Gold Bullion Coin Sales Plunge 63% In November and 20% YTD – Have Americans Given Up On Gold?

Total sales of American Gold Eagle bullion coins plunged in November according to production figures from the U.S. Mint.

Total sales of gold U.S. Mint bullion coins declined by 63.4% in November from the previous year.  Sales of U.S. Mint gold bullion coins declined by 19.5% on a year to date basis through the end of November.  A total of 41,000 ounces were sold in November 2011 compared to sales of 112,000 ounces in November 2010.  Year to date sales through November totaled 934,500 ounces compared to the previous year to date totals of 1,160,500 ounces.

The reduction in the purchase of U.S. Mint gold bullion coins continues a trend of reduced sales since the record breaking year of 2009 when a total of 1,435,000 ounces were sold.  Total gold bullion sales  for 2011 will probably slip below one million ounces for the first time since 2009.  If sales decline in December by the same percentage amount as in November, total 2011 sales of gold bullion coins will come in at 956,500 ounces.

A summary of gold mint bullion coin sales since 2000 is shown below.

Gold Bullion Sales Since 2000

Gold Bullion U.S. Mint Sales Since 2000

Why would gold bullion coin sales be plunging when gold has been steadily rising?  Have Americans given up on gold?  Let's look at various trends in gold sales to get some perspective.

-Annual sales of gold bullion exceeded a half million ounces only once before 2008.  The financial crash of 2008 precipitated concerns about the integrity of both the banking system and the U.S. dollar, causing a huge increase in demand for physical gold.  Gold bullion sales exploded higher in 2008 and sales for 2011 remain far above levels seen prior to 2008 despite the recent drop in sales.

-Based on the current price of gold, the total value of all gold bullion purchased from the U.S. Mint since 2000 is $12.6 billion.  This amount represents only a fraction of the amount of investment dollars that have flowed into gold over the past decade.  In addition to purchasing physical gold, investors now have the option to purchase gold through gold trust ETFs.  The amount of money poured into the gold trust ETFs is many multitudes greater than the investment in physical gold bullion coins.  For example, since their inception in 2005, the combined gold holdings of the SPDR Gold Shares Trust (GLD) and the iShares Gold Trust (IAU) have grown to 47.2 million ounces valued at $82.5 billion.

-Gold ETFs have grown exponentially from their inception a short six years ago but the largest gold ETF, the SPDR Gold Shares Trust (GLD), has not been able to exceed its record gold holdings of 1,320.47 tonnes reached on June 29, 2010.  In addition, billionaire John Paulson recently liquidated a substantial portion of his GLD holdings, although much of the selling may have been forced due to severe losses in his hedge funds.

-Gold trader sentiment is either bullish or bearish, depending on who you talk to.

-Central banks, which have been increasing their purchases of gold since 2000, have sharply accelerated their purchases of gold bullion over the past several years.  Central banks from Asia and Latin America have accounted for most of the increased purchases.

-According to the World Gold Council, global gold investment demand increased by 33% in the 2011 third quarter compared to the prior year.  Investment demand for gold bars and coins increased by 29% and global gold holdings by gold trust ETFs increased by almost 78 tonnes.  Demand for gold increased notably during the third quarter in Europe and China.

While it is indisputable that global gold demand has increased, the appetite for gold by U.S. investors seems to be diminishing.  What do you think?

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US Mint Silver and Gold Bullion November 2011 Coin Sales

Sales were slow for US Mint silver and gold bullion coins in November compared to earlier months in 2011. Levels retreated for all but one offering, the smallest coin.

American Silver Eagles, with sales 1.384 million coins, ended with their lowest sales level since July 2008 while American Gold Eagles plunged in November with sales of 41,000 ounces, their lowest since June 2008. The contrast between how the bullion coins performed against the previous month of October was extreme. Silver Eagle sales in November plunged 54.8% from October while Gold Eagles dropped 18% over the same time.

Silver Eagle bullion coins stopped a little shy of 38 million by ending the eleven month period at 37.8595 million. Earlier in the year it looked like the silver coins would overtake 40 million in annual sales, but now it is not so sure.

Eleven-month sales for the 22-karat Gold Eagle bullion coins reached 934,500 ounces. The level is not bad, but it is still very far behind 2010's annual sales of 1.22205 million ounces.

A detailed look on how both series of coins performed in November versus past months in 2011 follows:

2011 American Gold Eagle Bullion Coin Sales Totals(See this CoinNews.net sales article for more analysis.)

2011 American Silver Eagle Bullion Coin Sales Totals
(See this Silver Coins Today sales article for more analysis.)

(As a side note, Silver Eagle sales picked up in early December, with another milestone as the coins crossed 38 million by December 5.)

