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U.S. Mint Bullion Coins Soar on Gold and Silver Drop in April

May 1, 2013 - U.S. gold futures registered modest drops in price on Wednesday following a second session of gains on Tuesday as precious metals continue to recover from the 14 percent losses incurred in the market in April.

The price of gold gained 4.2 percent last week, the first weekly gain in five weeks following a surging demand for gold bars and gold coins.

Jim Wyckoff, a senior analyst at Kitco, said bargain hunters continued to step up as they see the near-term technical posture of the gold market continuing to improve, which suggests a market bottom is in place. Wyckoff added that some short covering, technical buying and chart consolidation were also seen Tuesday.

Now, Wyckoff concluded, focus is on the conclusion of the latest meeting of the U.S. Federal Reserve’s Open Market Committee on Wednesday afternoon.

Amid the price drop, sales levels at the U.S. Mint are surging, shattering previous records and possibly in line to shatter all-time records. American Eagle Silver Coins achieved sales of 4,087,000, 21.8 percent higher than the totals from the previous month and 168.9 percent higher than the same time period last year. Year to date, the American Eagle Silver Coins have sold 18,310,000 ounces, a level never before achieved so early in a year. Sales levels are currently up 168.9 percent from the same period last year. It took the Mint until July 16 in 2012 to achieve sales topping 18.3 million ounces, indicating this could be an extremely strong sales year for the American Eagle Silver Bullion Coin.

Currently, April sales levels of the American Eagle Gold Coin are at 209,500 ounces, accounting for the highest monthly total since December 2009. This is more than triple the sales levels from the previous month, at 62,000 ounces. Sales of the American Eagle Gold Coin are a full 947.5 percent higher compared with the same sales period last year, when in April 2012 the Mint saw only 20,000 ounces of Gold Eagle Bullion coinage ordered by authorized distributors.

This month, the U.S. Mint has suspended sales of its one-tenth ounce American Eagle Gold Bullion coins, traditionally its most popular size. Other options in the one-quarter ounce, one-half ounce, and one-ounce sizes have remained available without disruption.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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