Bullion Sales Explode At U.S. Mint Over Debt Ceiling Fears, Low Prices

October 16th, 2013 by

American Gold and Silver Eagles

The United States Mint has reported 10,000 ounces of American Gold Eagles were sold yesterday alone, bringing the total since October 1 to 22,000 ounces. This is nearly double last month, with two weeks left to go.  The Mint also reported one-day sales of 750,000 American Silver Eagles yesterday, raising expectations that the October total will handily beat September’s 3 million ounces.  Silver Eagle sales for 2013 are already the second-year year on record, at 37.7 million coins sold. 2011 holds the record with 40.02 million sold.

Analysts believe that it is more a question of “buying on the dip” rather than fear of government default that is driving the public to flock to the U.S. bullion coins, though the added incentive probably didn’t hurt. Gold recently hit three-month lows after a combination of market take-downs by large single orders and expectations of a budget deal brought the yellow metal down from the $1,330 range.