US Mint Sells Record 4.2 Million American Eagle Silver Coins In November

Tyler Durden's picture

In what is becoming a very sad development, the more money (pardon, monetary base) Bernanke prints, the more silver coins Americans buy. According to the US Mint, November sales of silver just hit 4.16 million ounces or coins, an all time record, since the introduction of the coin in 1986, and that does not even include the last day of the month. The number is roughly a 30% increase to the 3.15 million one-ounce Eagles sold in October, and well above the previous 2010 record of 3.6 million sold in May. So far in 2010, the mint has sold 32.8 million ounces of silver, higher than the previous full year record of 29 million coins set in 2009.

More from Reuters:

"The underlying, basic reasons for the silver market's rise are really gold-oriented, but the speculative element of silver continues to be a big driver," said Bill O'Neill, partner of New Jersey-based commodities firm LOGIC Advisors.

O'Neill said that a well established retail coin-dealer network helped increase sales of the silver Eagles. He called silver a "speculative playground" and does not recommend trading it due to high volatility.

Silver, gold and platinum group metals have benefited from the fiscal crises in Greece, Ireland that could also spread to other European nations, lingering worries about economic growth and inflation concerns.

Oddly, the scramble for precious metals was not mimicked in a surge for gold, which sold "only" 103k ounces,  including 99.5 one ounce coins. And to point out an error in the Reuters' article math, the June sales were not 452,000 ounces but coins, while the actual ounce equivalent sold was 151,500 ounces. So far the most active month in US mint gold coin purchases was May when 190k one ounce gold coins were sold.

We can merely speculate that the Krieger/Kaiser plan of bankrupting JPMorgan through a popular scramble for physical is if not working, then certainly getting ever more supporters.

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RobotTrader's picture

The paper shorting of SLV and naked shorting of silver stocks has never been higher.

And panicked sheep are out there buying up coins.

Something is going to blow soon.....

redpill's picture

I think those shorting SLV are the ones panicking.


TheGreatPonzi's picture

Robot, who are you and what are your motivations, exactly?

nope-1004's picture

I heard once that buying a home was safeguarding your capital and future.  Hard asset, easily saleable, growing population exerting more demand, limited supply, price always going up.


I hear recently that PM's are a good way to safeguard your capital and future.  Hard asset, easily saleable, growing population exerting more demand, limited supply, price always going up.


Good thing history never repeats.


cossack55's picture

How many homes can you fit in your pocket and pass over a counter for a loaf of bread?

duo's picture

my gold doesn't need $5300 in property taxes and insurance every year.

dnarby's picture

...And it has no problem finding a buyer anywhere in the world.

chopper read's picture

bbbut, but, but.  oligarchial fascist apologizers unite.

...the rest of us will keep buying physical. 

+ 500

lynnybee's picture

BINGO !!!   Best comment yet ! ........... my thoughts exactly ! 

destraht's picture

Exactly. I'm completely invested into my digital technology, my education and metals. All of which can be brought and sold anywhere.

Kaiser Sousa's picture

the ignorant where once told the world was flat...somone investigated that claim and discovered otherwise n a quest for knowledge...u believe what u hear u deserve what results...There r only 2 forms of real money - Gld and Silver...dont take my word for it a historical monetary analysis...and yes, n that regard history is repeating itself...

Internet Tough Guy's picture

The 'everything is everything' canard. That's an old one.

Founders Keeper's picture

[The 'everything is everything' canard. That's an old one.]---Internet Tough Guy


Arguing this one is just too easy.


43 Steelie's picture

Are you taking out loans twice your net worth to buy precious metals?

Yeah, me neither. The comparison ends right there.

akak's picture

Beautiful rebuttal!

But of course, it is pathetically easy to rebut the lame and simplistic arguments of the gold-hating paperbugs.


PS: I just LOVE watching the "junks" accumulate under each one of Robotshitforbrain's every posts.

chopper read's picture



perfect.  first time i've heard that.  much shorter than 'oligarchial fascist apologizers'. 



akak's picture


'paperbugs' .... perfect.  first time i've heard that.

Then you clearly have not been spending enough time in the ZeroHedge forum!



Actually, I think the phrase "paperbug" is not damning enough for such people, but it does fit them, and is appropriate counterplay to their much-used and smug pejorative "goldbug".

