The United States Mint suspended the sale of American Eagles for re-pricing. The move is temporary and sales should be continued later today. This is another example of how the US government has no understanding of the free market. As the price of a commodity or service increases, the cost also increases accordingly. Although the converse is true, when it comes to gold, its price only increases as our economy and dollar declines.
Is there an issue with the supply of gold to the mint by the government? Maybe, but more the more credible answer is just a lack of knowledge of Capitalism.
A spike in gold prices prompted the U.S. Mint to suspend the online sale of gold collector coins Tuesday for the first time in recent memory, a mint spokesman said.
The move affects only the gold numismatic products sold to collectors and not the gold bullion coins sold to investors, Mint spokesman Mike White said from Washington.
Sales were suspended at midday for re-pricing, which was expected to be completed by late Wednesday, he said.
Asked when that had last happened, White said, “not in recent history that I can remember.”
The American Eagle bullion coins for investors are sold only to authorized wholesalers — not directly to the public — and move with the London spot prices. Their sale was not affected, White said.