Eagle gold bullion coin sales were up fourfold-plus in america in July and gold quantities up twofold-plus on the Shanghai Gold Exchange, Mitsubishi Corporation International noted on Monday. The US Mint sold the maximum amount of coins in more than two years, 170 000 ounce, government data revealed, and gold withdrawals from the Shanghai Gold Exchange were up on previous months.
Gold is rather rolling with all the punches of favorable US economic data while taking strength from signs of deflation, Mitsubishi said in its Precious Metals Weekly Update, as well as The Wall Street Journal reported on Sunday that gold sales were recovering their sparkle in China, where the precious metal had traditionally been prized as a store of value to tide over the worst of times.
Bulk customers in mainland China procure their gold through the Shanghai Gold Exchange, so data on withdrawals supplies one of the strongest indicators of the demand in the state. The upsurge in coin demand this month arrived as area gold prices dropped. American Eagle silver coin sales soared to 5.5-million oz in July, the highest since January, bringing year to date sales to 27.3-million oz.