How, and how quickly, will bullion sales react?
My eyes were drawn to gold and silver this week. Gold went back under $900 per ounce on the world market April 23, and I wondered how this would affect bullion American Eagle and Buffalo sales.
I found I was looking a little early, as April 23 was right in the middle of the report period for these U.S. Mint bullion market products. Last week?s bullion sales figures were reported as of April 21, this week?s are as of April 25.
In those four days, gold bullion Eagles advanced by 8,500 ounces, 8,000 of those in the form of one-ounce pieces. Bullion Buffaloes stepped up 3,500 ounces. A total of 12,000 ounces of gold in four days seems steady. As of this writing, gold?s market price has continued down to $862.80. We?ll see what next week brings ? surge, stall or otherwise.
Bullion silver Eagles posted a gain of 130,000 this week. Last week they?d jumped from zero to 1,295,000.
Uncertainty surrounds First Day Covers. Some we?ve listed as sold out for weeks now have lower figures, others held little surprise. Keep on watching.
