The increased level of demand led to some problems for the offerings. On several occasions, the US Mint’s entire inventory was depleted, leading to a suspension of sales. A later solution was a rationing program, which was put into place for extended periods of time when full demand could not be met.

As a final measure, some bullion coins like fractional weight Gold Eagles and certain collector coins like proof gold eagles were delayed or canceled. The situation of rationing, suspensions, and delays persisted for more than two years. Even as the stock market rebounded and some claimed an economic recovery had taken hold, many investors still sought a store of value in precious metals.

The American Gold Eagle bullion coin sales fell to their lowest level since June 2008. Across available one ounce and fractional weight options, sales of 41,500 ounces were recorded. This low monthly level followed three months of sales exceeding 150,000 ounces per month. Was the last month an aberration, or a sign that the long period of elevate physical precious metals demand is finally abating?

Gold is marginally higher in US dollars while silver has risen by nearly 1% in all major currencies. Risk appetite remains highs as seen in higher Asian and European bourses. The US, Hong Kong and New Zealand dollar are weaker as are Australian and German government bonds.