American Eagle gold coin sales rose to a five-year high in 2016, the US Mint said on Wednesday, after a volatile year that saw prices soar 30 percent in the first seven months, only to tumble in the wake of US President-elect Donald Trump's election victory. Total sales of American Eagle gold coins in 2016 reached 985,000 ounces, a mint spokesman said, adding that the coins have sold out for the year.
This was up 23 percent from 2015 and the highest since 2011, after sales got off to a strong start earlier in the year, when bullion prices rallied amid reduced expectations for US interest rate hikes. Gold is a traditional safe-haven commodity, and investors typically buy it during times of uncertainty. Coin purchases picked up again ahead of the US presidential election on November 8, though physical bullion dealers said business slowed down afterward on US investor optimism about the potential economic impact of a Trump administration.
Spot gold prices fell 12 percent since the election, to a 10-1/2-month low of $1,122.35 an ounce last week. Meanwhile, holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, have fallen around 13 percent since the US election. In contrast, sales of American Eagle silver coins fell to 37.7 million ounces in 2016, down 20 percent from 2015 and the lowest since 2012, mint data showed.