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US Mint Sells Record 4.2 Million American Eagle Silver Coins In November
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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Thanks to all. I have done less than 30 posts anywhere on internet and a few here. I appreciate the kind treatment. Will that hold if I recommend Chinese Solars (sarc)?
This is another copied report from Lemetropole.
Thank you for helping meet my learning quota for the day, wonderfully out of the box thinking.
qussl3:
Thank Bill, Chris, Adrian, Bill H, et al.
I am but one of many alien messengers from the far away Planet GATA.
Viva www.LeMetropoleCafe.com !
*Free subscription for two weeks available.
I must say this is NOT bullish for silver.
BTW were these the Obama Inaugural Memorial edition? A must own for every Kenyan family, but wait! There's more!
http://www.youtube.com/watch?v=n8cUngT1WF8&feature=related
Many of the people I know who bought silver recently, had never bought any before. They have lots of stocks to sell to fund more silver purchases.
absolutely is bullish. the disparity between paper and physical grows wider, physical always wins, and the JPM/HSBC "largest-short-against-a-commodity-ever" position is forced eventually to cover.
also, silver trumps gold in actual inflation.
Gold plated pot metal. So vat vould you expect?
no no no ...its "layered" That's better...right?
It is just the beginning. I know about one person (not counting the net) who owns any significant amount of PMs -- just one. And he was senior long bond trader back in the early 80s, so has rare experience.
In the 1980s I crapped more senior (sic) bond traders than he has PMs
That takes a really big asshole, eh?
It takes a big man, yes
A big man would have realized the post had nothing to do with him and his "bigness."
It had to do with the fact that very few people own any amount of silver or gold at this very early stage of precious metal price discovery.
Then why the gratuitous note about the "big" senior all knowing 1980s bond trader who if he were who he were would still be out there pounding little men and their dumb money bids like I am? Is it not more than likely I ended his reign and ushered in his sojourn to northern Arkansas?
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.
O'Neill the wetsuit manufacturer?
Buy silver, fuck a banker.
Does Meredith Whitney count?
When consumated in a stairwell, yes
I'd give her some "Quantitative Easing", no doubt. Doesn't need to be in a stairwell, either.
"Buy silver, fuck a banker."...obviously a fan of bankers took exception...let me b of assistance...
Buy silver, fuck a banker....
Good idea since silver is a strong anti-bacterial.
That might be considered a sex crime worthy of an interpol warrant.
That's why you have a chest of it under your bed, right?
He may have a chest of silver, but you sir, have a heart of gold
4.2 million x roughly $30 p/coin = $126,000,000. WOW!!!!
1. I keep that much in my checking account
2. I wonder what Max Keiser's commission was on that.
It isn't about price, it's about inventory. The US Mint still isn't issuing uncirculated Eagles because of the shortage of silver and issued proofs for the first time in two years. The Comex is already short inventory to fill orders this week and by friday, just may have a problem.
If paper gets unwound- your numbers are gonna change and JPM and HSBC will need a bailout. That is what is so exciting Joe, but then, you probably already know that.
And what about those 5 different 5 oz silver coins due out this year? been waitin.
Been watching and have a dealer watching as well. Have yet to hear any date set.
That's about the stupidest thing the Mint has ever done. Nobody asked for them, nobody wants them. There will be speculation in the beginning and then a quick cooling off period -- kinda like a shitty IPO. Aftermarket prices will be large for a while and then taper off. There are other examples of the Mint making crap that it thought would be a real hit, but this ain't gonna be a hit for them. I've been a coin dealer for over 15 years, a collector for 25 so I speak from experience. Don't buy this unless you get a "normal" premium over spot. You could actively trade it in the after market but don't get caught with a large number of them at any given time.
I'm waiting to see the price and product, but good advice RR.
Thanks for the advice.
I hope Lil leaves Dan and goes back to you.
Lil? Ha! I wouldn't take that haint back if she crawled on her belly.
U gonna hook yer peeps on here up with some weight at spot?
Sure -- and take the abuse for purveying? Nope.
Besides, I'm a buyer/accumulator only. I only trade up from proofs to uncirc to work the spreads. I buy/sell generic silver or gold and move it into Eagles only.
Here's the deal: Why do I hold the metals? Gotta start there. If it's for long term preservation of wealth I want it to be in an instantly recognizable form that does not need assay. Eagles provide that for a bit of an extra premium which will disappear when the coin is needed for resale or trade. Having a small amount of fractional gold Eagles on hand is a good strategy as well, even though the premiums prohibit a large holding of them. Time for the transaction will be one of the many factors that will be of the essence. Haggling for a dollar or two per ounce at this point will be a regrettable decision.
http://goldandsilverblog.com/details-awaited-for-america-the-beautiful-silver-coins-0119/
I SHALL SMITE THEE
"Joe Grannville": the latest nom de plume of JohnnyBravo, aka MasterBater, aka Jon Nadler, aka JPMorgan, aka Satan.
