to Increase Worth of Metal?

This week’s update on gold pricing may predict rising futures for the metal.

Reuters UK reported that due to hardships being experienced by the U.S. banking industry, gold might be headed for a run.

This week, oil fell below $10 a barrel for 7 month lows, Lehman Bros filed for bankruptcy protection, and Merrill Lynch was acquired by Bank of America.   The weaker dollar could trigger a rise in demand for commodities, like gold.

Gold jumped 2.5% to over $784 an ounce following last Thursday’s 11-month low of $736.  Bullion, on the other hand, was trading at $775.60 an ounce.

Gold is often considered a safe haven during financial crises, and many economists are predicting that it is not performing at its peak ability yet.  Gold’s futures will also be determined by watching if the euro reacts strongly or weakly to the dollar.

Many economists are also questioning what will happen when much of the supply of gold is purchased...

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Gold Merger Good For Gold Sales?

Canasia and Kinross Gold USA signed a mineral agreement this week.

Canasia is a Canadian mineral exploration company that owns sub-company, Gold Property and Prospect properties in the western United States and in Canada.

Kinross Gold is a New York listed gold company that is also the third largest primary gold producer in North America. Based in Canada, Kinross has 9 mines worldwide.

The nature of the deal is with regard to Canasia’s Debut Gold Property in Elko County, Nevada. Kinross will make royalty payments to Canasia over a period of 15 years that will require a minimum of $3 million for exploration of the property.

Canasia reportedly considers this a “significant milestone” and also has asserted that this will be the first of many deals of this nature.

Surging demand for gold and gold bullion in uncertain economic times is occurring and is indicative of gold’s growing value.

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