Sales of American Eagle Bullion Coins Surpass 2022 Totals
With two months remaining in 2023, sales of American Eagle 1-ounce .999 fine silver bullion coins by the United States Mint have already exceeded the total sales for all of 2022. The 2023 sales numbers, totaling 21,215,000 coins, are 33% higher than the 16 million coins sold in 2022. October 2023 marked the second-highest sales month for the year, with 3,306,000 coins sold, just behind the 3,949,000 coins sold in January when the 2023 coins were first introduced.
Insight: The increase in sales for American Eagle silver bullion coins in 2023 could be attributed to a combination of factors such as market demand, economic conditions, or fluctuations in the price of silver.
Gold American Eagles Sales Show Incremental Growth
The sales of American Eagle .9167 fine gold bullion coins in 2023 have slightly surpassed the total sales in 2022. Through October 31, 2023, a total of 1,017,000 ounces of gold Eagles were sold, compared to 980,000 ounces in 2022. The breakdown of the 2023 sales includes 865,000 1-ounce $50 coins, 46,000 ounces in half-ounce $25 coins, 45,500 ounces in quarter-ounce $10 coins, and 60,500 ounces in tenth-ounce $5 coins.
Insight: The increase in the sales of gold American Eagles reflects ongoing interest in gold as a precious metal investment, especially during times of economic uncertainty or inflation.
Platinum American Eagles See Significant Drop in Sales
Sales of American Eagle 1-ounce .9995 fine platinum $100 bullion coins in 2023 have seen a significant decrease compared to the same period in 2022. With only 12,700 coins sold through October 31, 2023, compared to 80,000 coins sold in 2022, the drop in sales is notable. The platinum coins were made available for purchase during the months of March, April, May, and June in 2023, whereas sales in 2022 were completed from February to June.
Insight: The decline in sales of platinum American Eagle bullion coins could be due to various factors such as shifting investor preferences, market conditions, or competition from other bullion products.
American Buffalo Gold Bullion Coins Experience a Decrease in Sales
Sales of American Buffalo 1-ounce .9999 fine gold $50 bullion coins in the first 10 months of 2023 have decreased by 10% compared to the same period in 2022. The total sales of 364,500 American Buffalo coins in 2023 are 41,000 coins fewer than the 405,500 sold in 2022.
Insight: The decline in sales of American Buffalo gold coins could be influenced by factors such as changes in consumer demand, market preferences, or fluctuations in gold prices.
Insight on Premiums and Market Dynamics
The U.S. Mint does not repurchase the bullion coins it sells, such as American Eagle and American Buffalo bullion coins but instead offers them through authorized purchasers. These authorized purchasers buy the coins in bulk from the Mint at prices based on the current spot prices of the metals in each coin plus a small premium. The Mint applies different premiums for silver, platinum, and gold coins based on weight and metal type, with minimum order requirements for each.
Insight: The premiums charged for bullion coins reflect the Mint’s pricing strategy and the additional costs associated with producing and distributing the coins, influencing the overall pricing in the secondary market for bullion products.