HaHa $126,000,000.
My toupee factory clears more than that in a month.
Another pro-establishment useful idiot who knows the price of everything, and the value of nothing.
I'm gonna use 'em for bus tokens!
Funny, that's what the dumbshit TSA agents thought they were when they found a roll of silver in my carry on.
What does that tell you about yourself?
"It's impossible for prices to go down this year."
- Gary Watts, Spokesman Orange Country Association of Realtors
Akak; You don't like my new guy Joe Grannville? What can I do Jonny had to go after his call for a gold top at 1220.
At least Mr. Tetas still shows up here
Oh, I don't mind him so much Jon. He is just another in a less-than-illustrious line of paperbug trolls --- among them JayBayBaker, MasterBater, Rory, JohnnyBravo, and MonetaryRed --- who have all now been shamed and discredited into silence, for attacking gold and defending government-enforced fiat crap currency and officially-sponsered financial Ponzi schemes that were and are destined to blow up in their faces. But there will always be those who instinctively side with power and authority, no matter how corrupt and immoral those powers and that authority may be.
JonNadler, Jamie wants you and your minions into his office ASAP. Make sure you bring them all: Robot, JW, JoeG, TWORIVERS.
You will lose your bonus of you don't get that price back down to $900 (on its way to $0.02).
At least Mr. Tetas does have the cojones to show up here...
"People who talk about a bubble are blowing smoke,"
- Michael Carney, Real Estate Economist
California State Polytechnic University Pomona.
Thursday, February 10, 2005
To compare real estate with precious metals is a demonstration of your ignorance.
I pointed out above that I am a coin dealer. I also am a licensed real estate broker -- since the mid 1970s. I've seen all this before, over and over. And I've seen smarter folks than you slink into the shadows after being proven embarrassingly wrong.
There is no parallel between the two "assets", and this is not your average business downturn. Get over it.
all economy in fiat land is bubble related.
expansion is is dreamy bubble vision and then
contraction, nothing is real. smoke,
as you say.
DoChen, problem is nobody buys our crap anymore. We used to scare the goldbugs so easily, just mention the IMF, or no jewlry sales in India or enough gold in discarded electronic equipment to supply the whole world. And then the Crimex boys where are they? They'd get a big waterfall going and we would come in telling people gold is going to 200 and they believed it. Now we're just becoming irrelevant, not even some good tetas can rstore our credibility
Jon, I have news for you: You were ALWAYS irrelevant, and one cannot restore that which never existed in the first place.
akak old buddy, look more carefully at JonNadler's posts...
:)
You'll see!
You can't eat PMs! And, uh, uhm... Anyway, that all means:
Gold to $0.02
Sliver to $0.01
is that why pussy is still valuable??
Oh, I know DoChen, I know --- I was just playing along!
Plus, sometimes it feels good to beat somebody up, even if they are just a stuffed doll.
Stuffed doll with some nice tetas!
Dear Mr Nadler,
Ask Li'l Joey here what the TOP in silver is going to be. I don't want to be caught unaware.
LMAO.
I think it's really cool that after the banks have spent years and billions on getting us to finally feel comfortable with using our debit cards that we are going to be carrying around golden doubloons in little leather pouches again!!!
WTF are you talking about? I don't know anyone who has suggested anything like that.
Do you just like making this shit up as you go?
Hey Bay of Pigs have you ever heard of the Bay of Dopes?.......No?.........Well yer swimmin' in it. LMAO!
Haven't you embarrassed yourself sufficiently YET?
"4.2 million x roughly $30 p/coin = $126,000,000. WOW!!!!
1. I keep that much in my checking account"...
n and of itself a testment to ur stupidity...at least if ur gonna hate on real money have an argument...nobody cares about ur "BROKE ASS FDIC" insured (laugh!!!) bank account or how much is n it...
HOLY $%^& is all I can say- I was expecting a pop in silver... Tomorrow may be D-Day for Dec gold.
So long BofA! Fare badly JPM!
SSSHHhhhhh. Here's the secret: 1964 was the last year that US Currency was actually Asset-Backed. $1 face value of COINS (ex-pennies+nickels) was 1oz. Silver (+/-) .71 oz after wearin'&tearin' BUY THESE COINS ON EBAY, and you can use them to buy food the day after Armegeddon. (If McDonald's drivethru is still open).
Oh it'll be open. Drive-thru glass isn't that thick, after all.
<chuckle> <snort>
All the panes will be wide open after hungry mobs drive-thru them.
