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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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Tue, 02/01/2011 - 18:40 | 925461 AR15AU
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?".

http://finance.yahoo.com/news/Are-We-Seeing-a-Whiff-of-cnbc-1574451147.html;_ylt=Aqn2wg7NLDye8nD6OidMmcy7YWsA;_ylu=X3oDMTE1cDhkdnZvBHBvcwM0BHNlYwN0b3BTdG9yaWVzBHNsawNhcmV3ZXNlZWluZ2E-?x=0&sec=topStories&pos=1&asset=&ccode=

Tue, 02/01/2011 - 18:41 | 925472 The Rock
The Rock's picture

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

Tue, 02/01/2011 - 18:44 | 925490 JLee2027
JLee2027's picture

The drumbeat of death is getting louder and closer.

Tue, 02/01/2011 - 19:14 | 925580 dlmaniac
dlmaniac's picture

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

Tue, 02/01/2011 - 22:48 | 926107 CrazyCooter
CrazyCooter's picture

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

http://www.zerohedge.com/article/silver-101-production-country

Cooter

Tue, 02/01/2011 - 18:59 | 925551 DoChenRollingBearing
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...

Tue, 02/01/2011 - 19:04 | 925561 attst487
attst487's picture

Then allow me. Buy physical silver!

Tue, 02/01/2011 - 20:23 | 925775 RockyRacoon
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.

Example:

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...

Wed, 02/02/2011 - 04:30 | 926588 Temporalist
Temporalist's picture

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

Tue, 02/01/2011 - 20:49 | 925846 TeMpTeK
TeMpTeK's picture

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

 

Tue, 02/01/2011 - 23:23 | 926178 financeguru500
financeguru500's picture

Depends,

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

Tue, 02/01/2011 - 20:53 | 925855 bronzie
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

Tue, 02/01/2011 - 22:10 | 926020 ILikeBoats
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.

Tue, 02/01/2011 - 19:29 | 925635 Don Birnam
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.

Tue, 02/01/2011 - 21:10 | 925897 cadejludwig
cadejludwig's picture

A Yahoo article... Really?

Tue, 02/01/2011 - 18:38 | 925463 The Rock
The Rock's picture

Eaglez Bitchez!

Tue, 02/01/2011 - 18:38 | 925465 FoieGras
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. 

Tue, 02/01/2011 - 18:50 | 925518 kentfinance
kentfinance's picture

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

Tue, 02/01/2011 - 19:51 | 925693 bruinjoe93
bruinjoe93's picture

You are the sucker. 

Tue, 02/01/2011 - 22:04 | 926011 phil silver
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.

Tue, 02/01/2011 - 22:47 | 926105 Saxxon
Saxxon's picture

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

Tue, 02/01/2011 - 18:38 | 925466 Horatio Beanblower
Horatio Beanblower's picture

Did Eric Sprott have to take coins instead of bars?

Tue, 02/01/2011 - 18:38 | 925467 Former Sheeple
Former Sheeple's picture

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

Tue, 02/01/2011 - 18:39 | 925470 HUGE_Gamma
HUGE_Gamma's picture

may someone please graph this time series

Tue, 02/01/2011 - 18:43 | 925479 plocequ1
plocequ1's picture

This is bullish for stocks.

Tue, 02/01/2011 - 18:44 | 925488 Cheesy Bastard
Cheesy Bastard's picture

This is bullshit for stocks.

Wed, 02/02/2011 - 00:39 | 926323 tekhneek
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?

Wed, 02/02/2011 - 02:00 | 926437 Hephasteus
Hephasteus's picture

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

Wed, 02/02/2011 - 04:08 | 926580 StychoKiller
StychoKiller's picture

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

Wed, 02/02/2011 - 04:48 | 926593 Hephasteus
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.

Tue, 02/01/2011 - 18:43 | 925482 almost_have_a_name
almost_have_a_name's picture


From the US Mint's website http://www.usmint.gov

Mission

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.
BULLSHIT

Tue, 02/01/2011 - 18:49 | 925514 Former Sheeple
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.
  • Tue, 02/01/2011 - 19:21 | 925611 flacon
    flacon's picture

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

    Tue, 02/01/2011 - 19:32 | 925630 Threeggg
    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 ?????????

