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Demand Rises for Collector and Bullion Gold Coins, US Mint Sales

Higher gold prices in the previous week have stoked demand for bullion and collector gold coins from the United States Mint according to new sales figures just released by the Mint.

Many US Mint products have been moving sideways but gold coins have made impressive week-on-week advances.

Among the products selling well are the classic American Gold Eagle of all sizes and types. Collector uncirculated and proof Gold Eagles have seen an increase of 1,178 unit sales after the previous 357. For investment-grade bullion Gold Eagles, a combined 13,500 ounces were sold this week against 7,250 ounces sold last week.

The same is true of American Gold Buffalo coins. Proof sales gained 298 past the previous 163 as bullion versions added 3,500 compared to 2,000.

Recent price increases at the US Mint could anticipate a contraction in collector gold coin sales absent a surge in gold prices.

As no new products were released last week, proof Silver Eagles and core annual sets moved to the Mint’s top sales. 2012 Proof Silver Eagles gained 11,699 to 573,967 and 2012 Proof Sets added 8,299 to 510,861.

There is a significant increase in sales of gold coins and the five-ounce America the Beautiful Silver Bullion Coins. Demand for the popular bullion Silver Eagle is slightly weaker.

The latest 7-Day increase in American Buffalo Gold coins is 3,500 compared to last week’s 2,000, bringing August sales to 9,000. American Eagle Gold Coins gained 11,500 unit sales this week compared with last week’s 9,000 and bringing August sales to 29,000.

American Eagle Silver Coins dipped from 631,000 sales last week to 499,000 this week to bring the August totals to 2,520,000.

Demand reflects the recent price breakout in precious metals following the Federal Open Markets Committee Meeting’s minutes released last week. The minutes reflected a leaning toward more quantitative easing by the Federal Reserve. Prices in gold reached 4-1/2 month highs since then, though they have retreated somewhat in trading on Thursday in anticipation of the speech to be given by Ben Bernanke at the Jackson Hole Summit beginning today and attended by central bankers.

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