U.S. Mint gold coin sales double in September

Los Angeles (Oct 1)   Sales of gold coins more than doubled in September as futures fell the most since June 2013.

Last month, sales rose to 58,000 ounces, the highest since January, data from the mint’s website showed yesterday. That compared with 25,000 ounces in August and 13,000 ounces a year earlier. In September, gold on the Comex in New York lost 5.9 percent. Prices extended losses today, falling 0.5 percent to $1,205.90 an ounce, trimming this year’s advance to 0.3 percent.

“Due to the price drop, it’s a great opportunity for the individual investor to jump into the gold market,” Scott Carter, the chief executive officer of Los Angeles-based Lear Capital, said in a telephone interview. “There’s a strong argument for having physical assets” as a haven, partly because of Europe’s struggling economy, he said.

Gold moved closer to erasing gains this year after climbing as much as 16 percent in March. Yesterday, the price sank to $1,204.30, the lowest since Jan. 2, on bets that U.S. interest rates will increase, boosting the dollar and eroding the appeal of the metal as a hedge against inflation.

Source:  Bloomberg