Good luck explaining to the counter jockey that your pre-'64 quarters/dimes are worth more than $0.25 or $0.10. Most of these clowns need registers with pictures of the food, and only the brightest can actually make change.
Ain't no way they're gonna grasp the concept that a dime is worth more than 10 cents.
argentum caniculae!
Lege atque lacrima
Don't know if it was broken out, but American Eagle proofs were sold this month for the first time since 2008. The demand was huge. This could be a factor as well.
Silver 2008
March, 2008 = $21.00 ............October 2008 = $8.75
Short it stud.
Report back.
"Some got to win, some got to lose, good time Charlie's got the Blues"
http://www.youtube.com/watch?v=q4rrFgYYJ0s
Silver 1980 to 1984
!980 = $48.70 ...................... 1984 = $5.00
Relative value, US Dollar:
1930: 100 This is your savings
2010: 3.8 This is your savings after 80 years of government fiat currency
Any questions?
(And note that I did NOT have to cherry-pick particular date points, unlike you, to make my case.)
- http://www.youtube.com/watch?v=woyx4hNiOe4
Hell of a response in defense of your argument ---- the typical gold-hating paperbug tactic, the Monty Python-esque "Run away! Run away!"
What argument?? If you can't handle the facts, let me know, okay.
It would appear that it is you who has to selectively pick convenient data points in the attempt to buttress your weak and pathetic argument against holding precious metals during the current financial and monetary collapse.
If you have something to say, SAY IT! Don't just throw random data at us that would imply holding precious metals is at all times a fool's errand.
PS: At no point in the year 1984 was silver even as low as $6.00 per ounce, much less the $5.00 that you quoted above. Not that that makes any real difference to your implicitly pejorative "argument" against holding silver.
"Don't just throw random data at us that would imply holding precious metals is at all times a fool's errand."
I hold pm's, and it's definitely not a fool's errand. I'm saying, "Keep your fucking head down and your ass covered".
Take it easy, Rusty.
Oh, OK then! Sorry Rusty!
Perhaps I misinterpreted the point you were tying to make ---- your posts above were rather vague. I apologize if I made any incorrect assumptions based on them.
Strategic Silver Reserve mean anything to you?
Floating silver supply was cornered in 1980, with insufficient demand to support prices, not to mention that honking load of silver waiting to be sold/used.
Anyone got a spare billion oz lying around today?
http://www.youtube.com/watch?v=xvZeYDBY4fw
http://www.youtube.com/watch?v=TcV4Jqvw_cM&feature=related
The demand came from collectors who had their series broken. Dealers have loaded up on them knowing that the after market will be good -- until it's not. Most proof Silver Eagles have a narrowing premium over spot due to the rise in silver prices. Proof premium spreads diminish in PM markets like this.
I bought two. Hey, I have all the rest. Still, the interest may have skewed the numbers- which was my point.
That sounds good. You should keep your collection intact. Buying them for any other reason is a waste of money.
That's something like a dollar for each household spent on silver in the last month, to put it in perspective.
Imagine when people start spending, say, $50 a month on silver, and keeping it as savings.
Hear that noise? That is the sound of inevitability. Position yourselves accordingly.
APMEX sent me all silver eagles vs the plain-janes I ordered.
If true ,great. I dont believe you , though.
But THERE IS NO INFLATION.
According to the B(L)S....
silver soon to become a rare earth metal.
Frankly, silver is beautiful. Silverware, silver platters, ornaments. I love silver.
Uhh, actually it's already more expensive and rare than most of the "rare earths".
They all will print, print, print in the end. The Euros will do it. The Japs will do it. Uncle Ben has proven it is inocuous after all!!!! God I love my PM's!
"From the Financial Times: Trichet hints at more bond purchases. The Financial Times quotes European Central Bank president Jean-Claude Trichet as saying “pundits are under-estimating the determination of governments” and “I don’t think that financial stability in the eurozone, given what I know, could really be called into question.”
Beat down in treasuries after hours or finviz feed is bad right now.
RoboT,
I hardly think it's the "sheeple" buying physical PMs. And it's been said before here on ZH, I'd welcome a "crash" in the price of PMs so I could buy a LOT more. But be my guest and keep ringing the doomsday bell for PMs, cause for fewer buyers there are, the cheaper for me!
You're right Whore.... we will be able to buy again and cheap! Keep yer powder dry! And remember, you won't need as much as Midas, as there will be few things to buy, unless you are planning to use the drive thru at Boiga King.... Hey, you will be seeing armed guards at your local supermarkets and you better be packing when you put those bags in the trunk.... Bizaro world is just around the corner!!!!!!!!!
