Purchases of Eagle gold, silver coins higher in February compared to a year ago

Following the seasonal sales spike for American Eagle gold and silver bullion coins in the month of January each year, there is a slowdown in February. This year, however, monthly sales for the month of February are quite higher compared to a year ago.

Last month, goldbugs acquired 80,500 ounces of American Gold Eagle coins (one ounce, ½ ounce, ¼ ounce and 1/10 ounce). Although this is comparably down from the month prior, it is more than triple the sales of 21,000 in Feb. 2012. According to Coin Update, this is the fifth straight month that Gold Eagle Bullion sales have surpassed the level of the same period a year ago.

Silver Eagle Bullion sales hit 3,368,500 coins last month, a figure that is more than double of the 1.49 million sales recorded a year ago. Year to date, this is a total of 10,866,500 American Silver Eagle one ounce coins. For a half-ounce, there were 5,000 sales, for a quarter-ounce there were 12,000 sales and for tenth of an ounce there were 70,000 sales.

Although the number is down from 7,498,000 coins, a record-high, it is normal because sales for the United States Mint’s bullion series soar in January when the demand is strong for newly minted coins.

For 2013 thus far, this is what the sales stats look like for coins:

American Gold Eagle one ounce: 192,500

American Gold Eagle ½ ounce: 22,000

American Gold Eagle ¼ ounce: 36,000

American Gold Eagle 1/10 ounce: 180,000

American Silver Eagle one ounce: 10,866,500

The news comes as it was reported that many financial experts believe silver has bottomed out. This is apparent as the Commercials have persisted in shorting silver at a rapid rate. Last month, silver dipped below the $30 mark.

“The conclusion to all this is that silver, like gold, is believed to have bottomed or to be very close to doing so, and to be readying for its next major uptrend that should break it out of its large trading range and take it comfortably to new highs,” wrote Clive Maund of The Market Oracle. “It may have hit bottom on Friday.”

At the time of this writing, gold is up $2.70 and is trading at $1,575. Meanwhile, silver is up $0.075 at 28.565.

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