1.4 million silver eagles were bought by investors in the last two days of October, setting a new one-month sales record (real analysts do not count January 2013’s 7 million tally because the Mint suspended sales in early December 2012, effectively pushing December’s demand into January). 5,790,000 silver eagles were snapped up (LINK). This was 88% more than October 2013. 38% more gold eagles were sold in October than in October 2013.
Contrary to the false narrative being spread by the financial media, the manipulated sell-off in the precious metals using fiat paper futures is triggering record investment demand for physical gold and silver. In chatting with some coin dealers around Denver this past week, they all said that there were having trouble keeping silver eagles in stock.
While there’s no way to predict how much longer the Fed and its agent banks can keep pressure on this sector by bombarding the market with paper gold and silver, the demand for physical metal is intensifying here and in Asia. Gold is being withdrawn from the Shanghai Gold Exchange at a torrid pace and recall that 90% of the physical silver has been removed this year from the Shanghai futures exchange (LINK).
This post was published at Investment Research Dynamics on November 1, 2014.
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