Sales of American Gold Buffalo Coins Maintain Strong Pace in June.
Sales of American Gold Buffalo coins continued at their solid pace in June. The U.S. Mint reported selling 14,500 one ounce 24K American Gold Buffalo coins in June 2016. Last month, the U.S. Mint reported a 95% increase from sales of 9,500 American Gold Buffalo coins in May of 2015. The steep rise in sales in May 2016 followed April 2016’s elevated sales of 19,500 American Gold Buffalo coins.
Sales of American Gold Buffalo Coins in June 2006 – 2016
Sales of American Gold Buffalo coins in June 2016 were the fourth highest June total in which the coins were minted.
2016 American Gold Buffalo Sales
Sales of American Gold Buffalo coins remain at elevated levels in 2016.
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.
American Gold Buffalo 2016 Sales Projection
If sales of one ounce American Gold Buffalo sales continue at an average of 18,750 a month. (112,500 sold from January – June), sales in 2016 would be about 225,000. The annual record for sales of American Gold Buffalo coins is 323,000 set in 2006, the first year of the coin’s mintage.
Sales of One Ounce American Gold Buffalo Coins 2006-2016
In 2006, their first year of mintage, 323,000 American Gold Buffalo coins were sold.
Total U.S. Mint June Gold Sales – 88,000 Ounces
When June sales of American Gold Buffalo coins (14,500 ounces) are combined with American Gold Eagle (AGE) sales, including one tenth ounce AGEs (7,000 ounces); one quarter ounce AGEs (2,500 ounces); one half ounce AGEs (1,500 ounces) and one ounce AGE coins (62,500 ounces), the total gold sold at the U.S. Mint in June was 88,000 ounces.
In March 2016, the U.S. Mint sold 45,000 ounces of gold across all products.
In April 2016, the U.S. Mint sold 125,000 ounces of gold across all products.
In May 2016, the U.S. Mint sold 98,000 ounces of gold across all products.
Sales of gold at the U.S. Mint have not been as robust in 2016 as sales of silver. Sales of American Silver Eagles are on pace to set a record for the fourth year in a row. Perhaps the low price of silver relative to gold is driving the proportionally higher sales of silver to gold. In 2016, the U.S. Mint has sold approximately 60 times more silver than gold and the gold silver price ratio has fallen from over 80:1 earlier in the year to closer to 70:1 at the end of June.
American Gold Buffalo sales data from USMINT.GOV
This article by BGASC is not, and should not be regarded as, investment advice or as a recommendation regarding any particular course of action.