Sales of silver coins in the US hit their lowest in 10 months in May, according to preliminary figures from the US Mint.
Just 2.02 million ounces of American Eagle silver coins were sold in May, the lowest total since July 2014 and down almost 28 percent from 2.8 million ounces in April. Sales of American gold Eagle coins fell 27 percent on the previous month to 21,500 ounces in May – the lowest level since February.
From a price perspective, May provided little volatility other than a small spike towards the end of the month that quickly faded. Spot gold began the month at $1,184.20 and despite hitting a three-month high at $1,232.50, ended the month almost unchanged at $1,190 per ounce.
In January, which enjoyed the highest volumes of gold coin sales in 12 months at 81,500 ounces, there was far more volatility in the market. Spot gold began January at $1,182.40, peaked $1,307.90 per ounce and closed at $1,283.60.
Silver performed slightly better than gold in May, starting the month at $16.13 per ounce, hitting four-month highs at $17.78 per ounce and closing at $16.75.
While both figures are only initial indications, there are unlikely to be any large revisions to the figures.
(Editing by Mark Shaw)