Gold coins sales way upgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread |
Any goldbugs care to comment on this? Is this simply the result of y2k preparation or is it the sign of some deep shift in the world of gold? I really don't know what to make of this. I'm just presenting the facts as recorded at US Mint Bullion----------------------------------------------------
1992 385,800 1993 514,000 1994 310,000 1995 297,750 1996 275,000 1997 771,250 1998 1,839,500 1999 1,610,500
1992-1997 2,553,800 oz of gold coins were sold. 1998-1999 3,450,000 oz of gold coins were sold.
In Oct. 1998 the US Mint sold 288,500 oz of gold coins; more coins than were sold during the entire year of 1996.
1998-1999 SEP 233,000 OCT 288,500 NOV 147,000 DEC 229,000 JAN 281,000 FEB 144,000 MAR 269,000 APR 161,000 MAY 172,000 JUN 216,000 JUL 165,500 AUG 154,000
1992-1997 2,553,800 oz of gold coins were sold SEP 1998 - AUG 1999 2,460,000 oz of gold coins were sold.
-- John Ainsworth (ainsje@cstone.net), September 21, 1999
Lets try the tables again
----------------------------------------------------
1992 385,800
1993 514,000
1994 310,000
1995 297,750
1996 275,000
1997 771,250
1998 1,839,500
1999 1,610,500
1992-1997 2,553,800 oz of gold coins were sold.
1998-1999 3,450,000 oz of gold coins were sold.
In Oct. 1998 the US Mint sold 288,500 oz of gold coins;
more coins than were sold during the entire year of 1996.
1998-1999
SEP 233,000
OCT 288,500
NOV 147,000
DEC 229,000
JAN 281,000
FEB 144,000
MAR 269,000
APR 161,000
MAY 172,000
JUN 216,000
JUL 165,500
AUG 154,000
1992-1997 2,553,800 oz of gold coins were sold.
SEP 1998 - AUG 1999 2,460,000 oz of gold coins were sold.
-- John Ainsworth (ainsje@cstone.net), September 21, 1999.
must learn html. Sysop please delete.
-- John Ainsworth (ainsje@cstone.net), September 21, 1999.
No reason to delete that John, it's very understandable, and quite shocking. I would venture to say that Y2K preparers, and particularly those taking advice from Gary North, are responsible for a large part of this. Gary has been pushing gold pretty heavy, and earlier this year he even warned that it was being rationed. Thanks for the info.
-- @ (@@@.@), September 21, 1999.
One thing that should be factored in is the amount of gold in them thar coins. This could provide a big clue as to the nature of whether the gold rush is for Y2K or not.
Generally speaking, Y2Kers who buy gold coins are preparing for a barter/meltdown scenario and therefore want small sizes of coins (e.g. 1/10th ounce American Eagles) -- maximum number of transactions per ounce. People who buy physical gold just as a contrarian type of investment would presumably be interested in larger coins (e.g., once ounce) or even gold bars.
At least, this is my impression....
-- Jack (jsprat@eld.net), September 22, 1999.
Jack - The tables show oz of gold within the coins sold by the mint. I didn't put numbers of coins sold because there are different types of coins.
-- John Ainsworth (ainsje@cstone.net), September 22, 1999.
Jack,Small coins might be for transactions, sure. but there is such a thing as capital preservation, in which case one would buy the 1 oz coins at a cheaper rate... In other words, some 1/10th of an ounce coins, some larger, to one ounce.
-- Mara Wayne (MaraWayne@aol.com), September 22, 1999.
John, indeed going directly to the tables via the link that you provided (which I did not do before) seems to show that 1/10th ounce gold coins are far and away the hot sellers for this year, and the latter part of last. Prior, it would appear that it was the one ounce coins (which still are the second best seller). As Mara points out, if you want to get the best bang for your buck, you are better off buying the one ounce coins (e.g., you pay more for ten 1/10 ounce American Eagles rather than a single ounce American Eagle).
I suspect that people did not just willy-nilly decide to go for 1/10th ounce coins over one ounce coins, paying more for them, just for the sound of more jingling. Y2K would seem to be the obvious motivator, for the reasons that I mentioned above.
And, in my own case, all of the gold that I have is in the form of American Eagles, predominately 1/10th ounce, since I am preparing for a Y2K induced barter/meltdown scenario.
-- Jack (jsprat@eld.net), September 22, 1999.