Gold coins have been selling strong in the month of May and analysts attribute the successes to the precious metal's memorable April of repeatedly setting then surpassing record high prices, Bloomberg reports.
Though the commodities market has suffered recently, and Standard & Poor's GSCI Index indicates 24 commodities have plummeted almost 10 percent, the U.S. Mint has sold 85,000 ounces of American Eagle coins since May 1.
"People are buying gold on weakness," according to Martin Murenbeeld, chief economist at Toronto-based DundeeWealth, the manager of approximately $85 billion in mutual funds and brokerage accounts. "We're going to find that the U.S. economy is not very strong."
May would be the strongest sales month of the past year should the same levels continue.
American Precious Metals Exchange had its strongest three-week period of sales as a result of gold's surge in price last month, according to Michael Haynes, the outfit's chief executive officer.
"There are more factors than at perhaps any other time in history that would suggest to investors they should own gold," Haynes told the news service. "We don't know if the euro is going to crack or stay and the dollar is facing challenges as the world’s reserve currency."
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