US Mint Sales of American Eagle Gold Coins Totaled 6,000 oz in June

US Mint Sales of American Eagle Gold Coins Totaled 6,000 oz in June

US Mint Sales of American Eagle Gold Coins Totaled 6,000 oz in June

$GLD, $SLV, $CU

US Mint American Eagle Gold coin sales in 1-H of Y 2017 were the lowest for this frame in 10 years, the sales of Silver in the frame were the weakest since Y 2008, government data showed Friday.

US Mint sales of American Eagle Gold coins totaled 6,000 oz in June, down 92% from June 2016 and bringing the tally YTD to 192,500 oz.

Sales of American Eagle Silver coins totaled 986,000 oz in June, down 65% from a year ago. This brought sales YTD to 12.2-M oz, the weakest for the frame since Y 2008.

Spot Gold prices rose around 8% YTD, in contrast to a 25% rally in the same frame in Y 2016 that spurred strong interest in the physical market.

Prices of Spot Silver were lackluster 1-H of this year, rising around 4%. This compares with a 35% rise in the 1st 6 months of Y 2016.

Metals performed better well with precious metals and copper settling higher Friday

  • June Gold lost $2.80 to settle at $1242.40 t/oz
  • July Silver lost $0.03 to $16.63 t/oz
  • July Copper gained $0.01 to $2.71 lb

US investors seem to be interested in stocks 1st since every day seems like a Bull market.

The news is positive for stocks and mostly negative for metals; therefore, money is not going into the purchase of US Mint American Eagles now.

The S&P 500 and the Dow Jones Industrial Average both set fresh all-time highs earlier this month as investors regained confidence in the US economy after upbeat comments from Fed officials.

Large investors and institutions seeking precious metals products that carry lower premiums, such as 1 kilogram (32 toz) Gold bars, savvy smaller investors are pouring money into the Royalty Streamers. 

There is concern over the FOMC policy and the increasing interest rates scenario in the United States, and that has stemmed some of the interest for investors to buy physical precious metals.

The Fed raised US interest rates mid-May, marking the 4th such move as part of a normalization of monetary policy that began in December 2015.

In late Y 2016, after Donald Trump’s victory as US President, many traditional bullion holders in the United States held off buying Gold as a safe haven as they were/are optimistic after voting for him.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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