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.
