U.S. mint continues to sell 50 times more silver than gold

Silver bars

The US Mint’s frantic silver sales pace continued over the weekend, as the Mint reported 430,000 ounces of silver sales over the weekend on Monday.  Perhaps more importantly, the US Mint Silver eagle to US Gold eagle sales ratio continues to exceed 50 to 1, a pace that is simply unsustainable with a current mine ratio of 9 to 1.

Friday was the last day the U.S. Mint updated its figures.  At last count there were 2,014,000 Silver Eagle sales for October.  They just released the new total:

OCT = 2,449,000 Silver Eagles

2012 Silver Sales Totals
(in ounces / number of coins)
MonthOne
( oz. / #coins )
January6,107,000
6,107,000
February1,490,000
1,490,000
March2,542,000
2,542,000
April1,520,000
1,520,000
May2,875,000
2,875,000
June2,858,000
2,858,000
July2,278,000
2,278,000
August2,870,000
2,870,000
September3,255,000
3,255,000
October2,449,000
2,449,000
Total28,244,000
28,244,000

I would imagine if we keep up this pace we will see a total of 33-35 million Silver Eagle Sales for 2012.  Even though this may be lower than 2011… if the price of silver runs over $50 an ounce within the next 6 months, the U.S. Mint may not be able to keep up with demand.

3 THINGS I LOOK FORWARD TO:

1) price of silver north of $50…. (for starters)

2) The U.S. Mint unable to keep up with future massive silver investment demand

3) the article I plan on writing about LOUSY PRECIOUS METAL ANALYSTS (Nadler, Schmidt & Christian) when the top 2 things occur.

*Update by The Doc:

US Mint silver eagle sales continues to run at nearly a 55 to 1 clip to US Gold eagle sales at 2.5 million ounces of silver vs. 43,500 oz of gold:

2012 Gold Sales Totals
(in ounces / number of coins)
MonthOne
( oz. / #coins )
Half
( oz. / #coins )
Quarter
( oz. / #coins )
Tenth
( oz. / #coins )
Total
( oz. / #coins )
January84,500
84,500
24,500
49,000
9,500
38,000
8,500
85,000
127,000
256,500
February20,000
20,000
0
0
500
2,000
500
5,000
21,000
27,000
March57,500
57,500
1,000
2,000
0
0
4,000
40,000
62,500
99,500
April19,000
19,000
0
0
500
2,000
500
5,000
20,000
26,000
May49,000
49,000
1,500
3,000
1,000
4,000
1,500
15,000
53,000
71,000
June55,000
55,000
1,000
2,000
1,500
6,000
2,500
25,000
60,000
88,000
July28,500
28,500
0
0
500
2,000
1,500
15,000
30,500
45,500
August34,000
34,000
1,500
3,000
1,000
4,000
2,500
25,000
39,000
66,000
September63,000
63,000
1,000
2,000
1,000
4,000
3,500
35,000
68,500
104,000
October41,500
41,500
0
0
500
2,000
1,500
15,000
43,500
58,500
Total452,000
452,000
30,500
61,000
16,000
64,000
26,500
265,000
525,000
842,000

SD Bullion customers are not surprisingly even more silver focused, with SD Bullion silver to gold sales ratios currently near 200 to 1!

Source: http://www.silverdoctors.com/u-s-mint-racks-up-another-400000-silver-eagle-sales-over-the-weekend/

2 comments

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>