U.S. Mint Gold-Coin Sales Head for Biggest Drop in Eight Years [View all]
By Debarati Roy Dec 30, 2014 12:21 PM ET
Gold’s lackluster performance is turning off coin buyers, with sales at the U.S. Mint heading for the biggest annual drop in eight years.
Purchases of American Eagle gold coins reached reached 524,500 ounces in 2014, down 39 percent from 856,500 ounces in 2013. In December, sales fell almost 70 percent from a year earlier.
Gold prices are little changed this year, trailing advances for equities, the dollar and Treasuries. Gains for the U.S. economy cut demand for a store of value, while a collapse for oil futures signaled inflation will stay low.
“People wanted to be in assets that were winning,” George Gero, New York-based precious metals strategist who helps manage $500 million at RBC Capital Markets LLC, said in a telephone interview. “There is very little interest in gold and we have seen interest in gold decline through the year.”
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http://www.bloomberg.com/news/2014-12-30/u-s-mint-gold-coin-sales-head-for-biggest-drop-in-eight-years.html
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