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As Precious Metals Dip, U.S. Gold Coins Gain

As equities soared on Tuesday the price of gold moved back below the $1,600 per troy ounce level as investors continued to move into precious metals.

The price of U.S. gold futures for June delivery lost $25.00 or 1.6 percent, settling at $1,575.90 per troy ounce on the Comex in New York. Settlement prices were the lowest since March 7.

Mark O’Byrne, executive director at bullion dealer GoldCore, said risk appetite is continuing to pressurize gold. However, O’Byrne said the metal’s fundamentals remain sound and smart money will continue to buy on the dip.

Meanwhile, gold continues to advance in sales at the U.S. Mint. American Gold Eagles advanced by 6,000 ounces and American Gold Buffalos gained 500 ounces during the month of April so far. For American Silver Eagles, sales muted somewhat following a jump of 814,000 ounces on Monday; bring the year-to-date sales to more than 15 million ounces. 2013 is the first year in the coin’s 27-year history that it has achieved sales levels of 15 million ounces by the beginning of April.

American Silver Eagles have been consistently advancing at least a million in each week of 2013. Last year, the American Silver Eagles did not reach the 15 million mark until June 8, highlighting the intense investor demand for the American Silver Eagle Bullion Coin in today’s market. Monthly sales levels for the Silver Eagle have exceeded sales levels from one year ago for the third consecutive month.

Despite remaining under the U.S. Mint’s rationing program, which was instituted following a suspension of sales after just ten days of availability in January, sales levels are still strong. For the month of March 2013, Silver Eagle sales reached 3,356,500 ounces, up substantially from one year ago with sales reaching 2,542,000 ounces.

The current annual sales record for the American Silver Eagle was set in 2011 when sales reached 39,868,500 ounces. During the first quarter of 2011, however, sales only reached 12,429,000 ounces. Current sales levels exceed that figure by 14.4 percent, meaning investors should watch sales as the current year is on pace to make records.

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