Americans are still very much afraid of inflation and the Federal reserve’s policies of quantitative easing and interest rates.
(PRWEB) May 25, 2013
The gold spot price has fallen from $1600 to as low as $1323 in the last five weeks, but gold coin sales in the United States have consistently increased over that time, according to a recent Coin News report on May 21, 2013.
Wednesday’s gold spot price was down $5.80 at 2pm EST, leaving the spot value of gold at $1371. Gold has fallen 2.55 percent in the last month and 12 percent in the last 365 days, but demand for gold coins has continued to surge.
“Americans are still very much afraid of inflation and the Federal reserve’s policies of quantitative easing and interest rates,” said Stewart Lawson, vice president of marketing for Gold Coin, a popular U.S. gold con exchange. “Even if institutions continue to sell, gold can only go so low due to the heightened demand for privately-held types of gold such as coins and bars.”
The U.S. Mint’s weekly sales reports confirm this theory. Sales of every gold, silver and platinum U.S. Mint-produced coin increased this week, with distributors ordering 6,500 ounces of gold coins and 270,500 ounces of silver coins. Total U.S. Mint sales by coin volume is as follows:
484,000 of the $50 American Eagle gold bullion coin have been sold so far this year. There have been 42,000 half-ounce gold Eagles sold, as well as 76,000 of the quarter-ounce gold Eagles. Tenth-ounce gold Eagle sales have been suspended due to a lack of gold blanks, but before the suspension 300,000 of those coins were sold. $50 American Buffalo gold bullion coins have been popular this year, with 143,000 units sold.
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