August 15, 2022

Sales of US Mint Gold Bullion Coins Slower on the Week

Gold Eagle Sales Slower, Silver Eagles Little Changed

The number of ounces of gold sold through the US Mint’s bullion programs was slower the past week. Meanwhile, sales of silver bullion rose slightly, although they remain within the same basic range seen over the past several weeks.

The US Mint sold 17,500 troy ounces of gold bullion for the weekly period ending April 13, 2011. This consisted of 13,000 ounces of American Gold Eagles and 4,500 ounces of American Gold Buffalo coins. All gold bullion coins sold during the week were one ounce coins, with no fractional weight coins sold.

This sales level is down from the 32,000 ounces sold in the previous week. The drop may be the impact of seasonality, as precious metals sales tend to be slower around the US individual income tax filing deadline. For the year to date, gold bullion sales have reached 390,000 ounces.

US Mint Bullion Coin Program Sales 4/13/2011 (ounces)

Prior Week Month to Date Year to Date
American Silver Eagle 715,500 1,374,000 13,803,000
American Gold Eagle 13,000 45,000 344,500
America the Beautiful Silver 0 0 0
American Platinum Eagle 0 0 0
American Gold Buffalo 4,500 7,500 45,500

Silver bullion sales for the week reached 715,500 ounces, consisting entirely of the one ounce American Silver Eagle coins. As mentioned in previous reports, these bullion coins continue to be subject to the US Mint’s allocation program. This serves to ration the available supply of coins amongst the authorized purchasers. As such, the weekly sales levels are an indication of the number of coins the US Mint was able to produce and make available, as opposed to the level market demand.

The US Mint has plans to expand the production of Silver Eagles by utilizing the facility at San Francisco, which may be able to strike a few hundred thousand additional coins per week. Test strikes have reportedly begun, and full scale production is expected to begin some time next month. Hopefully, this will alleviate some of the excess demand for silver bullion coins, although it doesn’t seem like it will solve the problem completely.

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