Gold Eagle Coins Sales Up 130 Percent, to Continue in 2013
Posted by Adam King on December 18, 2012
November is traditionally considered a powerful month for gold sales and last month proved to follow tradition. According to CNN, November 2012 sales of American Eagle Gold Coins topped 136,000 ounces, a 130 percent increase from the 59,000 ounces sold in October. The physical demand has boosted the prices higher in the gold market, with 2012 currently registering an 8 percent gain in the price of gold on the year.
In late trading yesterday, gold steadied with a slight gain in U.S. gold futures for February delivery, up $0.80 to $1,697.80 per troy ounce. The spot price of gold gained $0.40 to $1,697.00 per troy ounce. Comex silver had a slight loss of $0.034 to $32.265 per troy ounce.
Gold Coin, a coin investment advisor, projects that gold coin prices will continue to increase in 2013 as a process of wealth preservation during our economically turbulent times.
Arthur McGuire, Vice President of Gold Coin, said investors are flocking to gold right now because it’s the only real protection from the dangers of the upcoming fiscal cliff. He added that the Federal Reserve is likely to continue stimulus measures by overprinting billions of dollars every month, slowly degrading the value and purchasing power of our hard-earned dollars.
Chris Blasi, president of Neptune Global Holdings, a boutique precious metals firm in Wilmington, Del., said the November surge in physical demand arrive immediately after the U.S. election and was heavy with retail investors.
Blasi added that after the election, investors felt that the gridlock in Washington and the policies that were supportive to gold were not going to change. He then said there’s also a degree of fear and uncertainty about what lies ahead for the economy and that’s where gold steps in as a safe haven.
Gold, uniquely, is a tangible store of wealth, which makes it an ideal investment and property in the current financial climate. Increasingly, gold is also viewed as an alternative currency, which adds to demand in the market.
Since the end of 2002, gold has risen 518 percent from about $275 per troy ounce to the current levels about $1,700 per troy ounce. The gold market is currently completing its twelfth year in a bull rally.
Categories:
US Gold Market
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