    BULLSHIT !

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

    Tue, 02/01/2011 - 19:57 | 925713 Former Sheeple
    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. http://www.usmint.gov/about_the_mint/mint_police/

    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! :)

    Tue, 02/01/2011 - 20:28 | 925793 RockyRacoon
    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).

    http://www.usmint.gov/pressroom/index.cfm?action=press_release&ID=1044

    Tue, 02/01/2011 - 21:35 | 925955 Former Sheeple
    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!

    Tue, 02/01/2011 - 21:59 | 926002 bronzie
    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

    http://www.cnsnews.com/news/article/cbo-social-security-run-45-billion-d...

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

    Tue, 02/01/2011 - 22:44 | 926096 Former Sheeple
    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!

    Wed, 02/02/2011 - 07:09 | 926646 zhandax
    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.

    Tue, 02/01/2011 - 20:33 | 925802 william the bastard
    william the bastard's picture

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

    Tue, 02/01/2011 - 18:47 | 925500 DoctoRx
    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.

    Tue, 02/01/2011 - 18:50 | 925519 EscapeKey
    EscapeKey's picture

    http://www.calculatedriskblog.com/2010/11/fomc-statement-qe2-arrives-600-billion.html

    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. 

    Tue, 02/01/2011 - 19:31 | 925645 Don Birnam
    Don Birnam's picture

    +1

    Tue, 02/01/2011 - 18:56 | 925540 DoctoRx
    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.).

    Tue, 02/01/2011 - 18:46 | 925501 leathaface
    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

    Tue, 02/01/2011 - 18:57 | 925541 Blano
    Blano's picture

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

    Tue, 02/01/2011 - 22:55 | 926123 TreadwCare
    TreadwCare's picture

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

     

    I'm 'diversifying' :)

    Tue, 02/01/2011 - 18:48 | 925506 Bastiat
    Bastiat's picture

    BANG DAE HO!!

    Tue, 02/01/2011 - 19:32 | 925623 The Rock
    The Rock's picture

    with an eagle or maple leaf?

    Tue, 02/01/2011 - 19:54 | 925703 Bastiat
    Bastiat's picture

    It's all good (if it's .999 or better)!

    Tue, 02/01/2011 - 18:48 | 925507 Josh Randall
    Josh Randall's picture

    ALL IN -- show me your pair honey

    Tue, 02/01/2011 - 18:48 | 925510 Ckierst1
    Ckierst1's picture

    And I wonder what the curve of the average premium over spot, or some such, looks like as mint output has risen?

    Tue, 02/01/2011 - 18:49 | 925515 EscapeKey
    EscapeKey's picture

    http://www.bullionbypost.co.uk/silver-coins/

    Silver bullion bars all sold out, as are Canadian Maples and Austrian Philharmonics (the 2 cheapest silver coins).

    Tue, 02/01/2011 - 19:03 | 925534 Math Man
    Math Man's picture

    There is something fishy going on with the data.

    December '10 sales only show as 1,772,000 ozs, or less than Dec '09, Dec '08  -- AND DEC '07, which was before the crisis.


    Today's 50k would also put as at a lower run-rate than Feb 2010, when 2,050,000 were sold and Feb 2009, when 2,125,000 were sold.

    http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=sal...

     

     

    Tue, 02/01/2011 - 19:39 | 925667 cackling capers
    cackling capers's picture

    Are you thinking that some sales were carried over into the new month? Possible, although there is quite some variation there, going from 3.15 to 4.26 to 1.77 to now finally 6.42 Moz over the last months.

    Tue, 02/01/2011 - 23:46 | 925754 Math Man
    Math Man's picture

    Yes, December is historically the yearly high for sales.

    In 2010, it was the low - and hasn't been that low since Sept '09.

    Tue, 02/01/2011 - 20:35 | 925812 mark mchugh
    mark mchugh's picture

    I was wondering if the 5oz. "America the beautiful" coins (875,000 ozs) were included in the December numbers, January numbers, or not at all.

