With the coronavirus attack escalating during March, U.S. Gold and Silver Eagle sales soared at the U.S. Mint. Total American Gold Eagles sales (by ounce) multiplied over 21-fold from February to March, up from 7,000 ounces in February to 151,500 ounces in March. Sales (by ounce) were up over 13-fold from the previous March in 2019, and March sales of 1-ounce gold Eagles were up by a phenomenal 38-fold from February 2020. Even though 2019 sales (by ounce) were higher (than 2020) in both January and February, the March 2020 sales surge was so spectacular that for the first three months of 2020, total American Gold Eagle sales (by ounce) were up 143% vs. the same three months in 2019. March was clearly a month for the record books in Mint sales. American Gold Eagles Sold by the U.S. Mint (First Quarter 2020 vs. 2019) The same is true with American Silver Eagles. Sales in 2019 were higher in both January and February, but sales in March were 545% higher than March 2019, making the full quarter 44.1% more than 2019. 1-Ounce American Silver Eagles Sold by the U.S. Mint (2020 vs. 2019)
There are at least two important takeaways from this dramatic growth in Mint demand: (1) The Mint is running short of supply and may charge a higher premium, delay shipment, or both. As a result, many dealers are running out of supply or are completely out of supply and must delay delivery or charge prices of up to double spot price for silver bullion coins. There are some reputable dealers still charging more reasonable prices. (2) The coronavirus threat is just beginning to impact global economies, likely pushing demand for gold and silver coins even higher in April.
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