US Mint Gold Sales Increase As Silver Delays Persist
Why are US Mint gold sales on the rise? When you look closely at the news in silver market, of potentially two month delays on many products, the picture becomes clearer. Purchase of gold ETFs has increased, and the US Mint sold 7,500 ounces in gold coins and 871,000 ounces in silver coins. Sales splits in gold coins include 6,500 ounces in American Gold Eagles and 1,000 ounces in American Gold Buffalo coins.
Silver has been the attention of investors this year, in particular with long delays in the metal over the past month. Nevertheless, gold sales have remained robust. American Buffalo 1-ounce gold coins sales in 2015 are ahead of 2014 levels. As of September 23, the Mint reported sales for the year to authorized purchasers of 169,000 of the 1-ounce gold coins. In the first nine months of 2014, the Mint sold 139,500 Gold Buffalo coins.
Not only as the US Mint seen an increase in sales. As Reuters reported in September, gold coins sales have surged in the US and Europe, with sales from the US Mint reaching levels not seen since the 2013 prices crash. In the third quarter 2015, gold American Eagle sales have had the highest quarter since 2013.
“The industry has been on an absolute tear for the last three months,” Scott Spitzer, chief operating officer at Manfra, Tordella & Brookes in New York, told Reuters. “Every time there’s been a break in the price and there’s been volatility, there has been enormous growth in retail interest.”