Bullion sales continue their decline this week, as precious metals’ values have taken a hit. Gold spot price has decreased $12.65 and silver $0.88 cents in the previous week. Gold, now valued at $1324.60, is undoubtedly being impacted by Yellen’s Jackson Hole speech, alluding to potential interest rate hikes in the coming months.
Likely a catalyst for slowing US Mint sales is the fluctuating spot price of precious metals. No longer are sales for 2016 on track to surpass, or even meet, sales of 2015. While 70% through the year, sales for the popular US bullion product, the American Silver Eagle, has only amounted to 29,210,500 coins or 62% of last year’s total of 47,000,000 coins.
Among other products lagging behind 2015 sales are the American Gold Eagles and American Gold Buffalos. The fractional and 1 oz rounds have fallen behind 2015 sales in light of economic and political situations.
While some bullion has lacked momentum this quarter, other products have soared. The Theodore Roosevelt National Park 5 oz Silver coins have given the America the Beautiful series a nice padding to bring total sales for the 5 oz series to 245,100 units sold- surpassing 2015’s total of 212,000.
Future news of interest rate increases and political affairs are likely to continue affecting the spot price of precious metals and subsequently US Mint sales; ultimately, it appears 2016 sales are in a wait and see scenario until the election and FOMC meetings conclude.
It is Amazing that with the known manipulation to keep Silver prices down that Silver has yet to take flight. The Gold/Silver Ratio is hovering around 70. When Silver starts… Hold on tight. It hoing to go on a multi-year run. Long over due. $360 oz conservatively by 2019.
People need to get their silver now before they cant. I always look forward to buying more silver. It’s so important.
I hope silver crashes to $10 an oz before it skyrockets! I’ll keep buying silver no matter how low it goes.
We are almost 20 trillion in debt in the USA..Are we so desensitized on current events??? Only about 1% of Americans have taken his proper steps in protecting their wealth!!! I don’t care how low gold or silver goes I will continue to buy I’ve done my homework I strongly recommend you do too!!!!!!
Agreed!