Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Gold and Silver Eagle Sales Surged in September

  by    0   0

We’ve been saying gold and silver are on sale. Well, it appears investors are taking advantage of the bargain.

The sale of American Gold Eagle coins surged in September, according to the latest data from the US Mint. Investors snapped up 60,500 ounces of Gold Eagle bullion coins in various denominations. That compares with just 35,500 ounces in August — a 41% increase.

This also represents a healthy year-on-year increase. The US Mint sold just 36,000 ounces of American Gold Eagles in September 2017.

American Silver Eagle sales were also up in September. The mint sold 2,897,500 one-ounce silver bullion coins. That compares with 1,530,000 ounces in August. It was the best month for silver sales at the mint since last January.

Annually, silver sales were up 89% compared with September 2017. In fact, American Silver Eagle sales were so brisk last month the US Mint temporarily sold out. “This is to inform you that due to recent increased demand, the United States Mint has temporarily sold out of its inventories of 2018 American Eagle Silver Bullion Coins,” the Mint said in a press release Sept. 6.

The surge in precious metals sales at the US Mint follows on the heels of a strong August at Australia’s Perth Mint. Sales of gold coins and minted bars jumped 30% to 38,904 ounces. It was the strongest month of gold sales since November 2017 at the Australian mint. Sales were nearly doubled from August 2017, according to the mint.

Gold and silver prices have both been pushed lower in recent months due to a strong dollar. Nevertheless, there has been some recent mainstream bullishness on the yellow metal. As a Barron’s article proclaimed, “Gold is cheap. Inflation is coming. You do the math.”

The Barron’s writer insists gold has gotten a bad rap, and “this out-of-favor asset class now deserves a place in investment portfolios.”

Compared with stocks and other financial assets, gold looks inexpensive. More important, inflation is starting to pick up in the US and in much of the world as central banks shrink their enormous balance sheets. And gold has represented a good defense against inflation eroding the value of a stock or bond portfolio. Over time, it has held its value against the dollar. Gold was $20.67 an ounce 100 years ago and that bought a good men’s suit. At $1,200 an ounce, the same is true today.”

Sales at the US Mint indicate some North American investors are starting to pick up on this and they are buying some gold. The bottom line is that these low gold and silver prices aren’t going to last forever. Now may well be the best time to buy gold while it’s still on sale.

TaxFreeGold.Banner.1000x285

Get Peter Schiff’s latest gold market analysis – click here for a free subscription to his exclusive monthly Gold Videocast.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Federal Government Posts Largest Deficit in Seven Years

The federal debt spiral continues. The 2018 fiscal year ended Sept. 30 and the US government closed out the year with its largest budget deficit since 2011. Uncle Sam ended 2018 $779 billion in the red, adding to the ballooning national debt. Related

READ MORE →

Peter Schiff: The Recession Is Obviously Coming

The Dow Jones fell 831 points Wednesday, a decline of more than 3%. Meanwhile, the S&P 500 charted its biggest daily decline since February and the Nasdaq Composite dropped 4.08 percent. This follows on the heels of a 200-point drop in the Dow last week after the 10-year US Treasury yield hit the highest level […]

READ MORE →

Indians Buying Gold in the Midst of Their Stock Market Downturn

gold coins and bullions laying on a newspaperUS stock markets plunged Wednesday, shedding over 800 points. Could the be the popping bubble Ron Paul recently said was on the horizon? That remains to be seen. But equities in many emerging markets have been shedding value for several months. Take India for instance. As a recent article in the Economic Times of India […]

READ MORE →

American Consumers Now Over $3.9 Trillion in Debt

Americans continue to pile up debt, adding to numbers that were already at record levels. US consumer debt increased by $20.1 billion in August, pushing total consumer credit to a record $3.94 trillion, according to the latest numbers from the Federal Reserve. That comes to a 6.2% annual growth rate. Related

READ MORE →

Peter Schiff: Are Rising Interest Rates About to Prick the Bubble?

The end of last week was tough on US stock markets. The Dow fell off about 200 points on Thursday and another 180 on Friday. But despite those drops, the Dow was only down slightly on the week. The NASDAQ, on the other hand, fell more than 3% last week and the S&P 500 was […]

READ MORE →

Comments are closed.

Call Now