Sure, but at least we have INTRINSIC value with gold coins -- bullion or melt value. So a repeat of the Baseball Bubble is a non-starter. The reason I mentioned demand is that most/many gold coins are interchangeable from the buyer's POV. Sure, sometimes a Libertad or Maple Leaf or Chinese Panda is a nice change of pace. But an ounce of modern gold is an ounce of gold. So while supply here is important, so is demand. What would be interesting would be to see who are the buyers for each of the national Mint's gold coins. I am sure most have their marketing departments knowing who buys their coins, domestic or foreign buyers.