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Gold Eagles fly high in first four sales months

Gold American Eagles moved quickly for the U.S. Mint’s Authorized Purchasers in the first four months of 2016.

Gold Eagle sales are up

Gold Eagle sales are going strong in 2016.

In fact, sales have doubled compared to the same period in 2015.

Through April, the Mint sold its buyers 351,000 total troy ounces of gold in four sizes of Eagle coins, tenth-ounce through one ounce. In 2015, it was 175,500 ounces.

In terms of numbers of coins, 756,000 pieces were shipped in the first third of 2016. That is up by 63 percent from last year’ when it was 464,500 pieces

The biggest winner in terms of denominations was the one-ounce gold Eagle. There was a 127 percent increase in orders from 2015’s 122,500 pieces to 279,000.

Why the increase in demand?

Julian Jarvis, owner of Julian Jarvis Coins, Greencastle, Ind., and a precious metals dealer, said he’s observed the increase in gold Eagle sales.

“I don’t know who’s buying them, but there’s a huge demand,” he said. “The thing that surprises me is that the premium is holding. They have the highest premium out there of all other gold bullion coins. Gold Eagles aren’t difficult to find on the market. If you’re willing to pay, you can get them.”

Buyers looking for the best deal will want to look to other forms of the precious metal, he said.

“I can sell gold Maple Leafs at a cheaper price than the gold Eagles,” he said. “But there are some buyers who only want American gold Eagles.”

One possible motivation for the strong gold Eagle sales is the strong rise in the current gold price. Through April of 2016, the price of gold has averaged $1,196.47. The lowest point was reached early at $1,077 on Jan. 5 with a high point of $1,285.65 on April 29.

In 2015, during that time, the average was $1,213.89. It ranged from a low of $1,147.25 on March 18 to a high of $1,295.75 on Jan. 22.

Other U.S. Mint-issued bullion coins have seen a rise in orders, though none so dramatic as the gold Eagle. Gold Buffaloes charged forth in 2016, with 79,500 coins ordered. The year 2015 saw 66,000 go out the door in the same period.

Silver American Eagle sales are also strong, though by a much smaller margin. In 2015, 14,922,500 coins were sold versus 8,914,500 in 2016.

It’s a big deal when the Mint sets bullion coin sales records. It seems a given this year for silver Eagles.

But perhaps the bigger story should be the huge gains being made in gold Eagle sales 2016 whether the final number actually is a new record or not.

This article was originally printed in Numismatic News Express.
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