Commodity Trade Mantra

More Silver Eagles Sold In A Week Than Gold Eagles Over Past 3 Years

More Silver Eagles Sold In A Week Than Gold Eagles Over Past Three Years

More Silver Eagles Sold In A Week Than Gold Eagles Over Past Three Years

The U.S. Mint just updated their Silver Eagle sales figures for May, and it was a whopper.  Since the beginning of last week, the U.S. Mint sold 1.939,500 million Silver Eagles.  This is a big number.  Total for the month of May is already at 3,262,000 oz.

We can see that May, with more than half of the month remaining, is only 300,000+ oz away from surpassing April’s total.

Silver Eagles 51314 pm

At this rate, May could turn out to be the highest sales month, beating the record set in March at 5,354,000 oz. 

At first, I thought the U.S. Mint sold 1.8 million Silver Eagles over the weekend, including Monday.  However, I received a response from Michael White, Public Affairs at the U.S. Mint letting me know that there was a glitch in the figures.

Even though the U.S. Mint updated their end of the week tally of Silver Eagles at 19.7 million, the total for May remained at 1,322,500 on Friday.  By adding up the monthly figures, the total amount should have been 18.7 million, not 19.7 million.  All the sales figures are now up to date.

That being said, the U.S. Mint sold 1,939,500 Silver Eagles as of Monday-Tuesday last week.  Again, this is a huge amount when we compare it to Gold Eagle sales.

Silver Eagle vs Gold Eagle Sales (Week - 3 years)

It took one week for the U.S. Mint to sell more Silver Eagles (1,939,500 oz) than all the Gold Eagles sold in 2012, 2013 and 2014 (1,808,000 oz).  As the chart shows, there were 753,000 oz of Gold Eagles sold in 2012, 856,500 oz in 2013, and 198,500 so far in 2014.

Just think about that for a minute.  The market purchased more Silver Eagles in one week than all the Gold Eagles since January 2012.

One more thing.  Mr White stated that the weekly allocated figure for Silver Eagles is 1,808,000.  I don’t know how many folks out there are into NUMEROLOGY, but this weeks Silver Eagle allotment is the exact same amount to the TEE, of all the Gold Eagles sold since 2012.

Just a mere coincidence?

Official Silver Coin Sales:  A Trend For Bigger Things To Come…

As I mentioned in my previous article, Official Coin Sales totaled 136 million ounces, according to data from CPM Group’s 2014 Silver Yearbook.  Even though this is only 17% of total mine supply, it is nearly 3 times the growth rate compared to 39.7 million oz official coin sales in 2003 at 6% of world mine supply.

There is a reason the public is currently buying 100 times more Silver Eagles than Gold Eagles… and it has to do with affordability and leverage.  We must remember, only a fraction of Americans are purchasing Silver Eagles.

I believe peak oil is putting a KIBOSH on silver consumption in the industrial sector.  GFMS put out a Report for the Silver Institute in 2011 forecasting industrial silver demand until 2015.

GFMS Industrial Applications

GFMS forecasted industrial silver demand would reach 600 million ounces by 2013.  However, Thomson Reuters GFMS estimates industrial demand to increase 7 million ounces in 2013 for a total of 473 million oz.  This is 125 million less than their 2011 forecast.

I don’t believe industrial silver demand will increase all that much by 2020.  On the other hand,investment demand will probably be the leading driver of the silver market due to the continued problems in the U.S. and Global financial markets.

Lastly, we are only seeing the beginning stages of silver investment demand.  I would imagine things are going to get a lot more interesting in the silver market as Americans wake up to the realization that the U.S. Dollar is not a store of value, rather a massive warehouse of debt.


Courtesy: SRSroccoreport

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