Mint to continue selling inventories of 2013 gold
- Published: Jan 5, 2014, 7 PM
The United States Mint will fill orders for certain gold bullion coins exclusively with 2014 issues for only two weeks before filling purchases with a mixture of 2013 and 2014 coins.
Jack Szczerban, branch chief for the U.S. Mint Precious Metal Group, explained sales procedures in a memo sent to authorized purchasers Dec. 31.
According to the memo, the U.S. Mint retains inventories of 2013 American Eagle and American Buffalo 1-ounce gold bullion coins and 2013 American Eagle tenth-ounce gold bullion coins.
Starting Jan. 2, orders from authorized purchasers would be accepted for the 2014 1-ounce and tenth-ounce gold coins for a two-week period, with the Mint fillings orders exclusively with those coins. Starting Jan. 20, the Mint will fulfill any orders for those two sizes of coins by mixing the 2014 coins with remaining 2013 pieces on a one-for-one basis.
The ordering restrictions for the 1-ounce and tenth-ounce gold coins are in addition to the remaining inventories of 2013 American Eagle quarter-ounce and half-ounce gold coins. Sales procedures for those coins were outlined in a memo sent to authorized purchasers in November.
The November notice to authorized purchasers also noted that the Mint still had in inventory an undisclosed number of 2012 American Eagle quarter-ounce and half-ounce gold bullion coins to exhaust.
The Mint sells its bullion coins to a network of authorized purchasers, who acquire the coins from the Mint for the spot price of the precious metal on a given day on the London metals market plus a small premium. The authorized purchasers may then sell the bullion coins to dealers and the public. ¦
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