U.S. Mint Gold Coin Sales Update

The U.S. Mint has just released its latest weekly report on sales of gold coins, and the majority of analysts believe that the Mint’s sales numbers are directly tied to the fact that gold just posted its best weekly gain since October 2011. Gold jumped $64.90 this week, which represents a 5.4 percent increase. The spot price of $1300 is the highest mark gold has achieved since June 21, and these recent gains have been attributed to weakness in U.S. currency as well as Federal Reserve chairman Ben Bernanke’s monetary policy that is viewed as “loose” by many investors and economists.

Gold bullion coin sales were solid at the U.S. Mint but not to the degree that some analysts expected. A total of 11,500 gold coin ounces were sold last week, compared with 24,500 the previous week. The breakdown was 5,500 ounces of gold Eagle coins and 6,000 ounces of gold Buffalo coins. These figures take into account both Uncirculated and Proof versions of those coins.

Analysts believe that the slowing of gold coin sales has multiple reasons. First, some investors believe that such a spectacular spike can only be followed by a pullback, which would allow for bargain buying. Second, silver coins have been receiving a lot of attention as of late, as evidenced by the ever-increasing silver coin sales by the U.S. Mint and other entities. Lastly, many investors are now switching their allegiance from modern-day U.S. bullion coinage to older U.S. coins, which provide privacy, and lower-cost bullion products like Maple Leafs, Krugerrands and standard bullion bars. Check out the Update page often for sales volume information, discounts, special offers and upcoming events that may be of interest to gold coin buyers.

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