U.S. Mint Gold, Silver Coins Sales May Rise to Record This Year

Sales of gold and silver coins by the U.S. Mint may rise to a record this year if demand continues to remain at the current pace, according to Richard Peterson, acting director of the mint.

“The demand remains at an unprecedented level,” Peterson said today during an interview at the mint in West Point, New York. “People at the mint had to work overtime and sometimes over the weekends to meet the increase in demand.”

Demand surged at mints from Australia to the U.K. and the U.S. after gold futures in New York slumped 13 percent in two days through April 15. Prices tumbled 7.8 percent in April and dropped into a bear market as some investors lost faith in the metal as a store of value. The U.S. mint suspended sales of 10th-of-an-ounce coin in April after sales more than doubled from a year earlier.

The mint sold 209,500 ounces of gold in April, the most since December 2009, and in May sold 70,000 ounces, according to data on the website. Sales for silver coins reached an all-time high in January.

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

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

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