The Market is Bullish on Bullion
Bullion Eagle sales for the month of August were modest, with 8,000 ounces of gold sold.Putting this into perspective, the three previous months closed with 4,000, 4,500, and 5,500 ounces…
Bullion Eagle sales for the month of August were modest, with 8,000 ounces of gold sold.Putting this into perspective, the three previous months closed with 4,000, 4,500, and 5,500 ounces sold.So, while 14,500 ounces isn’t as high as the January through April sales, it’s interesting to see, given the increase in the price of gold.Silver, on the other hand, dropped by 233,000 ounces from July.Looking at September, just a few days into the month, 2,000 ounces of gold Eagles have sold and 11,000 ounces of silver Eagles.
Gold Buffalos are not as popular with the collectors right now, however, August totals were triple that of July, going from 500 in July to 1,500 in August.So far in September, 500 units were sold.This is a significant change from what we saw in 2018.In 2018, July saw 24,500 units, while August saw 20,000 units sold.Year-to-date through August in 2018, 97,000 gold bullion Buffalo coins were sold.Through August, all of 2019 has realized sales of just 49,500 gold bullion Buffalos. Will we see this picking up toward the end of the year?Likely not, given the fact that gold is currently over $1,525 an ounce and last year at this time, it was right around $1,200 an ounce.Looking back at the Coin Market at a Glance from the September 11, 2018 issue of Numismatic News Express, the headline is a pretty good summary, “Buyers waking up to ‘cheap’ bullion.”
