Gold price drop boosts gold and silver coin sales

With the price of gold falling on hints that the US government may reopen, gold coin sales in the US have hit a three-month high just halfway through October.

According to Reuters, the US Mint sold 10,000 ounces of 22-karat American Eagle gold coins on Tuesday, bringing October’s total so far to 22,000 – nearly double September’s sales of 13,000 ounces.

Dealers bought 11,500 ounces in August.

A major US coin dealer told Reuters that business was booming when the price of gold hit a near three-month low on Friday. Safe-haven bullion buying is also a factor.

Silver coins have been popular lately as well, with the US Mint selling 1.6 million ounces of American Eagle silver coins so far in October. Three million ounces were sold in September.

In December 2012 American Eagle gold coin sales hit a 14-year high over political uncertainty and swings in the gold price.

Creative Commons image by: Eric Golub