Gold price set for weekly gains amid geopolitical uncertainty
Gold has gained 27 per cent so far this year.
Reuters reports last month’s sales of American Eagle gold coins appear on track to reach levels last seen in 1998.
Gold coin sales reached 136,500 ounces – triple last year’s monthly tally and the best month of November in 14 years.
Dealers ascribe ballooning sales to “uncertainty surrounding the U.S. fiscal crisis and the presidential election” which set off a wave of safe-haven buying.
Huge up and down movements in prices during early and late November also spurred increased bullion coin buying by “investors and speculators alike”:
“There is a huge influx of new high-net-worth individuals that are buying a lot of gold, and they are taking physical possession of it,” said David Beahm, vice president of Blanchard & Co, one of the largest US retail coin and bullion dealers.
American Eagle silver coin sales doubled from the number achieved November last year at 3.1 million ounces.
Image is of 2012 American Eagle One Ounce Gold Proof Coin. Price on 1 December: $1,985.00
Comments
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