Demand for newly issued 2009 Gold Buffalo Bullion Coins is proving to be exceptionally hot. From their release on Thursday through to Monday, 71,500 of the one-ounce, 24 karat gold coins have been sold by the US Mint. That represents nearly 42 percent of the total sold in all of 2008.
In contrast, the one-ounce American Gold Eagles Bullion Coins have a sales tally of 63,500 for the first 19 days in October. It’s not that this figure is shabby, it’s not. They are just not on par with the couple of day sales numbers of the Buffalos.
Of course there is a major distinction between the two gold coins other than their design and composition — the Gold Eagles are struck from 22 karat gold versus the 24 karat in the Buffalos. While the Gold Eagles have been available all year, the American Buffalos have been suspended for some 10 months. That delay helped foster demand, and there is also a bit of catch-up in the wind.
The following table shows 2008 and 2009 Gold Buffalo sales as well as 2009 American Eagle Gold sales.
US Mint Sales of 1 oz Bullion Coins
|2008 Gold Buffalos||2009 Gold Buffalos||2009 Gold Eagles|
*Figures as of Oct. 19.
The US Mint sells bullion gold coins for a small amount over the current spot price of gold, but only to authorized purchasers. The authorized purchasers in turn resell the coins to coin dealers, precious metal providers and/or directly to the public.
For more information on the coins, refer to 2009 Gold Buffalo Coins.