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US gold & silver coins set for strongest November sales in 14 years

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Published : December 03rd, 2012
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Category : GoldWire

 

 

 

 

Fri Nov 30, 2012 12:14pm EST


* American Eagle gold coin set for best quarter since
2008-dealer
    * US fiscal crisis, heated election benefit safe havens
    * Silver coin sales more than double year-on-year in Nov.
    By Frank Tang
    NEW YORK, Nov 30 (Reuters) - November sales of U.S. American
Eagle gold coins are set to be the strongest in 14 years as
uncertainty surrounding the U.S. fiscal crisis and the
presidential election triggered safe-haven buying, dealers said. 
 
Occasional sharp price swings during early and late November
also boosted bullion coin buying by investors and speculators
alike, coin dealers said.
 
 "There is a huge influx of new high-net-worth individuals
that are buying a lot of gold, and they are taking physical
possession of it," said David Beahm, vice president of Blanchard
& Co, one of the largest U.S. retail coin and bullion dealers. 
 
Investors have so far this month bought 131,000 ounces of 
American Eagles produced by the U.S. Mint, more than tripled
last year's November sales and marked the strongest November
since 1998, data from the Mint's website shows. 
 
November marked the second consecutive monthly rise after a
dismal performance earlier this year. In October, the Mint sold
59,000 ounces versus 50,000 ounce in the same period last year. 
 
    "This quarter is shaping up to be one of the best since the
last quarter of 2008," Beahm said. 
 
Dealers also reported coin blanks buying by the U.S. Mint as
it was set to mint the 2013 American Eagle coins. 
 
The Mint typically shuts its 2012 coin production in early
December so it can start minting next year's which are usually
highly sought after by coin dealers and collectors. 
 
American Eagle silver coin sales in November rose to 3.135
million ounces, more than double last year's sales at 1.384
million. It was, however, slightly below October's at 3.153
million ounces.
 
Political uncertainty due to a heated U.S. presidential race
and $600 billion automatic cuts in government spending and tax
increases early next year have boosted gold investment, analysts
said. 
 
Even though a recession resulting from the so-called fiscal
cliff could severely undermine gold's inflation-hedge appeal, it
is also likely to trigger a flight to quality investment such as
gold amid economic uncertainty, trader said. 
 
American Eagle gold coin sales tend to be highly seasonal,
with the strongest performance at the start of the year as
investors seek the newest edition. Sales are usually the lowest
in the summer months and tend to pick up again in September in
tandem with the start of the Indian wedding season and the lunar
new year between January and February.
    
               Gold American Eagle coin sales (in ounces)
  Nov. 2012                     131,000
  Nov. 2011                      41,000
  Nov. 2010                     112,000
  Nov. 2009                     124,000
  Nov. 2008                     116,500
  Nov. 2007                      41,000
            Gold American Eagle coin sales (in ounces)
 Jan. 2012                   127,000
 February                     21,000
   March                      62,500
   April                      20,000
    May                       53,000
   June                       60,000
   July                       30,500
  August                      39,500
 September                    68,500
  October                     59,000
 November                    131,000
 
 (Editing by Marguerita Choy)



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