    Tue, 02/01/2011 - 18:55 | 925537 downrodeo
    downrodeo's picture

    Blythe Fail

    Tue, 02/01/2011 - 18:55 | 925539 Bastiat
    Bastiat's picture

    Memo

    From Blyth Masters

    To: All Traders with gold crowns or silver amalgam fillings

    Please schedule a time, before 7AM tomorrow, with the JPM's designated "acting dentist" in the janitor's breakroom.  You wholehearted dedication to the company is greatly appreciated. As I've always said:  precious metals trading is something you need to get your teeth into!

    http://padresteve.files.wordpress.com/2009/06/steve-martin-dentist.jpg?w=468&h=252

    Tue, 02/01/2011 - 19:35 | 925659 Threeggg
    Threeggg's picture

    Love it !

    I will meet you there !

    Wed, 02/02/2011 - 02:06 | 926451 A Nanny Moose
    A Nanny Moose's picture

    To ensure that nobody is holding out, proctologist designate Dr. Ben Dover Bernanke will be giving free exams in Mr. Dimon's orifice.

    Tue, 02/01/2011 - 18:58 | 925549 EscapeKey
    EscapeKey's picture

    So, that's 75Moz annualized, from one dealer, or almost as much as total investment demand in 2009.

    http://www.silverinstitute.org/supply_demand.php

     

    Tue, 02/01/2011 - 19:09 | 925575 CowboyMonkey
    CowboyMonkey's picture

    Hi yo Silver!

    Tue, 02/01/2011 - 19:17 | 925600 yabyum
    yabyum's picture

    People  want them, people are buying them, the demand is going up. Word is out that fiat is toast, the demographic in the local coin shop has changed in the last six months. PS Saw a guy(?) in a chicken suit w/sign "We buy gold and silver" jumping around one of the MANY Check cashing rip off joints. Keepin warm I suppose.

    Wed, 02/02/2011 - 10:19 | 926999 Watauga
    Watauga's picture

    Which brings up the concern about a bubble.  After all, EVERYTHING we read says that when crazy things like men in chicken suits selling PMs start popping up, you'll KNOW we are in a bubble.

    So, what do we make of this craziness?

    Tue, 02/01/2011 - 19:17 | 925603 FunkyMonkeyBoy
    FunkyMonkeyBoy's picture

    Hate to bring it up again, but it is kind of in-keeping with the thread. Has anyone recieved their Silver Keiser's yet? The last official word we got was this:

    -------------------------
    January 21st 2011

    Dear BidBullion/SilverKeiser Customer

    We would like to apologize for our slow responses due to being under staffed and not fully prepared for this campaign in keeping up with emails and updates. We are proud to announce today that the SilverKeiser dies are complete and we are moving into the production phase of the silver bullion rounds. Attached to this email you will see the image of the scupt and then images of the dies ready for production.

    We expect the delivery to happen in a relatively short order. The delay was on our part and not NWT Mint and for that we'd like to apologize immensely. Delivery will commence from first ordered thru to the dealers whom ordered last as soon as production has wrapped up.

    Shipping costs are as follows...

    Orders are being sent via Canada Post Express Post upon the minting process and delivery to our facility being completed.
    Orders within U.S. and Canada is $12 for the first coin and $2 for each there after.
    Everywhere else globally is $16 for the first bullion round and $3 for every one there after.

    We will accept any cancellation/refunds as requested immediately if this is unsatisfactory for anyone and for that we greatly apologize once again. We are a small outfit that under estimated the amount of staff required, software needed and time to allocate for such a project. For this reason we can't apologize enough for being a bit behind. We typically pride ourselves on service and over delivering.

    As it sits currently we sold limited quantities of the Keisers to the retail public in the pre-sale period, the remaining was to bullion dealers globally. We have had a few larger orders not confirm so we are offering the remaining rounds to those whom purchased first and then we will open up to the waiting lists. These are on a first come first serve basis and all requests are by email only. Payment for these are to be include in the shipping payments. Those invoices and details will be sent by weekend.

