American Eagle Gold Coin Sales Set for Best January Since 1999
Posted by Adam King on January 16, 2013
Figures from the U.S. Mint’s website, sales of American Eagle Gold Coins have reached 85,500 ounces thus far in the month of January 2013. The Mint carefully tracks orders placed for American bullion coin to its network of authorized distributors and since the beginning of November the sales figures have served, in some ways, as a more accurate bellwether for the gold market than possibly even the spot price, which has been more sensitive to the influence of politics and the news.
The total at 85,500 ounces, though the month of January is only half over, represents sales levels far-surpassing the 76,000 ounces sold in the entire month of December. Current sales totals, clearly, are expected to grow.
In early trade on Wednesday, the price of gold ease modestly from a near two-week high on Tuesday. The spot price drifted a scant $0.53 or 0.08 percent to $1,678.34 per troy ounce. U.S. gold futures for February delivery, just one month from now, lost $7.30, or 0.43 percent, to $1,676.70 per troy ounce.
January typically is a strong month for sales as the newly dated coinage is made available. Last year, January 2012, 127,000 ounces of gold coins were sold through the Mint. In January 2011, 133,000 ounces passed through the mint. 2011 and 2012 marked highs in the orders through the Mint since 2000.
Now, orders of gold coins are set to break that record with sales verging on 1999 levels. Over two weeks remain in January and collectors are watching the numbers and asking how high it can go. The entire year of 1999 has been described as blockbuster in terms of sales, with the mint moving 281,000 ounces of gold as the millennium inspired collectors to pick up on the date.
In 1999, an ounce gold cost $291, meaning roughly $82 million worth of coins sold. Currently, an ounce of gold is $1,678.34 per troy ounce, meaning the price of gold has increased many fold.
Coin sales were extraordinarily high in 1999, and the choice to buy has turned out to be one of the best investments of the past decade. Few assets have performed as well and most projections see gold continuing the current trend into the future as central banks continue their accommodative monetary policy around the world.
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American Eagle Gold Coins, buy gold coins, gold market, gold news, gold price, spot price of gold, US mint sales
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