US Mint’s Gold Coin Sales Down 60 Percent in February

Mining Weekly reported that in February, the US Mint sold 31,000 ounces worth of American Eagle gold bullion coins. That’s a 60-percent decline from the 80,500 ounces it sold in the year-ago period.

As quoted in the market news:

‘Last few weeks, large players such as hedge funds sold a lot of coins in sealed boxes which they bought from a few years ago,’ said Michael Kramer, president of Manfra, Tordella & Brookes, a major US coin wholesaler in New York.

Dealers said that a move by the US Mint to mix 2014-dated coins with 2013 coins to deplete last year’s inventories continued to dampen new coin sales.

Gold prices rose 7% in February, their biggest monthly rise in seven, as persistent concerns about a slowdown in the US economy boosted bullion’s safe-haven status.

A continued sharp recovery of gold prices could rekindle bullion coin interest among retail investors, dealers said.

Click here to read the full Mining Weekly report.