October 28, 2014 / 4:28 PM / 3 years ago

U.S. Mint's Eagle gold coin October sales are highest since January

Oct 28 (Reuters) - The U.S. Mint has sold nearly 60,000 ounces of American
Eagle gold coins so far in October, its highest monthly sales since January,
boosted by heightened geopolitical uncertainty and better interest from Asian
and European retail investors.
    With only four business days left until the end of October, sales of
American Eagle bullion gold coins made for investors were 58,500 ounces,
surpassing September's 58,000, the latest U.S. Mint data showed on Tuesday.    
    "(Islamic State), Ebola, Putin and Ukraine... There is a litany of these
things which have risen in the last year or so which have provided a negative
backdrop," said Scott Spitzer, chief operating officer of Manfra Tordella &
Brookes, a major coin wholesaler based in New York. "At the same time, it's an
opportune time to be in precious metals with interest rates being held low."
    Higher Chinese gold import sales and decent demand from the Hindu festival
of Diwali, a major gold buying event, highlighted improved Asian interest as
gold prices sank to a 15-month low earlier in October, Spitzer said.
  
    Sales to European investors also showed an uptick on bets that a proposal to
prohibit the Swiss National Bank from selling any of its gold reserves could
spark resurgent interest from central banks. 
    Seasonal demand also helped lift coin sales, as selling pace usually picks
up after the quieter summer months. On a year-on-year basis, U.S. gold coin
sales in October are up 21 percent from 48,500 ounces in October 2013.
    Turning to silver, investors have bought 4.12 million ounces of American
Eagles silver coins so far this month, versus 4.14 million ounces in September. 

    (in ounces)
        Gold                Silver                Platinum
        2014        2013       2014          2013        2014    
January    91,500        150,000       4,775,000    7,498,000    n/a     
February     31,000        80,500        3,750,000    3,368,500    n/a     
March        21,000        62,000        5,354,000    3,356,500    10,000  
April        38,500      209,500       3,569,000    4,087,000    1,200   
May        35,500        70,000        3,988,500    3,458,500    1,000   
June        48,500        57,000        2,692,000    3,275,000    700     
July        30,000        50,500        1,975,000    4,406,500    n/a     
August        25,000        11,500        2,007,500    3,625,000    700     
September    58,000       13,000        4,140,000    3,013,000    2,700
October      58,500       48,500        4,115,000    3,087,000      400  
  
YTD Total   437,500      752,500       36,366,000   39,175,000   16,700 
 

 (Reporting by Frank Tang in New York; editing by Gunna Dickson)

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