By: Nick Deonas
The US Mint is temporarily halting sales of its popular American Buffalo 24-karat gold coin because the Mint can’t keep up with soaring demand as investors seek the safety of gold amid economic turbulence. The reason for the suspension is because of the overwhelming demand for the coins. They were first introduced in 2006, but now the Mint’s inventory has been depleted. The Mint has sold 164,000 of the coins this year, up 54 percent from same period last year. Once should be cautious however, just as gold has risen, it can also fall. The old saying holds true here, don’t put all your eggs in one basket.
Times have changed dramatically in the past twelve months. Remember when everyone was seeking out a piece of real estate to invest in. Buying up everything in site, nothing was too scary if it was dirt. Then the big down turn, or as the news media started calling it, “the real estate bubble” and all of a sudden no one wants real estate any longer as an investment. So where do people go to invest their money these days, those who still have some money to invest, that is. When the economy gets bad people have always turned to Gold. In this economy there is a stampede going on.