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Why Did Gold Coin Sales Slow Down Last Month?

After months of record-high gold coin sales, two of the world’s most well-known mints have reported a reduction in sales for May. The U.S. Mint and the Perth Mint both reported that sales for gold coins (and bars for the Perth Mint) were down last month.

The U.S. Mint’s report shows that sales of gold Eagle coins and gold Buffalo coins, in Un-circulated and Proof form, were down but still on track to set annual records. In May, the U.S. Mint sold 70,000 ounces worth of gold coins, down substantially from the 209,500 ounces of gold coins that were sold in April. The U.S. Mint has sold 594,000 ounces of gold coins so far this year, and a total of 753,000 ounces of gold coins were sold in all of 2012.

Total sales of gold bars and coins at the Perth Mint were 86,983.54 ounces in May, compared to 111,505.06 ounces of gold in April. According to the Perth Mint, April’s sales numbers were an all-time monthly record.

Analysts have been divided on exactly why gold sales were down in May compared with October, but many agreed that the shock of gold going down so much in April sparked a buying frenzy that could not be duplicated in May. Additionally, silver investing seems to be an emerging trend among household investors, meaning that some funds that would have otherwise been used for gold have now been earmarked for buying silver. Analysts are unsure if this trend will continue but say so far it looks as though many gold coin dealers will still be on pace to set annual sales records.

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