Source: ZeroHedge
US Mint coin sales fell to a decade low last month. This follows poor sales since the beginning of 2017. In the third quarter sales reached nearly 3.7 million ounces. September gold coin sales were down a whopping 88% compared to the same period last year.
Year to date sales at 232,000 ounces are 66.5% lower than the 692,500 ounces delivered during the first nine months of 2016, according to the U.S. Mint.
American Eagle gold coin sales did see a slight uptick in demand from very low levels and increased by 11,500 ounces in September which was up by 21.1% in August.
Is this pick-up in US coin demand a sign of things turning around? Perhaps, but we believe the low coin sales this year might say something else about the wider economy. It is also important to look at gold coin and bar sales across the globe to get a better feel for actual demand.
Sign of the end, but for what?
Bloomberg were quick to point out that US Mint sales were at a decade low.
They believed this was due to investors turning ‘sour on bullion’ and that gold’s appeal ‘is waning as retail investors seek better returns in equities, lured by the S&P 500 Index’s climb to records.’
However, the picture of declining gold coin sales has not been taken against the backdrop of the last decade.
