Wednesday, May 26, 2010

U.S. Mint In Clover

It isn't just the European mints that are doing a land-office business during the sovereign-debt crisis. The U.S. Mint is selling coins at levels not seen since December '08, according to a Wall Street Journal report.
So far in May, the U.S. Mint has sold 158,000 one-ounce 2010 American Eagle bullion coins, according to the agency's website. This is already more than double the full-month total of 65,000 for May 2009....

"We've seen a tremendous uptick in investors looking toward gold for their portfolio," said David Beahm, vice president for marketing and economic research with New Orleans-based coin dealer Blanchard and Co. "It's been like that for a couple of years now. But just over the last two or three weeks, it has exploded."...

"May has turned out to be quite a surprise," said Scott Thomas, president and chief executive of American Precious Metals Exchange in Oklahoma City. "The stock market has declined, and people are continually looking at gold and silver as alternative asset classes."
Some of that demand has come from Western Europe, of course, but there is also evidence of strengthening American demand. Also contributing to the rocket-up in sales is the fact that people who buy them, hold them; the secondary market has not seen a similar jump-up.

The tide may be turning. As veteran gold-watchers know, the public was first "turned on" to gold by being blanketed by ads urging them to sell their gold. It seems only a matter of time before the Cash-For-Gold companies are elbowed out by firms urging people to buy gold. The pre-existing demand is already bubbling up.


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