Houston News
Investors losing faith in the dollar hunt for Buffalo gold coins
05:59 PM CDT on Monday, October 6, 2008
HOUSTON—At Royal Coin and Jewelry, Sonny Toupard’s phone has been ringing off the hook.
His customers are looking for coins – gold coins, to be precise.
“People are buying it as an investment because of the stock market,” Toupard said.
He’s not the only one finding gold hard to come by.
With stock prices falling, the price of gold is going up, causing a gold rush so frantic the U.S. Mint can’t even keep up.
The American Buffalo gold coin is being hunted down so enthusiastically there are only a few remaining on the open market.
The 24-carat gold pieces were first released two years ago, and two weeks ago the U.S. Mint halted its production.
Apparently, the cost of production and the cost of acquiring the gold may have actually exceeded the sales prices.
The coin was worth $862 before production stopped. Now it’s worth close to $1,000.
It’s a safer bet for those who are losing faith in the dollar.
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