PHLX Gold/Silver Sector (XAU)

[long-gone]

: John Barendrecht Friday, Jun 13, 1997 1:06 PM
Respond to of 79860

American Eagle best selling gold coin in early '97
NEW YORK, June 13 (Reuter) - The American Eagle gold bullion coin was the best selling gold investment coin in the world in first quarter 1997 according to a World Gold Council survey, the U.S. Mint said.

``The re-emergence of the Eagle as the world's number one gold bullion coin really started with efforts we began in 1995, when we staged our first American Eagle distributors forum,'' Mint director Philip Diehl said.

For first quarter 1997, the Mint sold 162,600 ounces of Eagle gold coins, up 158 percent from the 64,000 ounces sold in first quarter 1996.

So far in the second quarter, demand has remained strong, with the Mint selling 96,000 ounces as of May 30.

The Eagle climbed to the lead due to increased demand for gold bullion investment products in North America in the first quarter, and North America now leads the world as the number one region for gold bullion coins, a position formerly held by Europe, Diehl said.

First quarter sales of Eagle coins accounted for 52 percent of global sales of the five major bullion coins (American Eagle, Canadian Maple Leaf, Australian Nugget, Austrian Philharmonic, and U.K.'s Britannic).

Although the perennial leader in the North American market, the Eagle has not held the number one position globally since 1993, Diehl said.

Total world sales of major coins (Krugerrand, Eagle, Maple Leaf, Nugget, Philharmonic and Britannia) amounted to 13.7 tonnes in first quarter 1997, up from 10.5 tonnes in the first quarter 1996, according to a World Gold Council survey.

For 1996 total sales were 36.8 tonnes, down from 51.8 tonnes in 1995, according to the World Gold Council.