April 21, 2014

Gold and Silver Eagle Bullion Sales Slower After Brisk January

At mid-month, sales of the United States Mint's American Gold and Silver Eagle bullion coins reflect a significant slow down from the prior month. While a slow down from the traditionally strong month of January was expected, sales are also tracking significantly below year ago levels.

For the month of February 2012 to date, the US Mint has recorded sales of 835,000 of the one ounce American Silver Eagle bullion coins. These coins are made available by the United States Mint to a network of primary distributors, known as authorized purchasers, who may purchase the coins based on the market price of silver plus a fixed mark up. From there, the coins are resold to secondary dealers and the consumer market.

The sales total compares to 6,107,000 ounces worth of Silver Eagles sold during January 2012. In the year ago period of February 2011, the US Mint had recorded sales of 3,240,000 ounces.

Meanwhile, month to date sales of the American Gold Eagle bullion coins have reached 15,000 ounces. Sales include 14,500 one ounce size coins and 2,000 one-quarter ounce sized coins. These bullion coins are also distributed through the network of authorized purchasers, with the cost based on the market price of gold plus a percentage mark up.

Last month, the US Mint had sold 127,000 ounces worth of Gold Eagles. In the year ago period, sales had reached 92,500 ounces.

The US Mint has also continued to sell remaining inventories of 2011-dated American Gold Buffalo coins. These bullion coins are struck in 24 karat gold and available in one ounce size only. For the month of February 2012 to date, sales have reached 3,500 coins.

The 2011-dated America the Beautiful Silver Bullion Coins also apparently continue to be available for ordering by authorized purchasers. For the month to date, the US Mint has not indicated any sales taking place.

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Comments

  1. jonny oneal says:

    we really do not need to be told that current silver eagle sales are only to the precious 23 AP mega-corporations that own the u.s. mint. i have been actually harping about this for several years, with no result except contact from some citizens who are as outraged as i am that if we buy before the mint releases, we pay a triple mark-up on the coins. contact your cpngrees person or senator or the prez and get this stopped.

  2. Coin Update says:

    Refer to some of the comments in this previous post:
    http://news.coinupdate.com/us-mint-offers-aps-discount-on-gold-eagles-1134/

    At the end of the day, the wholesale distribution to authorized purchasers results in lower prices for the public.

    The only major world mint that I am aware of that sells one ounce silver bullion coins individually directly to the public is the Perth Mint. The one ounce Silver Koalas are priced at $56 each. Bullion dealers sell them for $40 each.

    Similarly, the US Mint could not conceivably sell one ounce Silver Eagles individually at $2.00 above spot. Prices would most likely be $10 or $15 higher than spot.

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