US Mint Sells Absolute Record 6.4 Million Ounces Of Silver In January, 50% More Than Previous Highest Month

Tyler Durden's picture

As the topic of US Mint silver sales is not new to our readers, after we first brought attention to the record January sales by the Mint, we will not dwell much on it, suffice to say that the final January tally is in. And at 6,472,000 ounces, this is nearly 50% higher than any prior month in the Mint's 26 years of published sales history. This has occurred, despite supposed profit taking in the paper silver market in January. And just today, another 50k, were sold. It seems that physical buyers continue to enjoy the dip in paper silver that is providing them with an attractive entry point.

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AR15AU's picture

CNBC asks "Are we seeing a whiff of inflation?"

Some priceless quotes...

Stephen Stanley, chief economist at Pierpont Securities, notes that the survey also indicated 30 commodities were up in price and none were lower.

"It's certainly pushing through the pipeline. The question is, as always, does it make it out the other end?".;_ylt=Aqn2wg7NLDye8nD6OidMmcy7YWsA;_ylu=X3oDMTE1cDhkdnZvBHBvcwM0BHNlYwN0b3BTdG9yaWVzBHNsawNhcmV3ZXNlZWluZ2E-?x=0&sec=topStories&pos=1&asset=&ccode=

The Rock's picture

On a long enough timeline, the survival rate for all fiat currencies always drops to zero

JLee2027's picture

The drumbeat of death is getting louder and closer.

dlmaniac's picture

Not gonna surprise me if it's JP Morgue buying it all in a desperate attempt to meet CRIMEX delivery.

CrazyCooter's picture

Shew! I was scared for a sec. Good thing this wasn't 20% or more of annual US silver mine output ...


DoChenRollingBearing's picture

As various of you know, the Bearing last week issued a Press Release announcing he is not buying any more PMs.  My last purchases were 6 oz of Gold Eagles and 40 oz of Silver Eagles (one roll of mixed dates, one roll of 2010s).

So 40 of those oz were bought by me!

The Bearing still is not suffering the withdrawal pains that some here predicted...

Shame of being labeled a hypocrite prevents me from advocating that anyone buy any PMs now...

attst487's picture

Then allow me. Buy physical silver!

RockyRacoon's picture

I got one for ya DCRB!  Here's how the regular folks think about gold:

In recent years, several state legislators have made proposals to return to the gold standard.


Imagine it's April 15 a few years from now. You need to pay your state taxes, and fast. So, you check out the latest official state exchange rate, and then reweigh your bars. You're over—thank goodness—so you hope the tax office has some ingots to change out. It's such a pain when they run out of ingots. After you pay your taxes, you need to pick up a few groceries. Luckily, you have some spare silver ore on hand and decide to use the home mint in the basement to pop out a few coins. Voilà—restocked pantry!

The comments on the article run the gamut from goofy bashers to the fully informed.  There are some thoughtful comments such as the one which points out that cars and houses were not bought with gold coins before 1971...

Temporalist's picture

What?!?!  Gold and silver didn't buy GM and Fannie Mae products?!?!  But they were bailed out with nice green FRNs...

TeMpTeK's picture

So when are they closing the gold & silver coin window?


financeguru500's picture


Is this China buying all this silver? They finally cashing in on their treasury bonds? If so, the window is closing very soon

bronzie's picture

"On a long enough timeline, the survival rate for all fiat currencies always drops to zero"

the average is less than 40 years

we have been on pure fiat since 1971 when Nixon closed the gold window - that's um ... let's see, 2011 - 1971, carry the naught ... um ... 40 years

ILikeBoats's picture

Actually the average is 37 years according to what I read.

Interesting dates:

1933 gold confiscation by FDR +37 years = 1970; 1971 gold window is closed.

1971 + 37 years = 2008; financial crisis occurs 2008.

Don Birnam's picture

"Pierpont" Securities.

How appropriate -- why, that was J.P.'s middle name. Today, his namesake is the most prolific manipulator of silver in all of Christendom.

cadejludwig's picture

A Yahoo article... Really?

The Rock's picture

Eaglez Bitchez!

FoieGras's picture

Buying dips is a suckers game. I prefer new highs as entry points. I'll buy back my Silver if it breaks out through $31. 

kentfinance's picture

happy to have done my part. rolled out of paper into physical. hoping for a fiat dip.

phil silver's picture

Whats wrong with buying silver. It's a good alternative physical asset during economy uncertainty.

By the time you have figured it out and start buying, I'll be selling.

Good luck with your paper investments.

Saxxon's picture

Buying dips works in a trending bull market when you have confidence in the underlying and no particular time line.

Horatio Beanblower's picture

Did Eric Sprott have to take coins instead of bars?

Former Sheeple's picture

wow, up only 50%??? Must have been all the snow... yeah, that's the ticket!

HUGE_Gamma's picture

may someone please graph this time series

plocequ1's picture

This is bullish for stocks.

Cheesy Bastard's picture

This is bullshit for stocks.

tekhneek's picture

tons of people trading in their fiat currency for physical metal (historic money) makes perfect sense for stocks...

wtf? is he serious?

Hephasteus's picture

I don't think so. His pic is tongue in cheek. So I always take it that way.

StychoKiller's picture

Looks more like a garrote around the neck to me! :>D

Hephasteus's picture

I don't know. I think he's french. Name is "place that 1" in french so a garrote would be kind of frenchy.

