The United States Mint’s bullion coin sales were broadly lower during the past month. American Silver Eagle sales fell to their lowest monthly level of the year.
Leading into the summer months, the United States Mint Deputy Director Richard Peterson had noted signs of weakness in demand for silver bullion coins worldwide. The reduced demand had finally allowed the Mint to end their long running allocation program, which had limited the number of Silver Eagles that authorized purchasers could order. After running near record levels for the initial months of the year while under allocation, silver bullion sales dropped in June when allocation was lifted.
Further declines have followed in July 2014, with Silver Eagle sales measuring 1,975,000 ounces. This was down from the prior month when sales had reached 2,692,000 ounces. It was less than half of the total sales from the year ago period of July 2013 when sales had reached 4,406,500 ounces.
For the year to date, Silver Eagle bullion sales have now reached 26,103,500 ounces. This is down by 11.4% compared to the 29,450,000 ounces sold during the comparable year ago period.
July 2014 US Mint Bullion Coin Sales
| July 2014 | YTD 2014 | |
| American Platinum Eagle 1 oz | 0 | 12,900 |
| American Gold Eagle 1 oz | 26,000 | 224,500 |
| American Gold Eagle 1/2 oz | 0 | 27,000 |
| American Gold Eagle 1/4 oz | 6,000 | 78,000 |
| American Gold Eagle 1/10 oz | 25,000 | 385,000 |
| American Gold Buffalo 1 oz | 5,500 | 117,000 |
| American Silver Eagle 1 oz | 1,975,000 | 26,103,500 |
| America the Beautiful Silver 5 oz | 2,000 | 69,500 |
Sales of the American Gold Eagle bullion coins measured 30,000 ounces during July 2014, representing the second lowest monthly sales level of the year. The amount was down from the prior month when sales had reached 48,500 ounces and down similarly from the year ago period of July 2013 when sales were 50,500 ounces.
For the year to date, Gold Eagle sales have reached 296,000 ounces. This is less than half of the 679,500 ounces sold during the comparable year ago period.
Monthly sales for the American Gold Buffalo bullion coins measured 5,500 ounces, representing the lowest monthly sales level in two years.
The United States Mint did not record any sales for the American Platinum Eagle bullion coins during the past month. After more than a five year hiatus, the platinum bullion option had been relaunched in March when sales reached 10,000 ounces. For the following month of April sales had dipped to 1,200 ounces, followed by 1,000 ounces in May, 700 ounces in June, and finally zero ounces in July.
Rounding out the bullion offerings were the America the Beautiful 5 oz Silver Coins, which added 2,000 pieces during the past month.
I’m not at all surprised to see dwindling sales for the platinum bullion coin. Every example I’ve seen has multiple scratches and uneven, grainy surfaces. And the leagle’s left wingtip is consistently marred by carbon spotting or milky blotches or both. The mint’s lack of quality control for this issue makes it clear: Bullion platinum is not meant for collectors.