The United States Mint has seen few months in recent history as tumultuous as October 2016, both from an internal standpoint in terms of increasing demand, but also as it relates to the lead up to the 2016 Presidential Election. Gold and silver price indices reflected the heart-rate monitor of a patient in the midst of a heart attack, rising and falling rapidly before, during, and after the election. For more on the US election, read our before and after pieces. Below is a rundown of October 2016 sales figures and data from the US Mint.
Final Week of October 2016
The final week of October saw steady gains across the United States Mint portfolio of products, with the individually packaged 2016 Proof American Silver Eagle coins jumping 11,558 in the final week, compared to just 650 coins sold the week before. To date, 2016 Proof Silver Eagles have reached 468,054 coins across individual sales and proof sets. Last year’s 2015 Proof American Silver Eagle coins needed 7 months to reach that same level, but the 30th anniversary issue of the Proof Silver Eagle is definitely aiding in the increased sales.
Overall, the US Mint has seen sales increase for half of its product offerings. From its portfolio, 121 products outperformed their weekly gains from the third week of October, compared to 67 coins from the 2nd week to 3rd week of the month. The list of hot sellers at the US Mint in October was dominated by commemorative products, which represented 8 of the 11 top sellers. Among the best performers were the following:
- 2016 Proof Set (+13,179)
- 2016 Proof Silver Eagle (+11,558)
- 2016 Silver Proof Set (+7,005)
- 2016 Mint Set (+3,866)
- 2016 America the Beautiful Proof Set (+1,133)
Other notable increases in the numismatic offerings from the US Mint include increased sales among all weights of the 2016 Gold Eagle, with both the 2016 Proof American Gold Eagle and 2016 Burnished American Gold Eagle climbing in sales during the final week of October. Data below:
- Proof Gold Eagles
- 1 oz – 140 sold, .77% gain.
- ½ oz – 34 sold, .74% gain
- ¼ oz – 174 sold, 2.57% gain.
- 1/10 oz – 220 sold, 1.22% gain.
- 4-Coin Set – 173 sold, 1.30% gain
- Burnished Gold Eagles
- 29 sold, .51% gain.
Storming Into November
As the election approached, and eventually passed, the US Mint continued to see gains in sales heading into November. Sales of core annual programs and the American Silver Eagle continued to dominate the sales charts at the US Mint, but it was the performance of American Gold Eagle coins that was the most stunning. Five of the six options for 2016 Proof American Gold Eagle coins performing better than previous weeks. Across the program, sales grew by 4,510 compared to a previous weekly sales of 1,260.
The following coins were among the top sellers to start the month of November:
- 2016 Proof Set (+13,581)
- 2016 Proof Silver Eagle (+5,091)
- 2016 Silver Proof Set (+4,991)
- 2016 Mint Set (+3,437)
- 2016 $50 Proof Gold Eagle (+1,439)
- 2016 America the Beautiful Quarters Proof Set (+1,002)
As mentioned, Gold Eagles performed remarkably well. The 1 oz proof led the way with a 7.82% increase from the previous week, while the remaining offerings boasted gains in excess of 1% with the exception of the ½ oz proof (.80%). Burnished versions posted gains of 1.62% from the previous week, and the 2016 Proof American Gold Buffalo also gained 152 coins for a .76% growth.
US Mint Bullion Figures
In the wake of shaky precious metal prices following the US election results, gold, silver, and platinum have been struggling to find solid footing. By in large, this has resulted in mixed results so far in November for US Mint gold and bullion coins, with the former logging slower growth while the latter has increased its growth in week-over-week comparisons for the first couple weeks of November.
Gold bullion coins from the United States Mint posted gains of 27,500, down from previous gains of 34,500 ounces. Both the 2016 American Gold Eagle (23,500 ounces) and the 2016 American Gold Buffalo (4,000 ounces) were down from previous weeks. There were, however, individual winners in the gold coin category. 1/10 oz American Gold Eagle coins jumped 15,000 units from 10,000 in the previous week to 25,000. The ¼ oz American Gold Eagle also boasted gains, though more modest at 6,000 units compared to 4,000 units the week prior.
Silver bullion coins posted strong gains on the other hand, advancing 425,000 ounces in total, up from 371,500 ounces previously. The gains of the latest week came entirely from the American Silver Eagle coin, while last week’s gains were split between the American Silver Eagle (370,000 ounces) and the America the Beautiful Silver Coins (1,500 ounces).
Looking Ahead
How the numismatic and bullion production rates hold up in the closing two months of 2016 will depend on the political and economic landscape. The US has a nervy election, with Trump’s surprise victory at first buoying markets and sending gold and silver prices downward. However, as uncertainty surrounds his policies (which remain largely unknown) ahead of his inauguration on January 20, 2017, gold and silver are likely to remain volatile.
