Demand is lower for bullion coins? Poppycock. US Mint sales figures released Wednesday say otherwise.
Marking the third best month of a record setting pace year, demand in June for American Eagle Gold and Silver Bullion Coins jumped aggressively over May.
Silver eagle sales soared in June, rising 340,500 higher than May figures. 2,245,000 silver bullion eagles were sold. The total is now 13,824,500 for an annualized rate that is easily on track to smash last year’s 20,583,000 record.
Gold eagles sales sizzled and nearly doubled May tallies. 116,000 gold bullion eagles were sold in June. With half of this year now set in history, 670,500 have been purchased — one of the best six month totals since the series began in 1986.
Monthly 2009 American Eagle Bullion Sales
| Silver Eagles | Gold Eagles | |
| January | 1,900,000 | 92,000 |
| February | 2,125,000 | 113,500 |
| March | 3,132,000 | 136,500 |
| April | 2,518,000 | 147,500 |
| May | 1,904,000 | 65,000 |
| June | 2,245,000 | 116,000 |
| Total | 13,824,500 | 670,500 |
Clearly, the US Mint’s ability to recall its bullion allocation policy in June was more the result of attaining sufficient gold and silver blank inventory than any sign of a huge fall in demand, as has seemed to be the focus in many news and blog articles of late.
Eagle bullion coins are struck mostly for investment purposes and sold only to Mint "authorized purchasers" who then offer the coins to investors, dealers or directly to the public. By law, the Mint must strike these coins in sufficient quantities to meet demand.
Until June, it was unable to meet demand as a result of insufficient bullion blank supplies. The Mint had to ration sales to dealers and suspend the production of collector proof and uncirculated eagle coins. 2009 collector eagles have yet to be minted.
The U.S. mint is buying and stocking inventory on this major dip based on idiocy from panick but are not releasing the coins for sale until the prices recover. The 2012 platinum proof eagle is one of these withheld coins. The release date was supposed to be last month but prices are being hammered for platinum because of the Greeks.