U.S. Mint Sales 5 Oz Silver Coins Surge Posted by Adam King on March 08, 2013
Newly released Girl Scouts Silver Dollars fronted United States Mint numismatic product sales last week.
A general surge in silver coins continues to influence sales at the Mint just weeks after the Mint was forced to suspend sales of its American Eagle Silver Coins and implement an allocation or rationing program after record sales depleted inventories.
The 2013-W Proof Silver Eagle Coins more than doubled their performance from the previous week with an advance of 22,151. Sales reached 352,287 ounces in the process, claiming the second top selling product place for the 2013-W Proof after the 2013 Proof Girl Scouts Silver Dollars with 29,331 coins ordered from the Mint by authorized distributors.
2013 Uncirculated Girl Scouts Silver Dollars reached 12,293 units sold, claiming the third ranks in best-selling products. The 2013 Presidential $1 Coin Set added 5,934 to 135,383 and the 2013 William McKinley (P) $1 Coin Roll gained 3,587 to 34,653 to round out the top five.
Sales also jumped for the 2012 America the Beautiful Five Ounce Silver Uncirculated coins with notable sellouts in the Acadia Silver Coin and the Denali Silver Coin during the month of February.
During a period of unprecedented physical demand that commenced in earnest following the Presidential election in the U.S. the Mint has experienced multiple product sellouts particularly in the silver coins category.
Currently an increased focus on equities is perceived as dampening the precious metals markets despite the strong physical buying interest. Equities at multi-year and all-time highs are producing a risk-on sentiment that has many investors seeking to profit from an already extreme market.
Howard Wen, metals analyst at HSBC, said as long as equities keep hitting new highs, investors are not going to look toward gold. He added the focus is on equities right now and it doesn’t seem to be toward safe havens.
Tuesday saw the Dow rally to a new record high and the S&P 500 close at its highest level since October 2007. Gains in equities continued through Friday.
Increased focus on equities is contributing to a buyer’s environment in precious metals at the current time as prices are relatively affordable. Long-term trends for precious metals bull markets remain intact.