Wednesday, January 27, 2016
Gold bullion and silver coins are in high demand, according to figures from the US Mint, which has received such high demand that it has decided to ration some coins due to shortages.
Its 2016 American Silver Eagle coin supply is currently being restricted to one million a week due to shortages of silver planchet. Last week, it sold almost 73 per cent of the available supplies. Since the coin became available on January 11, the Mint has recorded its highest monthly sales since October 2014.
Strong demand is also apparent in the gold bullion coin market as investors snap up coins at their current reasonable prices amid speculation the price of gold is set to continue rising due to the volatile global economy.
The US Mint has reported higher than expected sales of its 2016 Mark Twain commemorative gold $5 Half Eagle coin, which resulted in it having to put some demands on ‘back order’. Between 14 January when the coins went on sale and 21 January, 6,889 of the Proof coins and 3,284 of the Uncirculated versions had been sold. Legally, only 100,000 of the limited edition coins can be produced.
The Mint is also issuing a maximum of 350,000 Mark Twain silver dollars in 2016.
This year is already showing signs of being another strong one for coin sales following 2015’s excellent figures. The US Mint broke sales records for silver coins for the third consecutive year in 2015, and demand was buoyant for gold coins too. By November, the Mint had sold all of its 2015 one troy ounce gold American Eagle bullion coins.
Gold bullion and silver coins are an excellent way to invest in gold or silver. In addition to the value of the precious metal, limited edition coins obviously have a collectable value among enthusiasts, which is something that is likely to increase as time goes on.