As for other gold bullion coins sales for the month of November, the 24-karat Gold Buffalo tacked on 8,500. The bullion coins have been sliding since August's 28,000 jolt, and reaching the 209,000 coins sold in 2010 appears slim. Those declines and how they have performed since their introduction in 2006 may be compared in the following table:

American Gold Buffalo Bullion Coin Sales Totals (2006-2011)

Also in the US Mint's bullion arsenal in 2011 are the five bullion 2011 America the Beautiful Silver Coins. The first two five-ounce silver bullion coins have sold out earlier this year, hitting their maximum published mintages of 126,700 each. Those were the coins honoring Gettysburg National Military Park in Pennsylvania and Glacier National Park in Montana. The third one, for Olympic National Park in Washington stands at 83,300 and was released in May while the fourth, the Vicksburg National Military Park bullion coin for Mississippi, is at 32,500, after being released in June. The final 2011-dated five ounce bullion coin honoring Chickasaw National Recreation Area in Oklahoma launched in July and hit 24,700 in sales as of Monday, December 5, 2011. Cumulative sales total 393,900.

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US Mint Coin Mintages November: 2010 Quarters Known

Coin Mintages for Lincoln $1 and Mount Hood Quarter Revealed in November

American circulating coin mintages plunged last month, the latest November 2010 coin production figures from the US Mint reveal. The Mint produced a total of 531,460,000 coins in November 2010.

In contrast, coin mintages totaled more than 730 million during the previous month. In fact, the November drop marks the lowest level for the US Mint since April 2010 when nearly 452 coins were produced.

Only three denominations came out US Mint doors in November -- Lincoln pennies, Jefferson nickels and Roosevelt dimes. While America the Beautiful Quarters® and Presidential $1 coins were not struck, mintages for the final 2010 design issues for the coin series were reported.

The 2010 Mount Hood Quarter came in with a total of 68.8 million, split evenly with 34.4 million from Denver and 34.4 million from Philadelphia. How they compared to other America the Beautiful Quarter issues this year are shown in the following table:

Hot Springs National Park QuartersYellowstone National Park QuartersYosemite National Park Quarters

It should be noted that any of the quarter mintages above have the potential to change this year if the bulk buyers step in and order in quantity. However, given the lateness of the year, new numbers would be unexpected.

The Abraham Lincoln $1 coin finished with a total mintage of 97.02 million. Philadelphia produced slightly more at 49 million while Denver struck 48.02 million. The levels were the highest since the first issue in 2009. Again, a comparison with the other 2010 releases follow.

The next round of coin mintages will not be published until January 2011.

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US Mint Gold and Silver Eagle Coin Bullion Sales Surge in November 2010

US Mint buyers handed out more money in November 2010 to purchase silver and gold bullion coins than in prior month(s) -- more than the previous two months for Silver Eagles and more than the past three months for Gold Eagles.

Combined, the US Mint sold 4,342,000 ounces of 2010 bullion coins in November. The majority of them of course were American Silver Eagle coins.

November 2010 was the biggest month ever for the silver pieces as sales reached 4.23 million. The record was taken away from December 1986 when buyers order 3.696 million Silver Eagles during the second full month following their introduction.

Two more Silver Eagle records were augmented. With still one month left in the year, 2010 annual sales hit 32,890,500. The previous record occurred last year at 28,766,500. Additionally, the year-dated Silver Eagle mintage record climbed to 32,523,000. Last year's 2009 Silver Eagle mintage record of 30,456,000 was taken out by the 2010 Silver Eagles in early November.

Demand for American Gold Eagle coins was solid. Buyers grabbed 112,000 ounces in November, which was up from October's 94,000 ounces, September's 88,000 ounces and August's 41,500 ounces. The biggest one-ounce size was the most attractive to buyers with sales of 107,500. For the first time since the fractional sizes launched in June, the smallest one-tenth ounce size trailed the one-half and one-quarter ounce Gold Eagles. From smallest to largest, the total ounces sold were 500, 1,000 and 3,000.

In year-to-date numbers, the US Mint has sold 1,160,500 ounces of Gold Eagles. That currently represents the 6th best year for the series. Another 19,501 ounces will bring this year to the fifth best. However, it is highly unlikely that 2010 gold sales will surpass those from 2009 which came in at 1,425,000 ounces.

For reference, last month and year-to-date bullion coin sales follow:

The numbers above for the gold coins are in ounces, not the number of coins sold.

December figures should be the most interesting in 2010. The month is typically one of the strongest of the year. Additionally, this December has added interested as the US Mint placed on sale today the new America the Beautiful Silver Coins.

These bullion coins are three inches in diameter, weigh five ounces and are composed of .999 fine silver. Each of five issues for this year are limited to a bullion mintage of 33,000, for a total of 165,000. The coins share the same designs as the circulating America the Beautiful Quarters®.

The 2010 America the Beautiful Silver Coins honor honor Hot Springs National Park in Arkansas, Yellowstone National Park in Wyoming, Yosemite National Park in California, Grand Canyon National Park in Arizona, and Mount Hood National Forest in Oregon.

