The American Open Currency Standard

It would appear that the US Mint is either enjoying a huge success or someone is cleaning off the shelves to cover a lot of futures sales. A story reported by Reuters states that the US Mint has been depleted of their 2010 Gold Buffaloes and does not plan to restock this year in spite of what the web site Zero Hedge points out as a product that they were selling for 20% over market price.

As gold hits new highs, the exhaustion of the mint’s supply calls into question either the ability of directors to recognize increases in demand and account for them through expanded production or the idea that perhaps the supply is being secured by gold dealers and traders who do see the writing on the wall.

Being that a press release is not available from the US Mint, here is an excerpt linking to the press release from Reuters on the announcement…

NEW YORK, Sept 27 (Reuters) – The U.S. Mint has run out of a type of highly pure gold coin it had been selling amid record high prices of gold.

The mint said it will not stock more of the 1-ounce, 24-karat American Buffalo bullion coins.

“The United States Mint has depleted its inventory of 2010 American Buffalo One Ounce Gold Bullion Coins,” the Mint said in a statement, seen by Reuters on Monday.

Officials at the Mint could not immediately be reached for comment.

(Reporting by Barani Krishnan; Editing by Lisa Shumaker)