Precious Metals

Buyers purchase fewer gold American Eagles, Buffaloes

The United States Mint sold just 5,000 of the 2024 American Buffalo gold $50 bullion coins in March, just a third of the number the buyers purchased in February.

Images courtesy of the United States Mint.

While the spot price of gold in March set a record eclipsing $2,200 an ounce, U.S. Mint sales of American Eagle and American Buffalo gold bullion coins dropped drastically from the previous month.

According to the U.S. Mint’s sales report (https://www.usmint.gov/about/production-sales-figures/bullion-sales), the bureau recorded sales in March of just 12,000 ounces of the .9167 fine gold American Eagles, compared to 19,500 ounces in February and 123,000 ounces in January.

Total cumulative American Eagle gold bullion coin sales for the first three months totaled 154,500 ounces: 110,000 of the 1-ounce gold $50 coins; 26,000 half-ounce $25 coins; 52,000 quarter-ounce $10 coins; and 185,000 tenth-ounce $5 coins.

The 2024 American Buffalo 1-ounce .9999 fine gold $50 coin sales reached just 5,000 coins in March, bringing the three-month total to 66,500 coins.

The bureau has not offered a 2024 American Eagle 1-ounce .9995 fine platinum $100 coin yet and has announced no release date for its issue.

March sales of 850,000 of the 2024 American Eagle 1-ounce .999 fine silver bullion coins brings that coin’s first quarter sales total to 7.45 million coins.

The U.S. Mint sells its bullion coins to several authorized purchasers (https://catalog.usmint.gov/coin-programs/bullion-authorized-purchasers.html ) who buy the coins at the spot price for the metal on a given day plus a premium, after which the coins may be sold to collectors, investors and other dealers at a small markup.

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