U.S. Mint trying to make a bunch of money
Trying to cash in on a hefty $2.4 billion gold market, the U.S. Mint announced its plan to produce 24-karat gold bullion coins.
This is the first 24-karat coin the Mint has ever produced. It released a 22-karat American Eagle coin in 1986 following President Reagan’s ban on the South African Krugerran. Before that, it had been since 1933.
So why the renewed interest in gold? How about an American Eagle coin that has increased to almost 10 times it’s original value? The Eagle coin sold for $50 in 1986, and as of Monday, was selling at $445.
“There is a demand, both here and abroad, for 24-karat gold coins. We want to meet this demand by providing the highest quality and most beautiful coins in the world,” said Mint Director Henrietta Holsman Fore.
While the U.S. Mint is the world’s largest manufacture of 22-karat coins, the market clearly demands something purer. Almost completely pure 24-karat gold coins dominate about 60% of the gold coin market.
Possible designs for the gold coins will be presented in Washington on April 28, according to a Mint press release.