July 17, 2024

US Mint Gold Bullion Coin Sales Shift Back to American Eagles

In the past week, the level of gold bullion sales at the United States Mint rose to a three week high at 35,000 ounces. The level of silver bullion sales remained little changed from recent weeks at 658,500 ounces, as coins continue to be subject to the US Mint’s allocation program.

Buyers shifted their focus back to the American Gold Eagles, which accounted for 32,000 ounces worth of sales. In previous weeks, a larger portion of sales had taken place for the recently released 2011 Gold Buffalo. These one ounce 24 karat gold coins were made available to authorized purchasers starting on March 14. Prior to that date, the coins had last been available from the Mint on September 27, 2010.

US Mint Bullion Coin Program Sales 4/6/2011 (ounces)

Prior Week Month to Date Year to Date
American Silver Eagle 658,500 658,500 13,087,500
American Gold Eagle 32,000 32,000 331,500
America the Beautiful Silver 0 0 0
American Platinum Eagle 0 0 0
American Gold Buffalo 3,000 3,000 41,000

The US Mint sold 658,000 ounces of silver bullion in the form of one ounce American Silver Eagles. Since the 2011-dated versions of the coins were first released, the coins have been subject to the Mint’s allocation program. This program serves to ration the available supplies amongst the eleven authorized purchasers. While the rationing is taking place, the level of silver bullion sales represents the number of coins the US Mint has made available, rather than the demand of the market place.

At a House subcommittee hearing on the US Mint’s bullion coin programs held earlier today, one of the witnesses estimated that the US Mint loses about a third of potential bullion sales because they cannot meet full demand.