Gold set a new record price of $1,242.70 a troy ounce May 12 as Europeans began chasing the precious metal in the wake of the Greek financial crisis. The crisis, quelled with a $1 trillion European Union-International Monetary Fund aid package, did not shore up the value of the euro, which had been falling in recent weeks to a recent low of $1.26.
Silver also perked up, though it is still far from reaching its old 1980 record of $50 a troy ounce, or even its approximately $24 high in early 2008.
However, the white metal was nearing the $20 mark, trading at $19.64.
So far, the U.S. Mint has not had to reimpose a rationing system for its gold American Eagle bullion coins or its newly available Buffalo bullion coins. However, the allocation of silver American Eagles continues as demand for the popular coin continues to outstrip supply.
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