US Mint coin sales figures for the month of July are in and they are fairly impressive, especially in comparison to last year and considering that summer is typically characterized by weak physical demand. Gold coin sales in July totaled 202,000 ounces while last year’s July had a mere 35,500 ounces sold. This was nearly a 500% increase year on year. Silver coin sales for the month of July came in at 5.53 million ounces compared to 1.975 million ounces last July. Given that the US Mint suspended sales of silver eagles for two weeks of the month and had allocations for the remainder of it, the July sales figures really are noteworthy. The jump in demand for both gold and silver was predominantly spurred by gold selling off and reaching five year lows.
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