Terry Hanlon, president of metals at Dillon Gage, one of the biggest bullion dealers in the nation, stated sales had risen sharply "within each day or two" of the election. "You've got a lot of individuals who are very worried concerning the economic climate. After the election they saw that absolutely nothing was going to change," he stated.
While coins really are a little component of the general gold marketplace, the jump in sales highlights gold's function because the favored investment of disenchanted Americans. The political gridlock in Washington and also the prospect of further quantitative easing once the Federal Reserve's "operation twist" expires have fuelled demand for precious metals amongst little investors. "They do not believe in Uncle Sam any more," stated the head of precious metals at a sizable bank.
Tobina Kahn, who runs a jewelry dealership in Chicago, stated: "Obama did me a favor in some ways. Now individuals are purchasing gold and jewels not because they like them but because of worry. They are attempting to shield their wealth." Rare Coins, Silver Coins, Gold Coins, Learn more >> http://www.silverpricestoday.cc/
Regardless of the increase in coin purchases, the gold marketplace has struggled for momentum in current weeks. Prices last week dropped beneath $1,685 a troy ounce for the first time in a month and some hedge funds have begun to shed patience using the valuable metal's lackluster overall performance.
"The institutional investors cut back and are more on the sidelines now," stated James Steel, head of precious metals technique at HSBC in New York. "But the coin marketplace is dominated by retail investors and also the man on the street continues to be fairly committed to gold."
The jump in sales of American Eagles was amplified by a rush amongst dealers to stock up prior to the finish of the year once the US Mint switches production from "2012" to "2013" coins. But dealers stated the rise in sales largely reflected a large increase in demand. Mr. Hanlon stated that Dillon Gage had record sales volumes on a number of days in November and that general sales had risen 32 per cent by volume from October's levels.
Some other mints also witnessed a purchasing spree. "November was a very powerful month for gold Maple Leaf sales," stated Chris Carkner, supervisor of bullion sales in the Royal Canadian Mint, whose Maple Leaf coins are one of the globe's top gold coins by circulation together with American Eagles. My advice is to stock up on gold and silver bullion coins before the prices increase sharply in this year 2013. How high will silver go? Learn more >> http://silverpricestoday.cc/