Never mind I don't know what his name is. You gotta have all those accents to translate it. Maybe it's plop that 1? But don't know if plop means same thing in french as it does in englese.

almost_have_a_name's picture

From the US Mint's website


The United States Mint applies world-class business practices in
making, selling, and protecting our Nation’s coinage and assets. — U.S. Mint Strategic Plan

The primary mission of the United States Mint is to produce an adequate volume of circulating coinage for the nation to conduct its trade and commerce. In recent history circulating coin production has varied between 11 billion and 20 billion coins annually. In addition to producing coins, the United States Mint has other responsibilities, including the following:

  • Distributing U.S. coins to the Federal Reserve banks and branches.
  • Maintaining physical custody and protection of the Nation's $100 billion of U.S. gold and silver assets.
  • Producing proof, uncirculated, and commemorative coins, and medals for sale to the general public.
  • Manufacturing and selling platinum, gold, and silver bullion coins.
  • Overseeing of production facilities in Denver, Philadelphia, San Francisco and West Point, as well as the U.S. Bullion Depository at Fort Knox, Kentucky.

Former Sheeple's picture

WTF am i missing?

  • Maintaining physical custody and protection of the Nation's $100 billion of U.S. gold and silver assets.
  • flacon's picture

    No wonder why they have been depleting the SLV in the past few weeks. 

    Threeggg's picture

    $100 billion of U.S. gold and silver assets

    Yes what are we missing here !!!!!!!!!!!!!!!!!!!

    $100 billion ?????????????????????

    The schills on faux business are in full force saying that this Egypt thing is bullish for the markets !!!!!!!!!!!

    What ?????????


    If you ask me I think the 148 point gain in the market today is a frontrun to a sell off tomorrow.

    Former Sheeple's picture

    Could someone please explain this?

    Part of original post from almost_have_a_name

    the United States Mint has other responsibilities, including the following:

    • Maintaining physical custody and protection of the Nation's $100 billion of U.S. gold and silver assets.

    Also on the US Mint site is the follwing:

    United States Mint Police

    Established in 1792, the United States Mint Police is one of the oldest federal law enforcement agencies in the nation.  Responsible for establishing the standard "As secure as Fort Knox," our officers continue to meet that standard everyday.  The U.S. Mint Police are responsible for protecting over $100 billion in Treasury "and other" Government assets stored in facilities located at Philadelphia, PA; San Francisco, CA; West Point, NY; Denver, CO; Fort Knox, KY; and our headquarters in Washington, DC.

    They dont even bother to lie to us anymore???

    I'm on Vodka therapy, but I promise to drink more if i'm missing something here! :)

    RockyRacoon's picture

    Not to go all picky on ya, but the Mint has an enormous numismatic collection that is worth untold millions (because some have never had to see a market price).

    Former Sheeple's picture

    Rocky, I don't doubt you on their extensive collection worth untold millions - It's their line about protecting OUR "100 Billion" in gold & silver, coupled with the "other" assets. That 100 Billion number is the problem. Audit the Fed & Fort Knox, then we can try to act surprised when there are no cookies in the jar... It's just sad, really sad - but hey we still got the Social Security "lock Box" thingy so I'm sure we're good to go!

    bronzie's picture

    'we still got the Social Security "lock Box" thingy so I'm sure we're good to go!'

    because of the lock box SS was supposed to be funded until 2042

    CBO: Social Security to Run $45 Billion Deficit in 2011

    edit: and it only gets worse going forward - 10,000 new people qualifying for SS (turning 62) everyday!

    Former Sheeple's picture

    Bronzie, i was being sarcastic. I've read the Gov't actuarial estimates on the 75 year timeline and we have trillions in unfunded liabilities. Current promises exceed projected revenues, and the 45 Billion 2011 deficit is pocket lint in comparison. I am prepped accordingly, ZH continuing education in progress!

    zhandax's picture

    Get with the scam; at par value....8000 tonnes of gold is 257,206,000 troy oz.  At $35/oz this is $9 billion.  This sounds like a paltry sum in 2011 dollars doesn't it?

    At market, this is ~$345 billion.  Can't admit the thieves in DC and NY have debauched the currency that much can we?  They pulled a number out of their ass and framed it next to their ivy league degrees.

    The scarier thought is they are telling the truth and that's all that is left at market.

    william the bastard's picture

    5 eags for a po'boy. Shrimp. dressed. Oh, n a barqs, yo.

    DoctoRx's picture

    Per Dave Kranzler, Fed is already hinting that QE2 will not end when expected.  Ben in fact has never announced that it has an end date.  The Prez would not like an end to below-market financing of his deficits.

    EscapeKey's picture

    The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability. 

    DoctoRx's picture

    Sorry- hadn't seen yet that ZH already has posted on this.  Though technically it wouldn't be QE3 unless the Fed actually ceases monetizing the debt and then resumes (or buys other stuff in large amts etc.).

    leathaface's picture

    I know it is not much, but I am trying to help out the cause as much as possible.  Have purchased 70 oz over the last couple of months.  Love ZH.  keep up the awesome work

    Blano's picture

    Yeah, I'm up to 42 now.  Still get a real kick out of it.

    TreadwCare's picture

    +1.  bag of liberty dimes and 20 eagles arrived today.


    I'm 'diversifying' :)