Gold’s market price might be down to $1,169, but demand for one-ounce American Eagles continues to soar.
Buyers took 129,000 of the Eagles from the Mint last month.
November results beat October’s handily.
The October sales number of 100,500 had been the previous high sales month for 2016. It was also the highest sales month since July 2015 recorded 144,500.
Is it a buying panic?
If not now, it might become one.
The Mint is about to turn off the spigot for 2016-dated pieces and begin production of 2017 coins.
The switchover is routine.
Market reaction might not be.
However, whatever residual 2016 supply there will be might not be able to satisfy surging demand.
From the July low of just 30,000 pieces, demand soared by 67 percent in August.
September demand was 58 percent higher than August’s.
In turn, October demand was 21 percent higher than September.
November demand was up by 28 percent.
It is not likely that the Mint supplies, whatever they are, can withstand another 28 percent increase in December.
I doff my hat to the Mint if they have 165,120 one-ounce coins on hand for the month.
If gold Eagle supplies run out, what happens?
Will the Mint bring back rationing when it introduces the 2017 coins?
Better plan for it.
That means if you are a regular annual buyer of the new date, a higher premium is likely.
It might be better to save money and get the new date in February or March.
Go on vacation in January. Go to the Florida United Numismatists show in Fort Lauderdale
Oops. That won't take your mind off gold coin demand.
There is nothing like being told gold coin supplies are temporarily running out to stoke a reflexive desire to buy more.
We have seen it occur over and over again in the past decade.
What about silver American Eagles?
Ah, they are yesterday’s news – and perhaps tomorrow's.
Buzz blogger Dave Harper has twice won the Numismatic Literary Guild Award for Best Blog and is editor of the weekly newspaper "Numismatic News."
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