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U.S. Mint gold bullion sales rose 360% in May

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(Kitco News) - In May 2021, the U.S. Mint has reportedly sold 20,500 ounces of Gold American Eagles vs. only 11,500 ounces in May of 2020. In addition to this, American Buffalo gold coins were even more popular, with 44,000 one-ounce gold coins sold in May 2021 vs. just 2,500 ounces in May 2020. It must be noted, the U.S. Mint previously limited sales due to the preparation for the July launch of the Type II gold and silver eagles, which have proven to be popular.

There has been some great interest in this year’s American Eagle series as there will be a design change on the reverse coming this July. This is said to be the first design change since the series debuted 35 years ago in 1986. Interestingly, it had been great timing after the 1933 Double Eagle Gold Coin sold for a record $18.9 Million at Sotheby’s in New York.

 

(Picture from coinweek magazine)

This has also attributed to some of the increased demand. Either way, the sheer volume of purchases bode well for the yellow metal and may go some way to balance out some of the demand loss from India due to the COVID-19 pandemic. Some analysts have also suggested the stimulus checks and improved job security in the U.S. contributed to the increased demand for bullion. It's still fair to say that gold is a great safe haven asset and despite the rise in some other alternative choices the yellow metal still has its appeal. 

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 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.