Andrew Wilkinson, Chief Economic Strategist for Miller Tabak & Co. LLC., put out an interesting analysis on gold earlier today. Wilkinson noted that the 50,500 American Eagle one-ounce gold coins sold this July (excluding today), is the slowest pace since August 2012 and that the July average price for gold, $1285, was the lowest since September 2012.
Wilkinson does some quick math and determines that the mark to market losses of all those gold coins bought since September 2010, 2,786,500 one-ounce Eagle coins, is $741 million. Those coins didn’t store value to well in the last few years.