News Flash: Gold and Silver Bullion Coins Selling at a Frenzied Pace
Demand for physical gold and silver continues to surge with bullion coins flying out of the US Mint at a frenzied pace.
May gold coin sales increased more than 206% over the same month last year. The mint sold 76,500 ounces of American Gold Eagles in May and 18,500 ounces of Gold Buffalos. That compares with 21,500 ounces of Gold Eagles and 9,500 ounces of Gold Buffalos in 2015.
May typically marks the beginning of the slow season for gold coin sales, but 2016 was atypical. This was the strongest May for US Mint gold coin sales since 2011.
Booming sales in May continue a year-long trend of strong demand for gold bullion coins. To date, the US Mint has sold 393,300 ounces of American Gold Eagles this year. That compares with 116,000 through the same period in 2015 – a whopping 239% increase.
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American Silver Eagle sales are equally impressive. Last month, the US Mint sold 4,498,500 ounces of the silver bullion coins. It was the fifth consecutive month with sales over 4 million ounces.
In May 2015, investors bought less than half that – 2,023,500 ounces. So far this year, the mint reports American Silver Eagle Sales have already hit 23,413,000. Last year came in as a record year for Silver Eagle sales with 47 million ounces sold. The mint is on pace to eclipse that record.
Supply can barely keep pace with demand. In fact, the US Mint has had Silver Eagles on a weekly allocation since late last year.
It’s not just the US Mint enjoying robust sales. Year over year, silver bullion coin demand worldwide was up 14% last year from 2014.
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