American Gold Eagle Bullion Coin Sales Hit 20-Year High in Q1 BY SCHIFFGOLD
For Q1, the US Mint reported its highest quarterly American Gold Eagle sales in more than 20 years.
According to its data, the US Mint sold 412,000 ounces of American Gold Eagles in varying denominations through the first quarter. It was an 88% increase over the first quarter of last year and the largest quarterly sales volume for American Eagles since Q3 1999.
While overall demand for gold was down globally in 2020, investment demand hit record levels, according to the World Gold Council. Globally gold coin sales reached a record high of 297.6 tons last year. That was 10% above the previous high of 271 tons set in 2013.
American Silver Eagle sales also boomed in Q1, with sales totaling 12,053,500 ounces. That represents a 20.8% year-on-year increase.
Strong sales came despite the mint rationing sales of Silver Eagles, and also allocating gold and platinum coin sales to authorized purchasers only.
Incrementum AG Ronald-Peter Stoeferle told Kitco News that investors are trying to protect themselves against the rising threat of inflation.
In a world of uncertainty, investors are eager to get their hands on physical gold. This rise in physical demand will provide important support for gold’s long-term bull market.”
Stoeferle noted that Comex delivered 113 tons of physical gold to investors in February alone. That was about five times the historical average.
Peter Schiff has pointed out that we are currently adrift in a sea of inflation, despite official assurances that it’s “transitory” and of no real concern. And ultimately, the Fed will be powerless to fight rising price inflation.
What they should be worried about is that the Fed will do nothing about it. And that’s what’s worse. Because that means the higher inflation that they’re concerned about is actually going to be much higher than they think for the precise reason that what they’re afraid of – the Fed doing something about it – won’t happen because the Fed will do nothing about it, and so the real damage caused by inflation will be much worse.”
Investors looking to buy more US Gold and Silver American Eagles could face a supply squeeze this year. Mint officials said there is a limited window to produce gold and silver coins this year due to the release of redesigned coins scheduled for this summer.
This content was originally published here.
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