U.S. Mint Sales Figures Continue to Soar
Posted by Adam King on November 30, 2012
The latest figures from the U.S. Mint continue to show a surge in demand for several levels of American bullion and collector proof gold coins.
In early trading on Friday, the spot price of gold gained 0.30 percent to $1,729.91 per troy ounce, in line for a 1.3 percent weekly drop but a 0.6 percent monthly gain. U.S. gold futures for February delivery traded down $3.90 to $1,725.60 per troy ounce.
Figures for the 2012-W Proof American Eagle Gold Coins gained 2,152 against the 1,302 previously reported. One-ounce size gold coins appear to be in the greatest demand, moving 1,189 against the prior 302. Individual half-ounce size gold coins sold out early last week, which is partially attributed for a run on the entire series.
Very sharp increases occurred in the last seven days for all bullion American Eagle Gold Coins. One-ounce bullion coins sales surge by 52,500 ounces with a one-day gain on Wednesday of 44,500 ounces. The sales streak continued on Thursday as 11,000 ounces moved at the Mint.
The increases in the last seven days are cumulatively higher than several prior 2012 monthly totals. For all sizes, November sales are currently at 120,000 ounces. That figure is double the 59,000 ounces sold in October and triple the 41,000 ounces moved in November 2011. Current sales figures show November has overtaken the year’s monthly record of 127,000 ounces, set in January when 2012-dated American Eagles debuted. November Bullion Gold Eagles sales currently stand at 131,000 ounces, the highest figure since 133,500 ounces were sold in January of 2011.
The buying atmosphere continues to shed light on the investor demand for gold that is currently present in both markets and wider investment classes. With a 1.3 percent drop in gold on the week, buyers are now entering the physical market at multi-year highs. This also highlights confidence in gold despite the correction the precious metal has been in for most of the year.
The approaching U.S. fiscal cliff is often mentioned when analyzing the gold market and physical demand at this time, but it is also telling to demonstrate that the current record physical demand is occurring only two months after the announcement of QE3 by the Federal Reserve in mid-September.
Sales figures for Friday, to be released later tonight or Monday, will likely continue the high-buying trend.