US Mint also reported sales of 3,159,500 ounces in American Eagle Silver Bullion coins for November 2012, more than double the sales of 1,384,000 ounces in American Eagle Silver Bullion coins reported during November 2011.
WASHINGTON(BullionStreet): US investors are flocking to gold, especially in coin form as uncertainties over fiscal cliff strengthened post presidential elections.
US Mint said sales of American Eagle gold bullion coins more than tripled in November of this year from 41,000 ounces sold in November 2011 to 131,000 ounces.
The U.S. Mint also reported that gold sales increased 132% from 59,000 ounces in October 2012 to 136,500 gold ounces in November 2012.
Meanwhile, the U.S. Mint also reported sales of 3,159,500 ounces in American Eagle Silver Bullion coins for November 2012, more than double the sales of 1,384,000 ounces in American Eagle Silver Bullion coins reported during November 2011.
However, American Eagle Silver Bullion Coins sales only increased slightly from 3,153,000 ounces in October 2012 to 3,159,500 silver ounces in November 2012.
In a news release, Arthur McGuire, vice president of East Haven, Connecticut-based Gold Coin, said, “The fiscal cliff is causing a huge stir in investment markets, and this is precisely why gold coin sales skyrocketed in November.”
Gold Coin analysts project that gold sales will continue to increase “as more investors invest in gold as their ultimate safe-haven profit and wealth preservation tool,” McGuire added.
The jump in sales of American Eagles was amplified by a rush among dealers to stock up before the end of the year when the US Mint switches production from “2012” to “2013” coins.
Royal Canadian Mint also reported strong sales during November for gold Maple Leaf sales. Maple Leaf coins are one of the world’s top gold coins by circulation along with American Eagles.