While the price of silver and gold have been breaking down, the demand for coins and bars is exploding, as evidenced by the following facts:
Bloomberg reports on October 31st ‘U. S. Mint Silver-Coin Sales Jump to 21-Month High’:
Sales of American Eagle silver coins by the U. S. Mint jumped 40 percent in October to the highest in 21 months, defying a slump in New York futures to the lowest in more than four years. Sales surged to 5.79 million ounces, the most since January 2013, the month that set an all-time high at 7.5 million. Today, sales jumped 33 percent in one of the busiest times this year, Tom Jurkowsky, a spokesman at the Washington-based mint, said in an interview. Last month’s total was 4.14 million.
Reuters reports today, November 5th ‘Silver lining in precious metals’ rout catches out coin mints’:
The U. S. Mint sold 1.4 million ounces of silver American Eagle coins on Friday alone, the highest daily sales since Jan. 13 when the new 2014-dated coins first became available. The Perth Mint, which runs the only gold refinery in No. 2 gold producer Australia, said it was not facing any supply issues as it usually launches a new line of products from September, unlike the other mints.
Reuters reports today, November 5th ‘U. S. Mint temporarily sold out of Silver Eagles amid huge demand’:
This post was published at GoldSilverWorlds on November 5, 2014.
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