Platinum Sales Win Over Gold, Silver as Q3 Kicked Off – U.S. MintBy Sarah Benali of Kitco News
Monday August 01, 2016 14:42
(Kitco News) - After posting stellar sales so far this year, it seems the U.S. Mint's gold and silver coin sales are headed for a slump in the third quarter. Unless, investors preferred another precious metal instead.
Looking at July sales data, the U.S. Mint’s gold American Eagle coin sales were down 47.6% month-over month and 77% year-over-year.
In July, the mint only sold 38,500 ounces of its gold Eagle coins, down from 170,000 ounces sold in the comparative month last year and down from 73,500 ounces sold in June.
To put this into perspective, during the first months of the previous quarters this year, the mint sold 124,000 ounces in January (-69%) and 105,500 ounces in April (-63.5%).
The same goes for the American Eagle silver bullion coin, which saw sales drop over 51% month-over-month and by 75% year-over-year in July.
The U.S. Mint’s data showed sales of 1.37 million ounces last month, down from 5.95 million ounces sold in January and 4.07 million ounces sold in April – the first months of Q1 and Q2.
Have investors just lost interest in gold and silver coins, or was there something else at play?
Looking at the sales data, investors seemed to flock to platinum coins last month instead.
For the first time since 2014, the U.S. Mint offered a one-ounce American Eagle platinum bullion coin in July and managed to sell 19,000 ounces in the last week of July. This was the first time since 2014 when it sold 16,900 ounces coins, which was the first time the coin was produced since 2008.
Last month, platinum prices managed to surpass gold and silver prices with October platinum futures prices rising over 12%. Meanwhile, gold futures rose by only 2.15% and silver futures rallied 9.5% in July.