Monday, November 4, 2013

US Mint Sales of Gold Coins Recovered in October. Silver Sales Steady.

Sales of gold Eagle and Buffalo coins by the US Mint were 66,500 ounces in October, compared to 23,000 in September and 21,500 in August.  October gold sales were 5% less than in October last year.  As of October, year to date gold sales are 970,500 ounces which is 50% more than in 2012 and 7% less than in 2011.  The US Mint reported October sales of 18,000 gold Buffalo coins and 48,500 ounces of gold Eagle coins.

Sales of silver Eagles by the US Mint were 3,087,000 in October, compared to 3,013,000 ounces in September.  October sales were slightly higher than September which was the lowest month of this year.  Sales in October were 2% less than in October 2012.  Year to date silver Eagle sales are a record 39,175,000 ounces which is 39% more than 2012 and 7% more than in 2011.  Silver is on track for a record year.


The US Mint maintained the retail price for an uncirculated Gold Eagle at $1,625 during October.  An uncirculated silver Eagle retails for $43.95 which is unchanged from July, August, and September.

A quick survey of 3 internet coin dealers currently shows premiums of about $3.00 to $4.50 for silver Eagles.  This is a wide spread.  Dealer prices are usually closer.   The premium for gold Eagles is about $65.  The premium for gold and silver Eagles is about the same as last month.  These price premiums are based on purchasing one coin.  All dealers offer volume discounts for larger purchases.  Spot gold and silver market prices are currently $1,320 and $21.84, respectively.

Coin dealers are currently offering to pay about $25 and $1.75 over spot to purchase gold and silver Eagles, respectively.  This seems reasonable because the US Mint charges dealers 3% for gold and $2.00 per coin for silver.  Dealer purchase premiums are not hinting at supply constraints as they were in April and May.


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