(Reuters) - February sales of U.S. Mint American Eagle gold coins fell 80 percent from the same month a year earlier, the slowest February sales in 11 years, while February silver coin sales fell to the lowest since 2008, government data showed on Wednesday.
The U.S. Mint data showed sales of American Eagle gold coins totaled 5,500 ounces in February, down 90.6 percent from the previous month when 58,500 ounces were sold. The year prior, 27,500 ounces were sold.
Spot gold prices fell about 2 percent in February in a wild market ride that saw global stocks sell off sharply and then regain ground.
“The U.S. Mint sold coins for about three percent over spot prices, so everybody went to the secondary market to buy where the premiums are very low,” said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.
Data showed the U.S. Mint sold 942,500 ounces of American Eagle silver coins in February, down 70.9 percent from the month before when 3.2 million ounces were sold. That was 22.4 percent lower than the year prior, when 1.2 million ounces were sold, according to the data.
The U.S. Mint sold 20,000 ounces of American Eagle platinum coins. It was the first time the U.S. Mint sold platinum coins since January 2017, when it sold the same amount.
Last month, sales of U.S. Mint American Eagle gold coins marked their slowest January sales in 10 years. January silver coin sales fell to the lowest since 2009.
Reporting by Renita D. Young; Editing by Tom Brown