US Mint Gold Sales Slump in February
Higher Gold Prices Curb February Sales
Sales of gold at the U.S. Mint fell in February as price of gold continued to rise and the geo-political situation was relatively calm. The price of gold rose about $90 an ounce or about 8% from $1158 an ounce on January 3 to $1248 an ounce by the end of February.
February 2017 American Gold Eagle Sales
The U.S. Mint reported selling 21,000 one ounce 22K American Gold Eagle coins (AGE’s) at the U.S. Mint in February. The U.S. Mint also sold 5,000 one half ounce AGEs (2,500 ounces), 4,000 quarter ounce AGEs (1,000 ounces) and 30,000 one tenth ounce AGEs (3,000 ounces) in Total. Total AGEs of all sizes sold in February 2017 were 60,000 (totaling 27,500 ounces).
February American Gold Eagle sales of 27,500 ounces were down 77% from 117,500 ounces sold in January 2017 and down 67% from 83,500 ounces sold in February 2016.
As of mid March 2017, the price of gold had fallen from its end of February highs of about $1250 an ounce to $1204 an ounce.
About the American Gold Eagle coin: The obverse of an American Gold Eagle coin boasts the same design as the obverse of the “Saint Gaudens” U.S. $20 gold piece, or “double eagle” that was minted from 1907 – 1933. The front of a Saint Gaudens and American Gold Eagle coin features a walking lady liberty depiction designed by famed sculptor Augustus Saint- Gaudens.
February 2017 American Gold Buffalo Sales
The U.S. Mint reported selling 15,500 one ounce American Gold Buffalo coins in February down from 32,000 sold in January and down from 19,000 sold in February 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 Eagle and 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.