Gold Coin Sales by US Mint Dropped in the Wake of Gold Price Declines

Coinupdate.com reports, that last week the US Mint recorded drop off in sales proof gold coins. The Gold price recently came off it's all time high of $1,386 per ounce. This decline prompted investors to hold off with their orders until it is clear where the market is heading.

The U.S. Mint sell a lot of coins to dealers. The US Mint recorded sales of 2,107 of the one ounce 2010 Proof Gold Eagle coins, which was about half of what they sold one week earlier. With a total of 21,302 of these coins sold, 85.2% of the product limit has been reached. That means in a few weeks the U.S Mint will cease to sell the 2010 Proof Gold Eagle coins.

These coins are by the way suitable for a gold IRA account.

If you intend to invest in gold or gold coins, you have to think long term, which the chart below illustrates nicely.

[caption id="attachment_10968" align="aligncenter" width="450" caption="Gold Price from 1974 to 2008, courtesy of goldprice.org"][/caption]

If you bought an ounce of gold in 1973 for $64, that is worth now $1,300. This represents a “return on investment” of about 2,000%.