Gold American Eagle sales double amid falling bullion prices
- Published: Sep 30, 2014, 7 AM
Increased investing amid falling precious metals prices triggered increased American Eagle bullion coin sales by the U.S. Mint in September, more than double the previous month's sales.
Through the close of business Sept. 29, the Mint recorded sales totaling 55,500 ounces of the bullion coins. The total reflects 48,500 ounces in 1-ounce $50 face value gold coins; 2,500 ounces in half-ounce, $25 face value coins (5,000 coins); 2,000 ounces in $10 face value quarter-ounce coins (8,000 coins) and 2,500 ounces in tenth-ounce, $5 face value coins (25,000 coins).
September's sales of half-ounce coins are the first sales of the half-ounce coins since June.
September totals are the highest since January, when 91,500 ounces of all sizes were recorded sold.
Cumulative monthly sales totals can be found here on the Mint's website.
January's sales are usually the highest for a given year, since that is when the incoming year's coins are first released. The 1-ounce coins are traditionally acquired by investors, with the tenth-ounce size split among those wanting to be able to hold some gold, and use in jewlery. The half-ounce and quarter-ounce sizes are anomalies, with no definitive division between collector and investor loyalty.
Gold, silver and platinum American Eagle bullion coins are not sold to the general public. They are sold to a series of authorized purchasers who purchase the coins for the spot price per troy ounce of metal on a given day plus a small premium per coin. The authorized purchasers may then redistribute the coins through wholesale and retail sales.
Platinum American Eagle sales for the 1-ounce coin in September, 2,600 ounces through Sept. 29, are nearly four times the number recorded sold by the Mint in August.
Silver American Eagle1-ounce bullion coin sales through Sept. 29 totaled 3,375,000 coins, which is 68 percent higher than August sales.
The closing spot price for the London PM fix for gold on Sept. 30 reached $1,216.50. The year's high was $1,385, on March 14. Platinum closed Sept. 30 at $1,300, compared to the high of $1,511, reached July 2. Silver closed at $17.11 on Sept. 30, compared to the year's high, so far, at $21.85, achieved Feb. 26.
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