The U.S. Mint ran out of 2010 American Buffalo Gold Bullion 1-ounce coins as the price of the precious metal soared to a record.
Inventories of the American Buffalo coins were depleted, according to a memorandum that was sent to dealers, said Michael White, a spokesman for the U.S. Mint.
Gold futures have climbed 19 percent this year to more than $1,300 an ounce.
“It is a sign of effervescent investor demand,” though a scarcity of certain coins doesn’t mean that there is a shortage of gold, said David Hightower, a metals analyst at Hightower Futures Research in Chicago.
Demand for gold has surged as investors seek alternatives to stocks, bonds and currencies. The American Buffalo coins were approved by Congress in 2005 and first produced in June 2006, according to the U.S. Mint’s Web site. The 24-karat coins are cast in West Point, N.Y.
“We sold all that we had minted,” White said. “We’re not making any more of this coin.”
The U.S. Mint halted sales of most American Eagle coins made from precious metals, including gold and silver, in November after surging sales drained supplies.
“The gold market is still some way from displaying the characteristics of a bubble,” Deutsche Bank said in its quarterly report on commodities. Prices would need to rise above $1,455 “to be considered extreme,” the bank said.
