October 5, 2022

Gold Philharmonic Sales Drop 80%

Recent reports indicate that sales of gold bullion coins from the Austrian Mint have dropped a shocking 80% from year ago levels. The Austrian Mint produces the Gold Philharmonic, which has for some quarters been the world’s best selling gold bullion coin.

According to the article, the Marketing Director of the Austrian Mint indicating that they had returned to “business as usual” rather than “hectic, panic demand” experienced over the past few years.

Gold Philharmonic sales fell to 53,930 ounces for January and February 2010 compared to 267,091 ounces for the same period in the prior year.

For comparison, I checked the sales figures for the American Gold Eagle bullion coins, which I follow more closely. According to the US Mint provided figures, there were sales of 169,000 ounces of gold in January and February 2010, compared to 205,500. While this does represent a drop of about 18%, its not of the magnitude shown at the Austrian Mint.

While demand for physical gold does seem to have pulled back from the extreme levels of recent years, the magnitude is not as huge as suggested by the Gold Philharmonic numbers.


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