    The remaining available is as follows;

    1/10th Oz. Silver Keisers- 811
    1/4 Oz. Silver Keisers- 517
    1/2 Oz. Silver Keisers- 104
    1 Oz. Silver Keisers- 3781
    5 Oz. Silver Keisers- 4132

    We will be sharing much more with you over the next two weeks as in launch information of BidBullion, some vids we have created, an opportunity, the official delivery dates along with a few freebies.

    We want to regain your confidence so please share any and all feedback with us.
    Make sure you send us any requests for refunds and add on orders if desired. If we don't hear from you we will send an invoice with payment instructions by weekend.

    Sincerely,

    BidBullion Mgmt.

    -----------------------

    Surely, company says is true, someone should have received their Silver Keisers by now? anyone?

    Tue, 02/01/2011 - 19:24 | 925619 CU1981
    CU1981's picture

    I bought one, just for chits and giggles, a commemorative so to speak, haven't heard squat from anyone.

     

    ZH needs to issue one ASAP .... "The Silver Bitchez" addition  ;-)

    Tue, 02/01/2011 - 22:29 | 926056 Windemup
    Windemup's picture

    With a good design, I'm in for a dozen or more.

    Tue, 02/01/2011 - 22:57 | 926125 rosiescenario
    rosiescenario's picture

    ...robo could help with the design...that would perk up the sales....

    Wed, 02/02/2011 - 01:35 | 926418 dark pools of soros
    dark pools of soros's picture

    just put cheeky bastard on one side and ZH logo on the other

    Wed, 02/02/2011 - 02:08 | 926455 A Nanny Moose
    A Nanny Moose's picture

    +1

    Tue, 02/01/2011 - 20:11 | 925750 jomama
    jomama's picture

    After some digging, I found a couple comments saying M&S have responded to blog comments:

    “NOTE: Max Keiser has no involvement with the production of the “Silver Keisers” what so ever”.

    Would pretty much tell me it was a scam like every other fucking scheme in the country.  And people wonder why I won't send my metal to offshore vaults so I can move out of the country.  I'd show up there to find out I got fucked. Just like pretty much everything else in life.  

    Find a way to make a buck and some fuck will come along and twist it so he can make two for nothing.

    Tue, 02/01/2011 - 23:55 | 926246 cgbspender
    cgbspender's picture

    According to some anonymous comment towards the end of this article, the NWT mint has at least begun production:

    http://maxkeiser.com/2011/01/17/crash-jp-morgan-buy-silver-kauf-silber/

    I'm really hoping this isn't a scam.

    Wed, 02/02/2011 - 00:16 | 926282 bernorange
    bernorange's picture

    I took a chance on a 1/2 ounce coin for posterity.  I got that email.  I sent Jeremy an email reply with a question/concern on the S&H for my single, 1/2 ounce coin.  Jeremy responded to my email that same day.  I didn't get a firm resolution to my query, and I haven't received any further communication.  I have neither been invoiced the S&H fees, nor seen a refund of the original purchase.  Perhaps he has been looking into options to alleviate my concerns (in my particular case).  Who knows?

    Tue, 02/01/2011 - 19:24 | 925621 cackling capers
    cackling capers's picture

    been playing around with the data from the us geological survey:

    http://minerals.usgs.gov/minerals/pubs/commodity/silver/

    but am looking for more detail, especially on the demand side. From these data its seems that production of silver is bigger than 'apparent consumption'. Anyone know where to get such data? (preferably from people not selling the stuff...)

    Tue, 02/01/2011 - 19:29 | 925636 gwar5
    gwar5's picture

    Wow that''s a lot of coin.

    Tue, 02/01/2011 - 19:45 | 925679 tmosley
    tmosley's picture

    That's 219 tons.  About 27 cubic yards, or a 9' cube.

    Tue, 02/01/2011 - 19:39 | 925668 Thomas Jefferson
    Thomas Jefferson's picture

    253 of the 6 million oz of silver eagles were due to me.  I did my part and will continue to. 

    Tue, 02/01/2011 - 19:44 | 925677 Lone Mad Minute...
    Lone Mad Minute Medic's picture

    I bought three, did my part!

