U.S. Mint American Gold Coin Sales Retreat to Lowest Since April

U.S. Mint sales of American Eagle gold coins slumped to the lowest in three months in July. Silver-coin sales also declined.

Sales of gold coins dropped 49 percent to 30,500 ounces from 60,000 ounces in June, data on the Mint’s website showed. That’s the lowest amount since April. In the first seven months, sales slipped 42 percent to 374,000 ounces from a year earlier.

Investors postponed purchases as they await monetary policy decisions from the Federal Reserve and the European Central Bank, according to Scott Carter, the chief executive officer at Los Angeles-based Lear Capital. The Fed concludes a two-day meeting today and the ECB convenes tomorrow. The U.S. Dollar Index gained 1.2 percent in July as gold rose 0.6 percent.

“Purchases are on hold as people are waiting to hear from Europe and the Fed,” Carter said in a telephone interview.

Silver-coin sales declined 20 percent to 2.28 million ounces from a month earlier.

Gold futures for December delivery traded at $1,620.20 an ounce by 8:03 a.m. London time on the Comex in New York for a 3.4 percent advance this year.

To contact the reporter on this story: Debarati Roy in New York at droy5@bloomberg.net

To contact the editors responsible for this story: Steve Stroth at sstroth@bloomberg.net

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