Precious metals are in demand. Despite gold and silver taking a beating in May because of a potential rate hike from the Federal Reserve this summer, investors are still high on bullion. Interestingly enough, silver sales are just as big as gold sales.
According to new numbers from SchiffGold, the United States Mint sold 4,498,500 ounces of American Silver Eagle coins. This resulted in the fifth consecutive of month of sales more than for million ounces.
Reportedly, the supply of silver is not keeping up with the soaring demand, which could help prices stay higher for the foreseeable future.
Of course, gold sales continue to perform remarkably well. May gold coin sales skyrocketed 206 percent over the same month last year. The Mint sold an estimated 76,500 ounces of American Gold Eagle coins and 18,500 ounces of Gold Buffalo coins.
What makes these findings interesting is the fact that May is usually the start of the slow season for both gold and silver coin sales. And it isn’t just the Mint reporting strong sales. On an international level, silver bullion coin sales are up 14 percent this year.
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