Weekly U.S. Mint Gold and Silver Coin Sales Report

The U.S. Mint’s weekly sales report has just been released and analysts believe that the latest numbers could give some keen insight into the minds of gold and silver investors. As a point of reference, the gold spot price is presently $1287.30 and silver is currently valued at $19.93 per ounce, this as of 5pm CST on Monday.

A total of 11.500 ounces of gold coins were sold by the U.S. Mint in its latest week of reporting. There were 6,000 ounces of gold Buffaloes sold, compared with 5,500 ounces of American Eagle gold coins. In the previous week’s reporting a much higher 24,500 ounces of gold coins were sold, leading some analysts to believe that physical buying of gold could taper off in favor of silver investing. Additionally, some analysts said that gold coin sales could be expected to increase if gold proves its value over the next month or if another drastic drop is realized.

Silver coin sales, while solid at 856,500 ounces, failed to match the previous week’s record of 857,000 silver ounces. This week’s total was split between 830,500 ounces of American Eagle silver coins, while a total of 5,200 America the Beautiful silver coins were sold, with each of those coins weighing five ounces for a total of 26,000 ounces. In related news, the U.S. Mint announced that it would be slashing prices on nine silver coin products, and the cuts are expected to range from $5 for a one-ounce coin to $25 for the five-ounce America the Beautiful coins.

Analysts believe that the numismatic appeal of the five-ounce coins has drawn some investors away from the American Eagle coins, whose premiums have risen considerably since the Mint experienced a supply shortage earlier this year. The Update page will be revised later this week so be sure to visit again for the latest news on gold and silver investments exclusively from America’s Source for Gold & Silver,

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