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