U.S. Mint sees strongest gold bullion demand in 23 years, sells 426k ounces in Q1
Monday April 04, 2022 13:03
Rising inflation and safe-haven demand resulted in extraordinary demand for physical gold in March, capping off the best start to the year in more than two decades.
In its latest sales data, the U.S. mint reported that it sold 155,500 ounces of various denominations of its American Eagle Gold bullion coins, up 73% from last month. The U.S. Mint saw its best March performance since 1999.
March ended a solid quarter for bullion demand was. The U.S. mint sold 426,500 ounces of gold between January and March, up 3.5% from the first quarter of 2021. Similar to its monthly says, this was the mint's best quarter in 23 years…
Silver demand, while seeing a solid start to the year, is down compared to last year's unprecedented start. The data from the U.S. Mint shows more than 7.5 million ounces of silver were sold in the first quarter of last year, down 37% from the first quarter of 2021.
Looking at monthly sales, the U.S. Mint sold 1.08 million ounces, down 73% from last year.
Richard Weaver, president of the Accredited Precious Metals Dealers and the Professional Numismatists Guild, said thatsilverdemand could be a lot higher, but demandis being impacted by a lack of supply.
"Bullion orders remain strong even withthe lack of silver material available,"he said. "Demand should remain steady for the balance of 2022, butPhysical Metals could be the wildcard as we are seeing higher premiums and longer delivery times."
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