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100% Surge In Gold & Silver Coin Sales – U.S. Mint

(Kitco News) - As the second quarter came to an end, and metals prices remain range-bound, gold and silver coin sales have seen a surge this past month, up over 100% in June after dismal May sales, says one bank.

“Sales of gold coins by the U.S. Mint have now risen by 150% m/m for the four weeks of June,” said analysts from Barclays in the bank’s Gold Delta report released Monday.

“Total sales have now turned positive for a y/y basis, rising by 20%,” they added.

Based on sales data released by the U.S. Mint, 76,000 ounces of the gold 2015 American Eagle bullion coins were sold in June alone, compared to 21,500 ounces sold in May. This represents an increase in sales for the mint of over 253%. 

From the end of May to the end of June, Comex August gold prices dropped roughly 1.5%, with the metal ranging from a low of $1,168.50 to a high of $1,205.70.

For the first half of 2015, sales of the same coin amounted to 273,000 ounces, up from 266,000 ounces during 2014’s comparative period.

American Buffalo gold coin sales also saw a surge in June, although sales were much lower for the first half of this year.

The mint said June sales of the Buffalo coin reached 21,000 ounces, compared to 9,500 ounces in May, a rise of roughly 121% month over month.

However, for the first half of the year, sales were lower compared to last year. According to the mint’s data, H1 sales reached 96,500 ounces in 2015, while sales were reported higher at 111,500 ounces over the same period last year.

On the silver front, the mint reported weaker sales of its American Eagle silver coins, which reached sales of roughly 21.8 million ounces so far this year. During the same period in 2014, sales had reached about 24.13 million.

However, it is not all bad for silver coin sales as purchasers seemed to be interested in silver coins much more in June than in May.

In June, the mint reported sales of 4.84 million ounces of its American Eagle silver coins, while sales only reached 2.02 million ounces in May. This amounts to roughly a 139% rise in sales month over month.

From the end of May to the end of June, silver prices dropped roughly by 6.9%, hitting a monthly high of $17.205 and a low of $15.44.

By Sarah Benali of Kitco News sbenali@kitco.com
Follow me on Twitter @SdBenali

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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