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1999 U.S. GOLD SALES START AT RECORD PACE
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(April 2,1999) Low gold prices, financial asset inflation, Y2K fears, spark demand for physical gold holdings in U.S. The Mint announces record sales for the 1st quarter, number of coins sold each month in 1999 exceeds 1994 totals for the whole year.
(April 2,1999) Tracking U.S. gold Eagles sales is easy, thanks to the Mint’s website at www.USmint.gov. There the Mint posts mintage information on the gold, silver, and platinum Eagles pretty much as quickly as they happen on a weekly basis.

1998 was a record year for U.S. Mint gold bullion coin production. As gold hit a 19-year low around $275 in August of 1998, sales first hit a monthly record, in 31 days exceeding the production achieved in some of the slower years of the 1990’s.

Gold retailers and brokers have experienced some shortages, and the Mint has had to allocate supply among its customers in those weeks when demand exceeded the Mint’s capacity for production. Premiums have increased from time to time, most noticeably on the tenth ounce and one once gold Eagles.

The tenth-ounce Eagles have gone from being an infrequently purchased gift item to the mainstay of Y2K ‘survival’ kits. Mint production in 1998 was a record 1,445,000 tenths, more than doubling any previous year’s production. The first quarter of 1999 has seen 1,145,000 sold to Mint distributors, setting a pace that would mean over 4 million of these little coins produced this year!

Silver Eagles have also been purchased at a record rate this year, and the month of March saw a squeeze in supply that saw retail prices at one point double the actual silver value.

The Mint has greatly increased production in gold, silver, and platinum bullion over the past six months, as have other world mints serving the U.S. bullion market. Speculation is that premiums will increase as we approach the year 2000, and people turn to “hard money” to hold the place of moneys formerly held in banks and brokerage accounts.

Our belief is that, Y2K notwithstanding, this is a favorable time to acquire gold. Gold traded for $400, $500, and over $600 for most of the 1980’s, and today you can buy it within a few dollars of a 19 year low price. Even if we muddle through the start of year 2000, and get over the glitches that will no doubt accompany the new millennium, your financial health will still be better insured by owning gold acquired at these historically low prices.


 

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