Gold Demand Hits Gold Coins Hard

Last week gold demand hit gold coins hard as global finance markets got turned on their ear over Greece.During the first week of May the U.S. Mint sold 41,500 1oz. Gold Eagles.To put this in perspective, total sales for the entire month of April were 60,500 ounces, a number that is surely to be exceeded in May.

Last week, Greece was the word.One minute there is a plan to bail them out, the next there is not.When it looked briefly like they may be left alone to default, world markets got punished.The U.S. Stock market lost an estimated $1 trillion in market cap making the $400 billion of Greece debt pale in comparison.

Ironic isn't it.One country threatens default and the whole world pays whether they want to or not.Finally, the world succumbed and a bailout to include IMF money is forthcoming.At least that's the story of today.

In response to all of this, gold prices marched steadily higher on the gold charts last week, as many flew at jet speed into a safe haven.Today, upon news of a deal for Greece, the stock markets rebounded, gold settled as some profit taking took place and the ostrich buried its head in the sand once again.

I suspect the next time the ostrich takes a peak, he will see inflation and gold passing by hand in hand as the world realizes yet another bailout with printed money leads us once again down the path of hyperinflation.

Buy gold before its all gone.