"Paperlemming" might be more fitting.

Dollar Damocles's picture

Paper money is for economic slaves.  Saving your wealth in fiat is a sign of economic and intellectual slavery.  It is indicator of an irrational faith in government, which is a symptom of state-worship and is religious in nature.  A dollar-centric world view stems from a state-centric world view.  There is a saying, that the idol you worship is the idol that kills you.  These people will go down to disaster as a result of their misplaced faith.  There is a deep philosophical connection between belief in lies and death, and belief in truth and life.  If you believe economic lies, you will suffer economic death.  Intellectual slaves end as economic slaves, it is that simple.

tewkatz's picture

You guys sound like Democoins and Repubfiats...Money can be made in either and both are salable (much like Democrats and Republicans, I hear...). 


Dollar Damocles's picture

I am not an religious gold bug either.  Gold is just a tool.  There will be a time to transition from gold into more productive use of capital.  But I will never own bonds or store my wealth in paper money as a matter of principal.  What is a bond(age)?  When a government borrows, it is saying "I promise you (the lender) that some of the future fruits of labor of my slaves will belong to you".  The bond purchaser (slave owner) says "I will loan you wealth today based on your ability to steal appropriate wealth from your slaves in the future with interest".

This is why Jefferson was opposed to government borrowing, because he understood the deeper philosophical ramifications and tyranny behind government borrowing.  There is a moral and an immoral way to make money.  The moral way is to create value and produce, the immoral way is to use the political means (force and wealth redistribution).

This is why I refuse to lend money to governments or to save in paper money (which empowers criminal banks).  There may be a time when owning government bonds is enriching, and when saving in paper money is safe.  But there will never be a time when it is moral.

Gold is a tool, a capital (productive) good.  Just like a shovel - a capital (productive) good, it is has a use in it's time and place to leverage human productivity.  A shovel can dig a hole, it can't move you from california to singapore - for that you use a boat or a plane, also tools which lever human labor.  Gold is a tool with specific purpose and a useful time and place in life.  When it's usefulness is finished and it's productive capacity has peaked, I will pick up the next tool.

chopper read's picture

again, well put.


gold is a transportable, intermediate storage place for value.  

chopper read's picture

that was a pleasure to read, DD.  sincerely.  well put, chap. 

nope-1004's picture

You may not be, I may not be, but you gotta know that there are some big players who are.  And when TPTB decide to reverse course, we all sink with it.

That's my point.  Put all the rationality you want in the case for whatever commodity you choose.  But I'd suggest that if everyone is jumping on the same band wagon, it may be time to think twice.

Kaiser Sousa's picture

when u can show us the market caps across all asset classes and break down the amount of funds investors have placed n those classes relative to one another, addtionally delineating the supply demand dynamics of each class, then u can obliquely refer to a bubble...of course u'll be wrong again....

Roi's picture

Ever heard of leveraged short sellers of houses? Me niether...

Red Neck Repugnicant's picture

Ever heard of John Paulson?

Me neither.

nuinut's picture

nope-1004, you seem to be confusing paper gold with physical gold. They are actually complete opposites, and in that regard you are correct: paper gold will crash and burn.

It will take the rest of the monetary system to which it provides liquidity down with it, and at that time physical gold will demonstrate its value.

Your view of gold appears narrow and erroneous.

ZackLo's picture

Lol I am taking out a loan 2x my net worth for pm's, well 5x but I'm only 19 so I got the time if I'm wrong;)

Spalding_Smailes's picture

“If you own your own home free and clear, people will often refer to you as a fool. All that money sitting there, doing nothing.”

- Anthony Hsieh, CEO Lending Tree

Dr. No's picture

I love those quotes.  You've got a bunch and they are great!

Spalding_Smailes's picture

Mozilo reached out to borrowers as part of a "little experiment" to understand the reasoning behind making only minimum payments on so-called pay-option loans, a practice that boosts the total amount due, the 67-year-old CEO told investors Wednesday in New York.

"What we're finding out is that they're pretty smart," Mozilo said. "It's like voters: Individually they're sort of idiots, but collectively they seem to make the right decisions."

"CEO Makes Call on Pay-Option Loans: It's Risky", from Bloomberg News.

