November US Mint Gold Eagle Sales Most in 14 Years

The US Mint reported the strongest sales of its US Gold Eagles in 14 years amid strong demand to hedge against the poor economic situation in the world, with the keynote events of election and fiscal cliff capturing the imaginations of the public.  Price swings also fed demand, especially with gold and silver seemingly beginning to awake from sustained lulls.

Ultra high net worth individuals have taken a liking to gold as late, as investors last month bought more than 131,000 ounces of American Eagles produced by the US Mint, more than tripling last November and making for the strongest November since 1998, according to Data from the mint. November also was the second consecutive monthly rise after a dismal performance earlier this year. In October, the  Mint moved 59,000 ounces versus 50,000 ounces over the same period.

“This quarter is shaping up to be one of the best since the last quarter of 2008,” on dealer told Reuters.  The mint will likely be shutting down its 2012 coin production in the coming week so it can start minting its 2013 line.

Silver American Eagle coin sales in November rose to 3.135 million ounces, more than double last year’s sales at 1.384 million. It was, nonetheless, slightly below October’s  3.153 million ounces.

Historically, to be sure, US Gold Eagle sales are seasonal, with strong performances at the start of the year. In the summer, there is a “summer doldrums” and things pick up again in September. This is similar to how the coin prices fluctuate.

               Gold American Eagle coin sales (in ounces)
  Nov. 2012                     131,000
  Nov. 2011                      41,000
  Nov. 2010                     112,000
  Nov. 2009                     124,000
  Nov. 2008                     116,500
  Nov. 2007                      41,000
            Gold American Eagle coin sales (in ounces)
 Jan. 2012                   127,000
 February                     21,000
   March                      62,500
   April                      20,000
    May                       53,000
   June                       60,000
   July                       30,500
  August                      39,500
 September                    68,500
  October                     59,000
 November                    131,000