U.S. Mint Reports 250% Spike in American Eagle Sales as U.S. Consumer Gold Demand SKYROCKETS

The U.S. Mint released its sales numbers on Monday of this week indicating that purchases of American Eagle gold coins took off like a firework last month, rising by more than 250% for the month of June.
 
As the Greek crisis intensified this week and the Dow turned negative on the year many expected the price of gold to break out amid safe-haven demand. It didn’t. It’s been stuck in a range in recent weeks, almost flat day to day, but there is evidence that the price is being suppressed. If you look at the price changes, you can see that whenever there was a quick spike in the price, someone dumped just enough to drop it back down. In the chart below, for every rise, there was a nearly equivalent drop to bring it back down to its previous level.

 
And when you compare the lack of movement to the rise in the price of Bitcoin (which is not as easily manipulated and rose by more than 10% on safe-haven buying), it is obvious that someone is trying to keep gold low– probably so they can keep buying.
 
As we covered earlier, late June-early-July is almost always the annual bottom for the price of gold and one of the best times to buy since it is just before the start of the festival and wedding season in India which typically leads to increased demand and higher prices.
 
76,000 ounces of gold American Eagle bullion coins were sold in June, compared to 21,500 ounces in May. Yearly sales are 20% higher than they were in 2014. Gold Buffalo coins also experienced a spike in demand with a 121% increase. 21,000 ounces of American Gold Buffalo coins were sold in June, over 9,500 ounces in May.
 
Sales of American Eagle Silver coins also rose by more than 130% with 4.84 million ounces sold in June.
 
Despite the narrative of the mainstream financial media that people aren’t buying gold, the sales numbers tell a very different story. Investors are realizing that now is a good time to buy with current prices artificially low and an anticipated seasonal rise on the horizon.
 
Further evidence that investors are turning to gold coins to protect their wealth is the recent number of million-dollar auctions of rare antique coins. An 1880 Coiled Hair Stella, or four dollar gold piece sold at the Long Beach Coin Auction last month for more than $1.1 million and a 1933 ten dollar Gold Eagle sold for more than $587,000. The final total of the rare coins sold in the auction came out to more than $17 million dollars.
 
Fortress Gold Group can help you convert your traditional IRA or 401k into a Gold IRA that will allow you to hold your own gold coins as part of your retirement account. Call us today to find out how you can even take delivery of your metals and store them in your own home, safety deposit box, or other location of your choosing.

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