U.S. Mint Sales of Gold Coins Jump to Highest in Three Years

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American Bullion was recently featured in a Bloomberg article focused on the recent jump in U.S. Mint Gold coin sales.

The story highlights the fact that gold coins by the U.S. Mint rose to the highest since December 2009 after the price of the metal in April fell the most in 16 months. April sales totaled 209,500 ounces, up from 62,000 ounces in March, data on the U.S. Mint’s website show. The amount for December 2009 was 231,500 ounces. Silver-coin sales rose to 4.2 million ounces from 3.36 million in March.

“People are flocking to buy physical gold,” Todd Dutkevitch, a senior account executive at Los Angeles-based American Bullion Inc., said in a phone interview. “The price drop has made it possible for many retail buyers to add gold.”

On April 23, the U.S. mint said it suspended sales of coins weighing a 10th of an ounce after demand more than doubled from a year earlier. The mint sells 22-karat American Eagles of 1 ounce at a 3 percent premium to London “p.m. fixing” prices. A half-ounce coin is set at 5 percent above, a quarter-ounce coin is 7 percent above, and one weighing a 10th of an ounce fetches a 9 percent premium, according to Michael White, a Mint spokesman. “The 1-ounce gold bullion coins are the most popular,” White said last week.

“This drop has made physical gold much more attractive than paper gold,” Dutkevitch said.

Read the full article online: U.S. Mint Sales of Gold Coins Jump to Highest in Three Years | Bloomberg.com