Xibalba's picture

You forget that PM's have zero credit risk.  If you own your home without any debt, taxes, or maintenance fees you're doing alright. 

Dr. No's picture

"If you own your home without any debt, taxes, or maintenance fees you're doing alright" 

Without taxes or maintenance fees (lawn mowing, paint, etc I presume)?  Where is this possible?

chopper read's picture

he's saying (indirectly) that gold has none of these.  read again slowly.

Hephasteus's picture

I heard once that parroting is easy. You make a stupid arguement. Get people to parrot it and it catches on just because so many people think something is being said.

Kaiser Sousa's picture

precisely...thats why the global economies r n the condition there n....the bankers continue to consolidate wealth made possible by a dim witted citizenry who they have been able to convince that debt coupon based paper shit is money and what has been money for thousands of years is only good for fillings and jewelry...

what r u gonna do...some people were born to b marks....

TheGreatPonzi's picture

Homes are not exactly what I would brand a currency. It's not very movable, not very durable, and not very divisible.

That was the quickest answer.



The longest is :

"I heard once that buying a home was safeguarding your capital and future.  Hard asset, easily saleable, growing population exerting more demand, limited supply, price always going up."

Easily saleable = nope. Limited supply = nope. Wood is a renewable resource, work is a renewable resource, maybe the only things which are in "limited" supply are concrete, copper, plastic and plaster. Price always going up = this is not an argument, but rather something which would made me flee away.

You also forgot two things: real estate is local, PMs are international. And most of all, real estate is funded by credit, not PMs.

destraht's picture

Until the credit system collapses it seems to me like everything is credit and debt driven. I'm buying my PM with debt notes.

chopper read's picture

ha, ha.  good call. 


if gold was not real money, then FDR would not have needed to take it away to enact Keynesian Economics in 1934.  simple.

puckles's picture

Yes, gold is money, but like currency, it has fluctuated over the years.  Let's not forget how long it took gold to retrace its early 80's high of $800: around 15 years, during which period--assuming one had bought and held--by 2000, one would have lost close to 65% of the original investment in fiat terms, while at the same time inflation was raging at double digits in the early-mid 80's.  Greenspan, of course, put an end to that.  Sort of.

I buy nothing--PMs, houses, or anything else--with leverage; it can bite you back so hard, you'll be unconscious before you knew what bit you.  Just a small word of advice in trying times.

Mike7.62's picture

Take your scope back to 1975 when we were again "allowed" to own gold and it was $150/ozT. Nominally, you were still ahead at the "Brown Bottom" in 2000. If you want to adjust for inflation, we're still miles from the 1980 high. BTW, I think it was Paul Volcker, not Greedscam who had the balls to raise the FF rate above the rate of inflation and finally slay the beast. He simultaneously saved the FRN$ and took the wind out of golds sails. We won't be seeing a repeat of that today, as we cannot afford the interest payments.

Founders Keeper's picture

[Take your scope back to 1975 when we were again "allowed" to own gold and it was $150/ozT. Nominally, you were still ahead at the "Brown Bottom" in 2000. If you want to adjust for inflation, we're still miles from the 1980 high.]---Mike7.62

Agreed.  I don't know why even the most learned of us forget to take inflation into account.

By the way, Mike7.62, would that be

x 39

x 51

x 54R?

Thanks again for your post.

Mike7.62's picture

All three, depending upon situation and locale.

dark pools of soros's picture

i do wonder why the gold bugs scorn overpaying for land/home when the same can be said about overpaying for gold/silver.. but for either, who cares since it is just crap debt money..  overpay without worry since in the end it remains the value of what it is -

tmosley's picture

You can't exponentially increase the supply of gold and silver as you can with houses.  If builders had been limited to a 3% increase in housing inventory per year, the housing collapse would have been much less severe.  If there were no taxes or maintenence costs on those properties, there would have been no burst, but only a levelling off of prices, as will happen eventually with gold and silver.

delacroix's picture

you don't buy gold or silver, you exchange currency, for a superior currency, which is also real money.

augmister's picture

Point up +1.... the "bubble heads" just never get it!  The PMs will crash with EVERYTHING else...  Bricks of ammo, not shiny.   I get my bricks of ammo and take away your shiny..BITCHES!!!