With Silver Eagle demand continuing to be RED HOT, the U.S. Mint sold another million of the coins yesterday. This is the biggest one-day sales increase in six months. It seems as if the U.S. Mint is now able to ramp up production of both Gold and Silver Eagles.
In my last update, After Months Of Supply Issues, U.S. Mint Silver Eagle Sales Jump In August, I stated that sales for Silver Eagles reached the highest level at 1,593,000 on Monday since March. I thought we might see a slow and steady rise in Silver Eagle sales out of the U.S. Mint, but when they updated their website, it jumped another one million yesterday. Total sales of Silver Eagles are now 2,593,000.
I have to tell you; this is quite amazing as the average premium for many of the larger online dealers is running more than $10 per coin (based on sales of 1-19 coins). Actually, the best prices I have seen from the leading online dealers is $9+ per coin (based on sales of 500+ coins). So, the high premiums don’t seem to be curtailing Silver Eagle investment demand.
Total Silver Eagle sales for 2020 are already 16.3 million versus 14.8 million for 2019 and 15.7 million for 2018. So, with four more months remaining in the year, it looks like Silver Eagle sales are quickly going to surpass 20 million, and quite possibly 25 million.
Lastly, the U.S. Mint is now providing the lower denomination Gold Eagles. Here are the sales of Gold Eagles as of Tuesday, August 17th:
Gold Eagle Sales For August 2020 (coin amounts)
1/10 oz = 20,000 coins
1/4 oz = 12,000 coins
1/2 oz = 5,000 coins
1 oz = 84,000 coins
When I posted the update on Monday, the U.S. Mint didn’t show any sales of the smaller denomination Gold Eagle coins. Thus, in one day, the U.S. Mint sold an additional 22,000 oz of Gold Eagle coins, mainly the 1 oz coins (14,500).
I believe we are just now seeing a glimpse of the enormous demand to come for silver and gold bullion products over the next several years as the Fed and central banks continue to prop up the global economy with massive monetary stimulus and liquidity.
Another reminder to followers that the SRSrocco Report will be transitioning to a Subscription Service by Friday, August 21st.
About the author
Independent researcher Steve St. Angelo (SRSrocco) started to invest in precious metals in 2002. Later on in 2008, he began researching areas of the gold and silver market that, curiously, the majority of the precious metal analyst community have left unexplored. These areas include how energy and the falling EROI – Energy Returned On Invested – stand to impact the mining industry, precious metals, paper assets, and the overall economy.
Steve considers studying the impacts of EROI one of the most important aspects of his energy research. For the past several years, he has written scholarly articles in some of the top precious metals and financial websites.
You can find many of Steve’s articles on noteworthy sites, such as GoldSeek-SilverSeek.com
WEBSITE: https://srsroccoreport.com/