Gold, Silver Bullion Coin Sales Skyrocket in February
Posted by Adam King on March 04, 2013
The American Eagle Gold Coin and the American Eagle Silver Coin surged in sales at the U.S. Mint in February compared with the same period last year.
Early Monday trade saw the price of gold level out with a modest move down of $1.72 or 0.11 percent to $1,574.39 for the spot price of gold. U.S. gold futures for April delivery are up $1.10 or 0.07 percent to $1,573.10 per troy ounce.
Sales figures from the U.S. Mint show sales of the American Eagle Gold Coin totaled 80,500 ounces in February, an increase of 283 percent from comparable sales of 21,000 ounces during February of 2012. In the month of January, the Mint sold 150,000 ounces of the gold bullion compared with 127,000 ounces sold to its network of authorized distributors in January of 2012. The January gold bullion sales levels were the sixth largest on record and the highest sales levels since July 2010 when the U.S. Mint sold 151,500 ounces.
Total 2013 sales of the American Eagle Gold Coin are through the month of February are up 56 percent compared with a comparable period last year. For the year to date, the U.S. Mint has taken orders for 230,500 ounces of gold bullion coins compared with a total of 148,000 ounces during the first two months of 2012.
Last month, the American Eagle Silver Coin sold at record-shattering levels and the momentum has remained strong. During the month of January, the U.S. Mint sold 7,498,000 ounces of silver bullion coins as public demand for silver bullion skyrocketed. The demand forced the U.S. Mint to suspend sales twice as they replenished inventory and increased production. Prior to 2008 and the economic crises, total annual sales of the silver bullion coins averaged only around 9.5 million coins. In 2012, the U.S. Mint sold 33,742,500 ounces of its silver bullion.
During the month of February 2013, the U.S. Mint reported that 3,368,500 American Eagle Silver Coins were sold, a jump of 126 percent over the sales at 1,490,000 during February of 2012.
Current demand for both gold and silver bullion coins indicates the physical market is taking a strong indication from lower prices as investors seek more gold and silver coins.
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US Gold Market Tags:
american eagle coins, gold market, gold price, Silver market, silver price, spot price of gold, US mint sales
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