Wednesday, June 27, 2012

Signposts--"Gold coin sales from national Mints fall in Q1"

From Reuters India:

Demand for gold coins fell in key markets in the early part of this year as the strong demand for small investment products that helped send bullion prices to record highs in 2011 tailed off, sales data from three major Mints showed.

The United States, Canadian and Austrian Mints, which between them produce three of the world's top five bullion investment coins, all reported lower sales in the first quarter of 2012 versus a year ago.

Combined sales of U.S. American Eagle, Canadian Maple Leaf and Vienna Philharmonic gold coins fell by more than a third to 451,113 ounces in the three months to March.

The Royal Canadian Mint, which produces Maple Leaf coins in gold and silver, saw the biggest drop in gold sales, which were down 46 percent to 160,000 ounces from 296,000 ounces.

"The Mint cannot predict the precious metals market," it said in an annual report....MORE