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American Gold Buffalo Coin Sales Rose 225% in June

Economic News
U.S Mint Reports Solid Sales of 24K American Gold Buffalo Coins Since May.

The U.S. Mint Sold 6,500 American Gold Buffalo Coins in June.

After reporting sales of 16,500 American Gold Buffalo coins in June – the third best sales in the month of May in the coin’s history, sales of American Gold Buffalo coins dipped in June to 6,500. Sales of the popular 24K gold coin, however were at 5,500 through July 9, indicating that the sales burst that began in May is continuing into the summer.

June 2018 sales of American Gold Buffalo (AGB) coins of 6,500 were up 225% from June 2017 sales of 2,000.

June sales of American Gold Buffalo coins 2006 - 2018

American Gold Buffalo Sales 2006 – 2018

American Gold Buffalo coins were first introduced by the U.S. Mint in 2006. These coins represented a departure from the 22K American Gold Eagle coin as they were the first 24K gold bullion coins produced by the U.S. Mint. Sales of the American Gold Buffalo coins have been modest (about 150,000-220,000 per year) since their record initial year of 323,000. Sales of American Gold Buffaloes, however, fell in 2017 to 99,500, the lowest annual total since the United States Mint began producing the AGB in 2006. Through July 8, 2018, the U.S. Mint has sold 59,000 American Gold Buffalo Coins.

American Gold Buffalo Sales 2006 - 2018 through July 8

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Sales of American Gold Buffalo Coins in January 2017 – June 2018

American Gold Buffalo sales 2017 - 2018 through July 8
* through July 8 , 2018

Rising Gold Sales at the U.S. Mint Began in May.

Sales of gold at the U.S. Mint had been slow during the first four months of 2018. Sales of American Gold Buffalo coins, however, were surprisingly strong in May. Indeed, the 16,500 AGB coins sold in May were the third largest amount ever sold in the month May. Sales of American Gold Eagle coins also rebounded sharply in May. The U.S. Mint reported selling 18,500 one ounce American Gold Eagle coins in May up from 4,000 sold in May.

American Gold Eagle sales rose again to 21,500 in June and sales through July 8 were 6,500.

A Change in Retail Gold Sentiment?

In times of financial turmoil, gold historically provides a safe haven. The time to buy gold is always before financial calamity occurs. Gold sales often act as a barometer as to the risks that are present in the market. Through April in 2018, U.S. gold sales appeared to have been severely discounting those risks, while elevated global gold sales indicated a recognition of the risks in the financial markets. May and June’s strong American Gold Eagle and American Gold Buffalo sales indicate that retail investors may be also staring to recognize the risks in the financial markets.

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About the American Gold Buffalo Coin

American Gold Buffalo coins are 24K gold while American Gold Eagle coins are 22K. One ounce American Gold Buffalo coins are slightly smaller and lighter than their one ounce American Gold Eagle counterparts that contain 3% silver and 5% copper mixed in the alloy, bringing the total weight of a one ounce American Gold Eagle coin to nearly 1.10 ounces.

The American Gold Buffalo is the U.S. Mint’s answer to 24K gold coins issued by the Canadian and Austrian Mints. American Gold Buffalo coins are only minted in one ounce sizes, unlike their American Gold Eagle counterparts which are minted in one ounce, one half ounce, one quarter ounce and one tenth ounce sizes. In 2008, however, the U.S. Mint produced American Gold Buffaloes in one, 1/2, 1/4 and 1/10 ounce sizes. The coins were sold individually and in complete sets.

In 2006, their first year of mintage, 323,000 American Gold Buffalo coins were sold.

American Gold Buffalo coins are IRA eligible.

American Gold Buffalo sales data from USMINT.GOV

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This article by BGASC is not, and should not be regarded as, investment advice or as a recommendation regarding any particular course of action.