August 20, 2014

Gold and Silver Eagle Bullion Sales Up Strongly in July

2013 Gold EagleDemand for the United States Mint’s American Gold and Silver Eagles continues to remain at elevated levels as investors take advantage of lower spot prices. Sales levels for the gold and silver bullion coins were both up strongly compared to year ago levels.

For the typically seasonally weaker month of July, American Gold Eagle sales reached 50,500 troy ounces across the available one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce sizes. The total sales represented an increase of 65.57% compared to the total sales of 30,500 from the year ago period.

For the year to date, Gold Eagle bullion sales have now reached 679,500 troy ounces. This is up by 81.68% from the 374,000 troy ounces sold during the comparable year ago period.

July 2013 US Mint Bullion Coin Sales

July 2013 YTD 2013
American Gold Eagle 1 oz 43,000 587,500
American Gold Eagle 1/2 oz 4,000 47,000
American Gold Eagle 1/4 oz 8,000 94,000
American Gold Eagle 1/10 oz 35,000 450,000
American Gold Buffalo 1 oz 18,500 180,000
American Silver Eagle 1 oz 4,406,500 29,450,000
America the Beautiful Silver 5 oz 17,000 131,200

During July 2013, sales of the American Silver Eagle bullion coins reached 4,406,500 ounces. This represented an increase of 93.44% compared to the sales from the prior year period when the US Mint had recorded sales of 2,278,000 ounces in July 2012.

An important factor to consider when making comparisons is that the US Mint continues to ration supplies of Silver Eagles bullion coins. Through the standard allocation program, the available supplies of coins are allocated amongst the network of authorized purchasers. As such, current sales levels are not necessarily a reflection of the full market demand for the coins. During the prior year period, the allocation program was not in effect.

For the year to date, Silver Eagle bullion sales have now reached 29,450,000 ounces. This represents an increase of 49.72% compared to the comparable year ago period when sales had reached 19,670,000 ounces.

The current pace of Silver Eagle sales puts the US Mint on pace for a record breaking year. The current annual sales record of 39,868,500 was reached in 2011.

During the month, the US Mint’s 24 karat American Gold Buffalo bullion coins added sales of 18,500 one ounce coins. The America the Beautiful 5 oz. Silver Coins added 17,000 units, accounting for 85,000 troy ounces of silver.

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Comments

  1. Gary says:

    Seems U.S. buyers can never get enough gold to satisfy themselves! This, despite the big crash in gold prices!!! I fully expect gold to be at or near $1,000 per ounce by the end of this year or next spring. Since 2010 there has been so much newly mined gold dug out of the ground it needs to be dispersed in the form of coins as soon as possible. With mining costs still around $500-$600 an ounce to produce, it will still be a big profit maker to the mining industry, even at $900-$1,000 per ounce. The mythic tale of “all of the gold ever mined would fit an Olympic size swimming pool” is just a way to keep the characterization of gold as “rare” is just another spin-story to prop up gold prices. Gold will eventually go the way of diamonds as an investment item. The diamond “industry” is really just DeBeers mining company or monopoly I should say. That firm owns vertually all below ground reserves (which are vast and extensive) and self creates the diamond market, marketing and PR

  2. MarkInFlorida says:

    Thanks, Gary, but I’ll just keep hoarding gold, no matter what you think. Gold is nothing like diamonds. Diamonds are a cartel of one company but gold has been a store of value for 5000 years. Say hi to Ben and tell him to keep the presses printing those paper dollars.

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