Gold bullion and oil prices have been rising quickly in the last few weeks. Oil and gold have been flirting with historical highs and as a result the gold industry is starting to make some changes. One of the biggest indicators of the changing tides was the announcement from US Mint on September 13th, 2007 that they would be suspending the purchase of 2007 Gold American Eagles.
The price that was listed on the U.S. Mint website for a one ounce 2007 Gold American Eagle was posted as $749.95, (not including shipping and handling) price is now currently changed to $789.95. Gold Bullion prices have been rising enough with bad U.S. Economic data from the sub prime market, jobs reports, US Dollar declines and interest rate cuts that the U.S. Mint has decided it must reprice their gold offerings to the public. The U.S. Mint has stated that it will try it’s best to have the 2007 Gold American Eagles back up for sale on their site as soon as they reprice the one ounce gold coins in line with market value.
In addition to removing the sale of the 2007 Gold American Eagle coins the U.S. Mint has also decided to stop the sale of 4 coin sets of 2007 American Eagle’s in proof condition. Other 4 coin American Eagle sets are still listed for sale for now.