U.S. Mint Numismatic Precious Metals Sales Decline
According to Coin Update, sales of numismatic precious metal coins showed weekly sales declines. Future sales, however, may increase due to an upcoming price decrease based on the recent correction in precious metal prices.
The latest report of the United States Mint’s numismatic product sales shows mostly lower numbers for precious metals products. Elsewhere in the report, the Chester Arthur Presidential $1 Coin and Alice Paul Bronze Medal Set makes its debut.
Ten out of sixteen gold numismatic products showed weekly sales declines compared to the prior period. The US Mint currently has these products priced based on an average gold price within the $1750 to $1799.99 range. With the market price of gold below this range for the entire reporting period, buyers may be showing restraint as they await the next weekly pricing adjustment.
Eighteen out of twenty-seven of the silver numismatic products showed weekly sales declines compared to the prior period. The US Mint raised prices for many of these products earlier in the month when the market price of silver was approaching $35 per ounce. Silver has since fallen back from this level, although the higher product prices remain in effect. The America the Beautiful Five Ounce Silver Coins showed sales declines across all nine options currently available. Gains were seen for the 2012 Proof and 2012-W Uncirculated Silver Eagles compared to the prior period.
The 2012 Proof Platinum Eagle, which is the only available platinum product, showed negative sales on the week.
See the full sales report for U.S. Mint numismatic products here.
Month to date figures for U.S. Mint gold and silver bullion coins remains strong. Through October 24th, the U.S. Mint sold 2,584,000 one ounce American Eagle Silver Bullion coins. If the current sales pace continues, monthly sales could exceed 3.5 million ounces which would be the second best monthly sales total after January when 6,107,000 silver Eagles were sold.
Sales of the American Eagle Gold Bullion coins also remain strong through October 24th with 48,500 ounces sold. If the current pace of sales is maintained, total sales of the American Gold Bullion coins should reach almost 65,000 for October which would be the third highest sales month of the year. In January the U.S. Mint sold 127,000 ounces of gold bullion coins followed by 68,500 ounces in September.
Although gold prices have soared over the past decade and the purchasing power of the dollar has collapsed, the American public still does not recognize the value of gold and silver as a store of wealth. Expect this to change as the bull market in precious metals continues.