Something very interesting took place this weekend. Silver Eagle Sales jumped a staggering 1 million from friday’s last update!! According to the US Mint, silver eagle sales were 2,190,000 on Friday 9/24/12. When they updated their figures on Monday 9/24/12, silver eagle sales stood at 3,125,000.
I have never seen a jump of this kind in silver eagle sales ever. This also includes the buying during 2011 when the sales of silver eagles hit nearly 40 million.
So far, the sales in Sept are the highest compared to any other month (not including Jan). At this rate we may see total sales for Sept hit nearly 3-8-4 million.
Furthermore, if sales stay high due to the new QE3 announcement plus the threat of mounting problems with JP Morgans silver short positions, we may see an additional 9-10 million sales for the remainder of the year.
This would give an approximate total of 34-35 million in silver eagle sales for 2012. Even though this is less than 2011, it is much better than the trend that was taking place during the beginning of 2012. In the first four months of 2012, silver eagle sales were down nearly 30%. If we do see 34-35 million for 2012, it would only be down 12-13% compared to 2011.
Things are getting very interesting in the physical silver markets.