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Coin Sales Total Highest Level In Over A Decade

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EDITOR'S NOTE: Traditional Wall Street thinking sees gold as the proverbial “canary in the coal mine.” Interestingly, this maxim refers less to inflation than it does the stock market. While the US Mint saw gold coin sales hit a 10-year high in 2021, the fact remains that inflation is hitting a 31-year high and rising. Gold coin, bar, and future trading eased up toward the end of 2021 in response to the Fed’s announcement of monetary tightening. Still, that takes care of the “inflation” part of it (we hope) but not the negative effects of a tight money policy. In other words, the canary is still there, and the mine is running the risk of turning into a hypoxic environment. Wait and see what happens when people begin scrambling for the exits.

Sales of gold metal coins totaled their highest level in over a decade in 2021, according to the U.S. Mint.

On its website, the Mint says that sales of gold via American Eagle coins totaled over 1.25 million ounces last year--which is the most the Mint has sold of these coins since 2009. The Mint also recorded 75,000 ounces of platinum sold last year, which is the most since 1998.

Prices for precious metals generally relaxed in 2021--with gold slipping 3.5% for the year, while platinum fell 10.3% and silver dropped 11.4%, according to data from The Wall Street Journal. Analysts say that they expect higher interest rates and a stronger dollar to impact gold prices in the coming year.

In trading Monday, gold futures are down 1.6% at $1,800.20 per ounce. Platinum futures are down 2.1% at $946.10 per ounce, and silver is down 2.3% at $22.82 per ounce.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

01-03-22 1137ET

Originally posted on Market Screener.

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