U.S. gold bullion coin purchases are soaring this week and for May, already nearing or surpassing past monthly totals with just 13 days of sales recorded.
As gold continues to score all-time record highs, investors are buying United States Mint gold coins to the tune of 114,000 ounces this month. An additional 3,001 will register May as the best sales month in 2010.
Broken out, U.S. Mint authorized dealers have purchased 67,000 one-ounce American Gold Eagles and 47,000 one-ounce American Buffalo bullion coins.
Year-to-date sales brings the Gold Eagle to 398,500 and the Gold Buffalo to 103,500 — the 24 karat bullion Buffalo coins were only released on April 29, for a total of 502,000 ounces of gold.
Placed into perspective, nearly one-fourth of all gold bullion coin purchased from the U.S. Mint this year were made during the past 13 days.
Unlike its numismatic or collector products, the Mint sells bullion coins for a small amount over the current spot price and only to a small network of authorized purchasers. These buyers in turn resell the coins to coin dealers, precious metal providers and/or directly to the public.