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Remaining November Month Hot for US Mint Coin Products

The remaining US Mint products scheduled for release this year will be trimmed significantly in just a few days.

This week is the busiest in 2010 for United States Mint product launches.

For many collectors, it is also the most anticipated week as issues include the last of the 2010 quarters, the desired Abraham Lincoln Presidential Dollar and the popular 2010 Proof Silver Eagle... The US Mint product schedule for November also includes a series Gift Sleeves, which are intended...

Full Article: US Mint November 2010 Product Schedule - CoinNews.net

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New America the Beautiful Quarters Sets Arrive in November

Mid-November will mark the debut of three new collectible sets containing quarter-dollar coins issued under the United States Mint America the Beautiful Quarters Program.

The new sets will feature the first five coins in the program, honoring Hot Springs National Park (Arkansas), Yellowstone National Park (Wyoming), Yosemite National Park (California), Grand Canyon National Park (Arizona), and Mount Hood National Forest (Oregon).  Here's what collectors can expect:

This set contains two uncirculated quality Hot Springs National Park quarters-one each from the United States Mint facilities at Philadelphia and Denver-and one proof quality coin from the United States Mint at San Francisco.  The coins are mounted on a durable plastic card and include a brief description of the site and the coin design, as well as a Certificate of Authenticity on the back.  The set is priced at $13.95 and will be available for purchase November 17.  The remaining 2010 issues of the 2010 America the Beautiful Quarters Three-Coin Sets will be released in 2011.

This ten-coin set contains the first five America the Beautiful Quarters® coins in circulating quality-one of each quarter from the United States Mint facilities at Philadelphia and Denver.  The packaging allows the coins to be easily removed and placed into albums or other numismatic accessories.  The set is priced at $9.95 and will be available for purchase November 19.

This ten-coin set contains the first five America the Beautiful Quarters® coins in uncirculated quality-one of each quarter from the United States Mint facilities at Philadelphia and Denver.  Each set is priced at $21.95 and will be available for purchase November 23.

Collectors may begin ordering these products at noon Eastern Time (ET) on the dates specified via the United States Mint's secure Web site, http://www.usmint.gov/catalog, or at the toll-free number, 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers may order by calling 1-888-321-MINT (6468).  A shipping and handling fee of $4.95 per order will be added to all domestic orders.

These products are also available by subscription, in which customers can sign up to receive each new set automatically as it is released.  For additional information about this convenient ordering option or the United States Mint America the Beautiful Quarters Program, visit http://www.usmint.gov/mint_programs/atb/.

The United States Mint, created by Congress in 1792, is the Nation's sole manufacturer of legal tender coinage.  Its primary mission is to produce an adequate volume of circulating coinage for the Nation to conduct its trade and commerce.  The United States Mint also produces proof, uncirculated and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.

Note:  To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to noon ET on the official on-sale date shall not be deemed accepted by the United States Mint and will not be honored.  For more information, please review the United States Mint's Frequently Asked Questions, Answer ID #175.

[Coin Collecting News editor: For more information on the new quarter-dollar series, also check out sister site America the Beautiful Quarters.]

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2010 Proof Silver Eagles to Fly November 19

The United States Mint has announced that the 2010 Proof Silver Eagle will be available for collectors this year. The news comes one month after the official conclusion of the US Mint’s long running rationing program, which had been in place due to high demand for bullion coins.

By law, the US Mint is required to produce American Gold and Silver Eagle bullion coins in quantities sufficient to meet public demand. Following their legal team’s interpretation, in times when bullion demand has exceeded planchet supply, the US Mint has sourced all incoming planchets to the production of bullion coins and foregone the production of collector coins.

This interpretation of their legal responsibilities led to the cancellation of the 2009 Proof Silver Eagle and the lengthy delay and uncertainty surrounding this year’s offering.

The 2010 Proof Silver Eagles will be available for ordering on November 19, with fulfillment of orders beginning on December 1. Pricing has been established at $45.95 per coin. This represents a hefty increase from the last available proof Silver Eagles, which were priced at $31.95 back in 2008. A household ordering limit has been established at 100 units.

The US Mint is not saying just how many coins will be available for collectors, as it will remain contingent on the level of bullion coin demand. If precious metals investors manage to tone it down for a few months, just how many 2010 Proof Silver Eagles will be produced?

A possible clue lies in the US Mint’s original request to Congress when they were attempting to amend the law to allow proof coins to be struck even while bullion demand remained unmet. They had requested authority to use up to 2 million incoming planchets to strike Proof Silver Eagles each year. This would top the highest mintage for a proof issue of the series, currently held by the 1986 Proof Silver Eagle with a final mintage of 1,446,778. The legislation eventually introduced in Congress left the determination up to the Secretary of the Treasury.

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