According to a recent Reuter’s report, US Mint sales of American Eagle gold coins and silver coins decreased in August. However, it was the second highest month of sales this year, behind July, which saw the highest sales in over two years. American Eagle silver coins had their third highest month of this year, behind July and January.
The decrease happened after the Mint’s July sales of American Eagle gold coins were the highest in more than two years. Sales of American Eagle gold coins dropped 40% from July. However, the decrease to 101,500 ounces was four times the number sold in August of 2014.
The drop in sales corresponds to concerns about China’s slowing economy, which had caused bullion prices lifted above a five-and-a-half year low.
In August, US Mint’s sales of American Eagle silver coins fell, too. However, this is not a bad news: the decreased August sales followed July’s high demand, which caused the Mint to run out of American Eagle silver coins.
Prices had fallen to a five-and-a-half low, which led to the increased silver investment in July. The Mint ran out of stock and had to cease sales for nearly two weeks. After increasing supplies, the Mint resumed sales of American Eagle silver coins at the end of July, though it has been under weekly allocations of approximately one million ounces. The drop to 4.93 million ounces was a 10.7 per cent decrease from July. However, it was more than two times the sales of August 2014 (2.1 million ounces sold).
This has been the strongest August ever for American Silver Eagles. And the fourth strongest for American Gold Eagles (2011, and 1998 and 1999, when the Y2K scare drove great increases in demand).
Summer months often are slow for sales of precious metals at the US mint. Not this year.