International Business Times: U.S. Gold Coin Sales Aren’t Too Bright In New Year
U.S. Gold Coin Sales Aren’t Too Bright In New Year
By Nat Rudarakanchana at International Business Times
Even as mints worldwide run overtime, U.S. gold coin sales actually fell 40 percent in January from a year earlier, recent U.S. Mint data show.
Sales by the U.S. Mint to gold dealers fell to 133,000 ounces from 222,500 a year ago. That’s still a strong monthly showing, but also falls below January 2012’s sales of 140,500 ounces.
January is typically a bountiful month for gold dealers, as consumers stock up on new coin designs and gifts for later in the year. Investors have predicted strong gold coin sales this year, highlighting that retail market as a strength in an otherwise gloomy gold environment.
“What the U.S. Mint produces is additional supply to the existing market. The existing market has gotten 1 million to 1.4 million ounces of new gold from the Mint over the past four years,” former U.S. Mint Director Edmund Moy explained to IBTimes.
In years where market risk is low, the Mint sells 200,000 to 300,000 ounces of gold per year to dealers. Even with lower gold demand recently, amounts annually distributed to dealers still far outweigh figures from off-risk years, said Moy.
Read the full piece at IBTimes.com.
Tags: Economics, Gold, United States Mint
Categorised in: News