During the month of November 2010, the United States Mint’s American Silver Eagle bullion offering moved further into record territory for annual sales and broke a record for monthly sales. The American Gold Eagle saw an increase from the previous month, but annual sales remain well below record levels and probably will not surpass last year’s total.
The stronger silver bullion sales occurred as silver rose sharply to more than $28 per ounce during the month, before retreating to around $25, and closing the month at $27.13. The price of gold surpassed the $1,400 level briefly, before retreating and rebounding in a similar pattern to silver.
The following table displays the United States Mint’s bullion coin sales during the month of November 2010. Sales were limited to American Silver Eagle and Gold Eagle coins. The American Gold Buffalo and American Platinum Eagle remained unavailable. The Gold Buffalo bullion coins sold out in September, while the Platinum Eagle has not been available in bullion format since late 2008.
November 2010 US Mint Bullion Coin Sales
|November 2010||YTD 2010|
|American Gold Eagle 1 oz||107,500||1,084,500|
|American Gold Eagle 1/2 oz||6,000||45,000|
|American Gold Eagle 1/4 oz||4,000||60,000|
|American Gold Eagle 1/10 oz||5,000||385,000|
|American Silver Eagle 1 oz||4,260,000||32,890,500|
|American Gold Buffalo 1 oz||0||209,000|
American Silver Eagle sales for the month were 4,260,000, representing the highest monthly total since December 1986, when 3,696,000 ounces were sold. That month had actually represented the first full month of availability for the bullion offering, which drove substantial demand. Breaking this long standing record is an indication of the strong demand for physical precious metals.
The annual Silver Eagle sales total is now 32,890,500, which exceeds the previous annual record of 28,766,500 set last year.
Gold Eagle bullion coin sales for the month totaled 112,000 ounces, across the one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce options available. This is the third consecutive month-to-month increase for the offering. Annual sales have now reached 1,160,500.
The record for annual Gold Eagle sales occurred back in 1999 when 2,055,500 ounces were sold. Last year, the US Mint sold 1,425,000 worth of Gold Eagles.