Tags: gold | Washington | price | coin

US Gold Coin Sales Surge in October on Price Drop, Washington Impasse

Wednesday, 16 Oct 2013 01:33 PM

 

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Demand for U.S. gold coins has surged in October, reversing recent weak sales, boosted by bargain hunting as prices plunged below $1,300 an ounce and some safe-haven buying due to the U.S. budget impasse.

On Tuesday, the U.S. Mint sold 10,000 ounces of the most-popular 22-karat American Eagle gold coins, for total sales of 22,000 ounces so far in October, a Mint spokesman said.

The October sales are already the highest sales in three months and are nearly double sales of 13,000 ounces in September and 11,500 ounces in August.

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Dealers also bought 4,000 ounces of 24-karat American Buffalo gold coins.

Michael Kramer, president of Manfra, Tordella & Brookes, a major U.S. coin dealer in New York, said his firm's gold business has picked up since last Friday, when the price of gold fell 1.5 percent to a three-month low.

"We are under $1,300 for a few days, so people are thinking this is a good time to step in," Kramer said.

Manfra, Tordella bought gold coins from the U.S. Mint on Tuesday.

Uncertainty over whether U.S. lawmakers will clinch a budget deal to avert a debt default and reopen the federal government also spurred safe-haven bids, though the major driver appeared to be the lower prices, dealers said.

The U.S. Mint also reported higher-than-usual American Eagle silver coin sales at 750,000 ounces on Tuesday, bringing the October total to 1.6 million ounces, on track to surpass sales of 3 million ounces in September.

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© 2014 Thomson/Reuters. All rights reserved.

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