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American Gold Buffalo May Sales Third Strongest Ever

Economic News
Sales of 24K American Gold Buffalo Coins Roar Back.

The U.S. Mint Sold 16,500 American Gold Buffalo Coins in May.

May sales of American Gold Buffalo (AGB) coins of 16,500 were the third highest monthly May total since the coin was first produced in 2006. May’s American Gold Buffalo coin sales reflect a 725% gain over sales of just 2,000 in April 2018.

May 2018 sales of American Gold Buffaloes were 230% higher than May 2017 sales of 5,000.

May sales of American Gold Buffaloes

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 June 5, 2018, the U.S. Mint has sold 52,000 American Gold Buffalo Coins.

American Gold Buffalo Sales 2006 - 2018 through May

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

American Gold Buffalo sales 2017 - 2018 through May

Third Best May and Overall a Good Sales Month For the American Gold Buffalo

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 sold in May were the third largest amount ever sold in 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.

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’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.