Gold coin sales haven't been this high since the financial crisis

Sales of US gold Eagle coins are going gangbusters.

According to a new report from the World Gold Council, gold buyers saw an opportunity in the falling price.

"US retail investment demand jumped to 32.7 tonnes, generating growth of more than 200% year-on-year," the WGC observed. "This signaled both a level of interest in gold investment not seen since the global financial crisis, and a level of price awareness on a par with that of Indian and Chinese retail investors. Nowhere was this more clearly demonstrated than in the US, where the US Mint reported rocketing sales of gold Eagle coins."

Gold is a peculiar asset. There isn't much of it, and it has limited practical uses. It isn't productive and it doesn't pay a dividend. However, it is tied to old-world traditions in both the East and the West. And for some folks, gold is a currency. Some folks turn to gold as a safe haven during times of financial-market distress and volatility.

"Demand for was the highest for more than five years: in volume terms, sales hit 397,000 oz.," they added. "Demand for newly minted coins surged across all key product lines: sales across all denominations were many multiples of their long-term average levels. Secondary market activity was correspondingly weak as profit-taking slumped in favor of bargain hunting."

World Gold Council