    Tue, 02/01/2011 - 19:51 | 925692 ciscokid
    ciscokid's picture

    Got my giant yellow box of silver maples today.

    Tue, 02/01/2011 - 19:59 | 925717 Mr Lennon Hendrix
    Mr Lennon Hendrix's picture

    Is that supply/demand I smell cooking?

    Tue, 02/01/2011 - 20:35 | 925811 william the bastard
    william the bastard's picture

    Nah, it's the ammo you dont know how to load.

    Wed, 02/02/2011 - 01:17 | 926384 Mr Lennon Hendrix
    Mr Lennon Hendrix's picture

    Give me a bow and arrow.  I can split an apple on your head, hold still.....

    Wed, 02/02/2011 - 05:33 | 926609 Hephasteus
    Tue, 02/01/2011 - 20:05 | 925738 Sabremesh
    Sabremesh's picture

    For God's sake, ZH, I am a huge silver/gold bug but this story is asinine. The extremely high January sale figures have to be viewed in the context of the extremely low December sales figures (just 1.77 million ounces), which was almost certainly due to a lack of inventory. This caused a backlog of orders which were met in January. 

    If you average out the December and January figures you get just over 4 million ounces in each month - nice, but nothing spectacular.

    Tue, 02/01/2011 - 20:16 | 925767 Math Man
    Math Man's picture

    Agreed.  As I posted above, December sales are historically the yearly high.

    In 2010, they were the yearly low - and lower than '07, '08 and '09.

    Tue, 02/01/2011 - 20:30 | 925783 Former Sheeple
    Former Sheeple's picture

    Sabre, I get your point, but even averaging Dec & Jan as you did, 4 million oz.'s is not normal us mint volume.

    US Mint Monthly Average sales           

    2007   

    823,917          

     

    2008   

    1,631,958       

     

    2009   

    2,397,208       

     

    2010

    2,888,542

     

    Jan-11

    6,472,000

    Tue, 02/01/2011 - 20:42 | 925817 Math Man
    Math Man's picture

    You are ignoring seasonality.

    Nov-Dec-Jan is typically the high sales period, and shouldn't be compared to the monthly average.

    Tue, 02/01/2011 - 21:03 | 925879 Former Sheeple
    Former Sheeple's picture

    Math Man,

    Nov. '08 - Jan. '09 Total 6,108,500                 

    Nov. '09 - Jan. '10 Total 8,952,500                 

    Nov. '10 – Jan. '11 Total 12,504,000  

    High sales period to high sales period still =Silver Bitchez!

    Tue, 02/01/2011 - 23:49 | 926006 Math Man
    Math Man's picture

    The rate of growth declined from last year + negative fund flows from SLV = I'd be careful here.

    2006 was the peak for housing starts = Houzez Bitchez.

     

    Wed, 02/02/2011 - 02:19 | 926466 JLee2027
    JLee2027's picture

    When Mark Twain stated "There are lies, damned lies, and statistics"; he was talking about people like you who try to bamboozle by manipulating the numbers. How stupid do you think we all are? At a glance, it's obvious the gross numbers sold increased from 2.7 million (09/10) to a 3.5 million increase (10/11).

    Wed, 02/02/2011 - 03:06 | 926525 Math Man
    Math Man's picture

    No lies, damned lies, or statistics, just facts.  Not growing as fast as last year.

    And this year it needs to grow faster, because we have ETF liquidations.  

    The growth rate can't make up for the silver being dumped from SLV.

    The real question is if the 2011 low in silver is 18 or 14.

    Wed, 02/02/2011 - 04:25 | 926586 prophet_banker
    prophet_banker's picture

    you will never again get pysical for $14 an ounce, sorry

    Wed, 02/02/2011 - 10:19 | 926995 Math Man
    Math Man's picture

    Just like shit hole houses in the middle of desert were never going to sell for less than 500 grand?

    We could see $14 silver by the summer, if not lower.

    It only costs 5 bucks an oz to mine it.

    Wed, 02/02/2011 - 11:10 | 927228 Vagabond
    Vagabond's picture

    You are one weak ass troll. 

