U.S. Mint resumes sales of small American Eagle gold coins
NEW YORK | Wed Jun 5, 2013 2:27pm EDT
(Reuters) - Demand for U.S. gold and silver bullion coins is still at "unprecedented" high levels almost two months after an historic sell-off in gold released years of pent-up demand from retail investors, the head of the U.S. Mint said on Wednesday.
His comments are likely to allay concerns among some traders that frenzied buying by mom-and-pop investors since mid-April after prices plunged to two-year lows had started to fade.
Their interest has helped prices recover to above $1,400 an ounce, providing key support to prices after institutional investors fled the futures market and exchange-traded funds.
"Demand right now is unprecedented. We are buying all the coin (blanks) they can make," Richard Peterson, acting director of the U.S. Mint, said in an interview referring to the Mint's suppliers.
The Mint, one of the world's largest gold and silver coin producers, may resume making platinum bullion coins after receiving requests from dealers, he said. It stopped making the coins in 2008 due to low demand.
U.S. Mint Sales of Silver Coins Reach Record in First Half
By Debarati Roy - Jun 17, 2013 6:43 PM ET
Sales of silver coins by the U.S. Mint are heading for the best start to a year since at least 1986 as prices slumped.
Sales in 2013 have reached 24.03 million ounces, according to data on the mint’s website. That’s the highest for the first six months of a year since records begin. Demand reached a monthly all-time high of 7.5 million ounces in January.
Demand remains at an “unprecedented level,” and sales of gold and silver coins may reach an annual record this year, Richard Peterson, the acting director of the mint, said on June 5. Silver coin sales were suspended in January for more than a week because of a lack of inventory. In April, purchases more than doubled from a year earlier after prices tumbled into a bear market.
Silver futures have declined 28 percent this year in New York, the biggest loss among the 24 commodities tracked by the Standard & Poor’s GSCI Spot Index. The collapse of gold into a bear market, steady consumer prices and mounting concern about the strength of economies has diminished silver’s appeal.
Record US Mint sales is a great indicator of how PCGS volumes are. the making of Platinum coins again would be a nice boost as well as a few thousand of them would get graded every year and because of the price of platinum, the ticket price would be high