By Paul Ploumis (ScrapMonster Author)

November 03, 2015 02:27:51 AM

(Kitco News) - After posting stellar sales in the third quarter for both gold and silver coins, the U.S. Mint released its latest sales data for October, and this quarter does not seem to be getting off on a strong footing as it did last quarter.  

The Mint reported sales of 34,000 ounces of its American Eagle gold coins in October, compared to 170,000 ounces sold in the first month of the third quarter. This represents an 80% decline.

Similar declines can be seen in month-over-month sales, as American Eagle gold coin sales have fallen roughly 73% since September. The Mint posted sales of 125,500 ounces of its Eagle gold coins in September. 

During the month of October, December gold futures rallied over 7% from the month’s open to a high of $1,189.90 an ounce. Although settling lower from its highs, the metal managed to close the month 3.4% higher at $1,141.40.

The gold coin sales downtrend is mirrored when comparing sales to last October as well. In 2014, the Mint sold 67,500 ounces of its gold Eagle coins during the month of October, which represents a drop of almost 50% when compared to sales in October of this year.

Looking at the American Buffalo gold coin, month-over-month sales dropped over 52% with the Mint posting sales of 10,500 ounces, compared to the 22,000 ounces sold in September. The decline is similar when comparing sales in the comparative month of last year, with the Mint having sold 21,000 ounces in October 2014. 

However, when looking at silver coin sales, which hit 29-year record highs last quarter, the Mint only experienced moderate declines.

According to the data, the Mint sold 3,788,000 ounces of its American Eagle silver one-ounce coin, a moderate 0.4% decline from sales in the previous month. In September, the Mint posted 3,804,500 ounces of sales of the same coin.

However, the Mint’s sales of the coin have dropped roughly 35% since October of last year, with the Mint having reported sales of 5,790,000 ounces at that time.

December silver futures opened the month of October at $14.50 an ounce and managed to rally almost 13% to a high of $16.37. The metal settled lower from its highs, but managed to close the month 7.36% higher at $15.567 an ounce.

Courtesy: Kitco News