    Wed, 02/02/2011 - 16:46 | 928583 JLee2027
    JLee2027's picture

    You manipulate numbers and lie Math Man, no getting around it.

     

    No more responses to you. You are a troll, ahole.

    Wed, 02/02/2011 - 02:00 | 926435 Burnbright
    Burnbright's picture

    "...which was almost certainly due to a lack of inventory. This caused a backlog of orders which were met in January."

     

    Which isn't significant in and of itself because? I think you missed the point even though you were smart enough to point out why that is a concern to people like me. The fact that we got a hiccup like that in terms of supply and when it reached the market is not a good sign for future delivery. 

    Tue, 02/01/2011 - 20:13 | 925756 Youri Carma
    Youri Carma's picture

    6,472,000 ounces= 6,5 million - not 6,4 million

    Tue, 02/01/2011 - 20:13 | 925757 Dr. Gonzo
    Dr. Gonzo's picture

    Bottom line. Silver Eagles, Maples, ect have been a great F***ing investment. They are deep and liquid and have held their premiums.You can sell them back to the dealer for at least $1.25 above spot. Dealers pay the U.S. mint $2 above spot.  Every day the pool of savers and investors in silver grows. It is literally investing in a form of currency except it's real in a time of fraud and insolvency. I'm glad the price went down. More new people bought in. I still have a couple friends that aren't convinced but sadly they are the type that won't get interested in buying until it becomes painful. Physical demand is not going to stop. There is too much shady shit going on for people to trust paper as a means wealth preservation. The more physical investors get in the game the more say coins will have in setting the real price of silver. The more Eagles they mint the more likely they will have a shadow role in money and trade for the people in the future. 

    Tue, 02/01/2011 - 21:30 | 925945 yabyum
    yabyum's picture

     Gonzo, I agree with demand, but balk with the spreads: Junk US silver for me.

    Wed, 02/02/2011 - 00:01 | 926264 Lord Koos
    Lord Koos's picture

    I'm with you, I don't collect coins -- generic rounds and bars + some junk silver is the best deal going.

    Tue, 02/01/2011 - 20:33 | 925784 Duffminster
    Duffminster's picture

    Silver has been (and still is in backwardization) and the continued algorithms and weak longs that have been holding it back with the help of the quasi-government inflation suppression propaganda manipulators and the perma-bears have kept silver where its at.

    That being said, the physical market and the global monetary push driven volcano of hyperinflation is sending signals for those who actually rely on their brains rather than short term oscillators and painted economic stats and charts to take advantage of this nice pull back to get into more physical or reliable proxies, among which I believe is PSLV, which I hold in some quantity in my IRAs.

    As a reminder of the other factors that quants and algorithms don't weight are the longer term parameters on silver.  I list them here again because seems like few ever do for some reason:

    1. Above ground Available Silver bullion inventories have declined from about10 billion ounces in 1940 to around 1 billion today.

    2. There is now approximately 3.8 billion ounces of above ground gold available.

    3. Silver is not only a monetary precious metal but a highly useful and irreplaceable industrial metal used in high technology, medical and other manufacturing applications.

    4. Very little of the silver used in industry is recycled.

    5. The historic ratio between silver and gold is about 16.

    6. The current ratio between silver and gold prices is about 48.

    7. Physical demand for physical silver and silver coins is at all time highs and accelerating.

    8. New applications of of silver (almost all non-recylable) such as HeiQ Materials, which "manufactures high-performance textile effects for the most demanding functionalities," in the area of anti microbial and other anti-germ technology using silver compounds are expanding even as silver mining production is just beginning to pick up a little. 

    So, silver is actually substantially more rare than gold and yet the price ratios do not reflect the physical reality yet. This means that the long term price suppression of silver via the extreme concentrations of short positions by one or two of the largest Bullion banks has created a sling shot of potential upward price energy. If the CTFC investigation into silver price suppression or any of the current law suites, class action or otherwise, fully reveals the degree and level of ongoing suppression, silver may quickly revert to its historical ratios, and given its increasing rarity and industrial and technological usefulness, climb well beyond its less rare cousin, gold.

    Duffminster

    PS: Strange but "backwardization" isn't in the spell check?

