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.
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Management of Perceptions- Anything to make silver look weak. Fudging a sales figure is not going to save them. They need to let it’s price rise, but they just can’t. It’s almost funny. Almost.
Get your silver eagles now before the mint shuts down to change the dies over for the 2013 run. Each year silver eagles availability is restricted during this period.
Maybe the BLS is counting silver eagle sales We know how well they do with the inflation and unemployment rate. Given the amount of chatter on TV and internet that silver is getting scarce, counterfeiting abounds and inflation ramps to an undeniable 15% YOY, people will flood to the silver mint, LCS and pawn shops, scooping up any silver on the street.
Don’t worry, the price will rise and with people desperate to get anything with appreciating value in an era of embedded inflation, the one thing we have to watch out for is standing in front of the herd. As I listen to another silver commercial on Fox News.
That’s an accountability fix. Not a milllion onces in two days. Dealers submit their sales and they’re accounted during the weekend.
A nice data, thought.
Agent Blonde…. can you explain that in more detail. Again, when the US Mint updated their figures somewhere in the afternoon on 9/21/12, silver eagle sales stood at 2,190,000 up from 2,125,000 on Thursday. When they updated their figures on Monday afternoon, it was 3,125,000. I am not stating that all of the sales took place on Sat-Sun, but it looks like the sales took place between Friday and Monday afternoon.
This is just an assumption. But I guess they work with external warehouses (or retailers, dealers,…) that report sales on a monthly basis. So maybe that million comes from the sales of some warehouses in August altogether.
This also explains this January’s explosion in sales. They simply accounted for sales in 2011 from the external warehouses.
Agent Blonde… I thought you were a dealer with inside knowledge. From my conversations with the PR spokesmen from the US Mint in the past, he told me that the updates are from the actual sales to the dealers. They just updated their figures for Tuesday at 3,225,000. That means they sold another 100,000 in just a day.
That’s a lot of silver in a single day!
How soon is the physical shortage going to affect mint availability?
Who knows? Maybe when people will realize that paper silvers are actually worthless papers backed by nothing and then they will rush to buy physical silver. After that, all mints around the world will be demanding from mines and because of the high demand silver pieces including the American silver Eagles will be hard to get one day.
That sure is a lot of unexpected American silver Eagles that were sold this year! It’s impressive to see that there are still a lot of people who buy silver Eagles even if they have high premiums. I wish to see the Canadian silver Maple Leaf sales.