When Presidential dollars debuted in 2007, new folder packaging was introduced that contains coin specifications and allows a clear view of the obverse, reverse and edge inscriptions. Packaged especially for collectors, these handsome Uncirculated Mint Sets are issued in strictly limited quantities.įrom 1965-2006, US Mint Sets were issued in traditional Pliofilm packaging, with each mint's coins sonically sealed in protective pockets. Silver for May delivery settled $1.019, or 2.9%, higher at $35.661 a troy ounce on the Comex.Issued since 1947, US Mint Sets contain one coin of each denomination from every mint that struck them for circulation (coins in US Mint Sets are typically from the Philadelphia and Denver Mints, though some years include special coins from the San Francisco or West Point Mints). As it starts to make the news, as counterintuitive as it sounds, we often see an increase in demand," Getlin said.Ĭomex gold for April delivery, the most active contract, rose $10.90, or 0.6%, to settle Thursday at $1,722.20 a troy ounce on the Comex division of the New York Mercantile Exchange.
"Unfortunately, a lot of people's interest actually increases as prices go up. He added that Merit Financial had a 19% increase in ounces sold in February from the prior month. "Mint sales tend to lead investor sales because dealers like us will stock up in anticipation of investment demand," said Mike Getlin, executive vice president at Merit Financial Inc., a bullion dealer based in Santa Monica, Calif. Still, the lower Mint sales figures don't directly reflect retail investors' appetite for coins because the agency mostly sells its product to intermediaries like coin shops and online gold dealers. Sales of silver coins for the first two months of the year total 7,597,000 troy ounces, down 21% from 9,662,000 troy ounces in the same period of last year. Mint has sold 148,000 ounces of gold, down 35% from 226,000 ounces in the first two months of 2011. The February data also cut into 2012's running tally against 2011. January gold coin sale volumes were the highest since August, while silver coin sales that month were the highest in a year. "The sharp decline in coin sales shows some consumer retrenchment in reaction to the higher prices," said James Steel, precious metals analyst with HSBC.Ĭountry Hedging's commodities analyst Sterling Smith agreed, adding that "as the price goes up, that naturally creates resistance to how many coins you're going to buy."įebruary's declines in the Mint's coin sales are a sharp contrast to January, when coin sales raced to multimonth highs.
Silver prices rallied 19% to $33.319 a troy ounce over the same period.
Gold had ended 2011 at $1,566.80 a troy ounce and rallied 11% throughout January to finish the month at $1,740.40. The sea change in investor appetite for coins was triggered by rising metal prices, analysts said. Sales of silver Eagle coins fell 76% to 1,490,000 troy ounces in February from 6,107,000 troy ounces the prior month. Mint plummeted 83% to just 21,000 troy ounces in February, from 127,000 ounces in January, according to agency data. Sales of gold American Eagle coins at the U.S. NEW YORK (MarketWatch) - Rising precious metals prices poured cold water on investor interest in gold and silver coins in February. (Updates throughout with analyst comments, market background, price details.)
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