    On the subject of backwardization, you might find this recent opinion of James Turk on this subject of some interest.

    James Turk - Gold & Silver Have Reached an Important Bottom

    Tue, 02/01/2011 - 21:04 | 925882 bronzie
    bronzie's picture

    "As a reminder of the other factors that quants and algorithms don't weight are the longer term parameters on silver.  I list them here again because seems like few ever do for some reason:"

    9. 600 year silver chart - the $806 high in today's dollars is equivalent to $1077 according to shadowstats.com inflation calculator - that's $1077 per ounce

    http://goldinfo.net/silver600.html

    Tue, 02/01/2011 - 22:45 | 926101 RockyRacoon
    RockyRacoon's picture

    That's because it's backwardation.

    Tue, 02/01/2011 - 21:19 | 925916 topcallingtroll
    topcallingtroll's picture

    You gotta listen to the troll. It's a top. I'm telling ya. And it is the worst kind of top, a distribution top. All these suckers buying high premium eagles take an immediate dollar loss as soon as they walk out the store even with large volume buys if you practice mark to market accounting in your own home. The shoeshine boy was talking about all the money he has made.buying and selling silver eagles. Get out of silver now. This has been a public service announcement by the SUA.

    Tue, 02/01/2011 - 21:26 | 925936 Alert
    Alert's picture

    Thank you JPmorgan!  I bought 1500 oz in January!

    Tue, 02/01/2011 - 21:42 | 925973 Former Sheeple
    Former Sheeple's picture

    Alert, you sound really cool, can i get your address & security code so we can hang out?

    Just messin, i only got 400 so I'm seriously jealous! Trade you some canned food for some later on doen the road, OK?

    Tue, 02/01/2011 - 21:49 | 925984 MOAB
    MOAB's picture

    Alright! now we're SURGING.

    "Economists" used to poo-pooing Au/Ag should start warming up their

    "I'm a teapot, I'm a teapot" dance. Or maybe they will just become catatonic - either works for me. Keynesian "economics" is just a (logically) thin facade for those with power to maintain and augment it. Poor fools that think it serves any other purpose are going to wake to an epiphany or a mental crisis.

    Tue, 02/01/2011 - 22:07 | 926016 phil silver
    phil silver's picture

    Well done America.

    Keep stacking the Silver. This might be the start of something big.

    Tue, 02/01/2011 - 22:10 | 926022 Tedster
    Tedster's picture

    Eagles are cool - a great design, but they don't do much for me visually.

    I started buying around 4, so can live with that. Showed my Army buddy some gold and silver coins. "how much is silver?" I told him, and he kind of sneered, "is that all? really?"

    Looking back this was a big blunder, should have bought a lot more. Nobody wanted it back then. But Weinmanns design looks great on the .50c piece, but modern minting practices and the large size of the Eagle just looks flat.

    Morgan dollars only contain .77 ozt, but the 1880s "S" mint coins are really
    nice in BU condition, a real coin with history behind it. Some are found with nice sharp strikes and mirror like finish, amazing examples of the mint
    artisans. What's interesting today, silver coinage was considered "easy money" in those days and viewed by some at the time with about as much enthusiasm as ZIRP is today. Have stacked quite a few of those, because I always figured could get a good breakfast with one of those if it ever came down to it.

    Wed, 02/02/2011 - 01:33 | 926415 dark pools of soros
    dark pools of soros's picture

    just buy the big 100oz bars and be done with it!!!

    Tue, 02/01/2011 - 22:11 | 926023 Yen Cross
    Yen Cross's picture

    I realize that much more information is in the (short term) taking. Selling xag on the spike makes sense. But heck! I own it much lower. I'll hit the dips. 5000 toz contracts.

    Tue, 02/01/2011 - 22:23 | 926043 Windemup
    Windemup's picture

    And 45 of those ounces were bought by me. I hold another 50 form earlier purchases.

