It looks like demand for Silver Eagles hasn’t subsided as the U.S. Mint sold nearly another million since last week. Total Silver Eagle sales for October have now surpassed September, and there are still three more days remaining in the month. Not only are October Silver Eagle sales higher than the previous month, but they are also more than double the entire sales for the last three quarters of 2019 (Oct-Dec).
When I did my last update on U.S. Silver Eagle sales on October 21st, the U.S. Mint reported 2,460,000 sales for the month.
Silver Eagle sales in October are 438,500 higher than last month’s total of 2,958,500. Furthermore, October sales are now more than double the entire sales from Oct-Dec 2019.
I mentioned in my previous update that the total Silver Eagle sales for Oct-Dec 2020 would likely reach 6 million. With this newest U.S. Mint update, it seems as if this will be an easy target to reach.
Moreover, sales of Gold Eagles also increased in October to 61,500 oz versus 22,000 oz in September. The overwhelming majority of the total Gold Eagle sales in October are from the 1 oz coins accounted for 54,500 oz.
. Thus, here are the total Official Gold Coins sold by the U.S. Mint so far this year compared to full-year 2019:
Total Gold Eagles = 152,000 oz
Total Gold Buffalos = 61,500 0z
Grand Total = 213,500 oz
Total Gold Eagles = 699,000 oz
Total Gold Buffalos = 207,500 0z
Grand Total = 906,500 oz
These figures do not include an additional commemorative of specialized proof or etc. coins.
I believe we are just in the first stage of the coming MASSIVE DEMAND for Silver and Gold bullion products. It will be interesting to see the U.S. Mint Silver and Gold Eagle sales next year when the Federal Reserve and U.S. Government continue to inject trillions of dollars to prop up the economy.