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Funds News

UPDATE 1-US Mint to suspend American Eagle gold 1-oz coins

 (Updates with details, background)
 NEW YORK, Nov 25 (Reuters) - The U.S. Mint said on
Wednesday it will suspend sales of the popular American Eagle
1-ounce bullion coins as rising demand depleted its inventory.
 "The United States Mint has depleted its current inventory
of 2009 American Eagle 1-ounce gold bullion coins due to the
continued strong demand for this product," the Mint told its
authorized dealers in a memorandum on Wednesday.
 November sales to date were at 124,000 ounces, higher than
the 115,500 ounces sold in each month of September and October,
the Mint said.
 The Mint said it expects to resume sales in early
December.
 Increasing worries about inflation, a falling U.S. dollar
and geopolitical tensions are prompting individual investors to
take physical possession of gold coins and other bullion
products due to the metal's appeal as a safe haven in financial
and political crises.
 Gold XAU= hit a record high at just under $1,190 an ounce
on Wednesday due to a broadly lower dollar and renewed interest
from central banks. Year to date, the metal has risen more than
35 percent. [GOL/]
 Last year, the Mint had also briefly suspended sales of its
American Eagle gold and silver coins due to high demand and a
lack of coin blanks.
 Produced from gold mined in the United States, the 22-karat
American Eagles have been novel items among collectors and
investors since their introduction in 1986. Each coin has a
face value of $50 but it is sold by authorized dealers at a
premium to the price of gold.
 (Reporting by Frank Tang; Editing by Lisa Shumaker)
 ((frank.tang@thomsonreuters.com; +1 646 223 6126;
Reuters Messaging: frank.tang.reuters.com@reuters.net))
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