    Tue, 02/01/2011 - 22:26 | 926046 Instant Karma
    Instant Karma's picture

    I can see a limited upside for silver in the short term, but more downside. I was interested and buying silver at between 12 and 18, not interested at all above 20. Gold looks good to me at 1200 or below, and the longer it hovers around 1300 the more interested I become. Likewise with platinum around 1800. The mo mo crowd seems to have shifted into the agriculture space, which is bad news if you like to eat or wear clothing (cotton). Copper is going nuts. Hard not to believe oil won't be around 120 by the summer.

    Tue, 02/01/2011 - 22:26 | 926047 Instant Karma
    Instant Karma's picture

    I can see a limited upside for silver in the short term, but more downside. I was interested and buying silver at between 12 and 18, not interested at all above 20. Gold looks good to me at 1200 or below, and the longer it hovers around 1300 the more interested I become. Likewise with platinum around 1800. The mo mo crowd seems to have shifted into the agriculture space, which is bad news if you like to eat or wear clothing (cotton). Copper is going nuts. Hard not to believe oil won't be around 120 by the summer.

    Tue, 02/01/2011 - 23:25 | 926170 Elmer Fudd
    Elmer Fudd's picture

    Hey for all those who took the dive and tried to buy the Max Keiser silver rounds from BidBullion, I have e-mailed them twice asking where is my silver, got no reply, that was enough for me; contacted Paypal, opened a dispute, so Paypal has got my back.  I guess credit card purchaser's are protected as well, but I dont like the way this bidbullion site acts, so I'm out, besides, silver is cheaper elsewhere.

    Wed, 02/02/2011 - 01:01 | 926365 Godisanhftbot
    Godisanhftbot's picture

    The silver and gold wont do you a bit of good, in fact, when they come to take your stuff, they'll probably beat you to death with it before leaving.

    Wed, 02/02/2011 - 01:21 | 926395 Mr Lennon Hendrix
    Mr Lennon Hendrix's picture

    If the government tries to steal gold, let alone anything, they will run into hundreds of millions of armed Americans that will tell them to back up and leave.  The input cost would not be sustainable, as hey would get very little gold.  It would be the last desperate act of the US government.  I say bring it on. 

    Wed, 02/02/2011 - 01:31 | 926413 dark pools of soros
    dark pools of soros's picture

    excatly they'll just poison our water and be done with us and this country before they try a gun fight

    Wed, 02/02/2011 - 01:16 | 926380 Reptil
    Reptil's picture

    Pity to hear about the Keiser rounds. Maybe surprised by success?

    "No shortage or supply problems at present" according to my own dealer. (in Switzerland)

    Wed, 02/02/2011 - 01:30 | 926411 dark pools of soros
    dark pools of soros's picture

    i BTFD and got some more bars.. and a little gold too

    Wed, 02/02/2011 - 04:59 | 926596 Temporalist
    Temporalist's picture
    Job Title: FINANCIAL MANAGER Department: Department of the Treasury Agency: The United States Mint

     

    The following are the duties of the Financial Manager at the GS-14.  If you are selected at a lower grade level, you will have the opportunity to learn to perform all these duties, and will receive training to help you grow in the position:

  • Establish timetables and strategies for obtaining required funds for new or modified programs.
  • Identify problems, determine accuracy and relevance of information and  use sound judgment to evaluate alternatives.
  • Understand and interpret written material, including technical material, rules, regulations, instructions, reports, charts, graphs, or tables.
  • Write complex financial reports and effectively presenting findings to individuals or groups.
  •  

    http://tiny.cc/nca2c

    Wed, 02/02/2011 - 05:06 | 926598 Elmer Fudd
    Elmer Fudd's picture

    "The silver and gold wont do you a bit of good, in fact, when they come to take your stuff, they'll probably beat you to death with it before leaving."

    Ok, smartguy, how do you save the excess fruits of your labor?  You spend less than you earn, don't you?  You gonna tell me about farmland, or bullets?  Or "community?"

     

    Wed, 02/02/2011 - 08:38 | 926720 satansanus
    satansanus's picture

    selling slv continued from yesterday

    Wed, 02/02/2011 - 09:39 | 926821 clinger9
    clinger9's picture

    Food and energy inflation is here. I am currently paying 20% more for both items than a year ago. In addition, I am down 25% on my hse. coool 

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    Canny's picture

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