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U.S. gold coin sales surge after historic sell-off
U.S. gold coins have been flying off dealers’ shelves this week as retail investors snapped up bargains since the metal’s historic plunge in price.
The spike in gold coin sales reflects a desire among mom-and-pop investors to have physical metal as a store of value in troubled economic times.
In contrast, retail and institutional investors have fled gold exchange-traded funds and futures contracts in recent months as fears of inflation have waned. Gold is seen as a hedge against inflation.
Sales of the American Eagle gold bullion coins totaled a whopping 77,000 ounces in just two days, exceeding the entire month of March, when dealers sold 62,000 ounces.
“We haven’t had two back-to-back days like this since 2008 after the collapse of Lehman Brothers,” said David Beahm, vice president at New Orleans-based coin dealer Blanchard & Co.
Beahm said that one customer bought an entire 500-ounce gold “monster box” usually delivered by the U.S. Mint to coin dealers which then sell the 1-ounce coins individually to customers.
Buying took off on Monday when 35,500 ounces of coins were sold – that’s more than 10 times the daily average at 3,250 ounces in the first three months of 2013 – and accelerated on Tuesday with 42,000 ounces sold.
Read More: http://www.stockgoldmarket.com/u-s-gold-coin-sales-surge-after-historic-sell-off