Went by my local coin shop yesterday. They normally have 10oz bars and columns of misc. 1oz rounds in these tupperware type baskets in the display case. Yesterday, all the baskets for silver bullion were empty. They had a stack of 13 brand new silver rounds newly arrived from some mint and a a bit of 90% silver (just dimes) left.
I've unloaded all my silver except for one roll of Morgans I keep for kicks. I'll sell them if it hits 50. I never sell gold.
What a dumbo! What are you going to take for change from that big shiny Gold coin? Brilliant!
All silver bars gone from bullionbypost.co.uk. Yeh, yeh, I know about VAT, etc, I'm simply point out that all silver bars are gone.
http://www.bullionbypost.co.uk/silver-bars/
APMEX was out of their 5oz bars.
It looks like APMEX is running low on deliverable silver right now as well. A few weeks ago I noticed they got some big shipments in to resupply but now it looks like most has sold out!
I think we'll see a January to March 2011 silver panic.
I know for a fact that Douchinger bought several ingots and buried them in his back yard.
Who does he think he is? Cap'n Kidd?
probably was why the price sold off so hard; the insiders figured there were no bigger idiots left
Silver Eagles are the form I buy it in. Recognizable. And they have that useful Legal Tender ($1.00) feature that may come in handy.
Hey ZH-ers! How about a Poll re price of silver on Dec 31?
I'll guess first:
$30.00
$2.59 at the most
right Joe Grannville?
Robotetas? what do you think?
Party pooper! Nice tetas though.
my guess, 36 c cup
$42
Looks like 35 to me
I'll wager 35 unless we see some Comex delivery problems... or the start of a real war.
$62.37
the more money (pardon, monetary base) Bernanke prints, the more silver coins Americans buy.
This is significant because silver is already at 30-year highs, but investment demand is up still....
A better question is: Why would the US Mint (Dept. of the Treasury), under the control of Tim Geithner, print more PM to meet surging demand caused by loss of faith in the USD? Isn't that shooting yourself in the foot?
Because Geithner is a dufus? Ah shucks, it was just a lucky guess.
It's the law. The Treasury is required to meet all domestic demand for silver eagles unless it runs out of planchets.
I read somewhere that the mint is required by law to issue the coins.
http://www.youtube.com/watch?v=2EYn9uJg254
Thank Ron Paul...the Mint by law has to meet public demand of PM
Thank Ron Paul for making it the law
Public Law 95-1-1 I believe. Treasury is bound by law to produce as many Eagles (gold and silver) as needed to meet public demand.
Be careful, these Silver & Gold bubbles are going to pop in about 10 years.
lol
They never take that long to steal the money. That's why all this action will be centered around 4 years. 2008-2012. You can't take 10 years to steal the money. It doesn't work. They always try to make the heist over a 2 to 4 year period.
...WAY much sooner than YOU think!
Anybody not shorting silver overnight today has been taken in by the ZH groupspeak. Will be long silver again shortly thereafter.
Max Keiser 2, JPmorgan 0 ?
How come Canada made their 1oz Maple leafs $5 and our cheap US mint makes just $1 denomination?
Because there are fewer people in O' Canada
Must have something to do with hockey, eh
Because living in Canada is 5X better than just existing in the USSA.
Their was never suppose to be a monitary denomination on the coins, it was added to devalue their worth in acting as a currency (or so I have read). The reason why it's denomination is so cheap in my opinion is the same reason why some fool went out and tried to spend a gold double eagle at Walmart at face value ($20). They figure most people will just assume its another one of those new dollar coins.
American whores like Hilton and Kardashian are only good for a quickie and that has been predetermined to cost only a BUCK!
What the puck?
Hey Silverhog. Just wanted to let you know that your avaatar always makes me smile!
:-)
ORI
Forget about the coins, buy the big blocks as soon as possible. Max out all credit cards. Re-mortgage the house. Sell the kids and wife.
http://www.youtube.com/watch?v=mvZgwtpPmLY
Anyone notice how disillusioned Obama sounded in his recent press conference when discussing the "bipartisan deficit commission" effort to tackle the deficit--with gridlock to boot?
His hair-greying--is certainy telling a story, like he knows there's no way they're going fly this 747 through a paper cut. How about a before campaign and after campaign hair comparision, William B?
At any rate, one thing is clear. While Obama is hoping to kick the can down the road long enough to get out of dodge....and he might just make it in time, Silver will be kicking his @ss. Take it back, people.
No sympathy for Obama from my camp. Sorry. He could always ask Michelle to pick up a Revlon dye kit.
Have you noticed how much he avoids discussing any monetary policy whatsoever? He has absolutely no idea what is going on.
Amazing how Obama got his lip busted and the guy didn't even apologize! If somebody busted Lyndon Johnson's lip he would have had the SS feed the guy's nuts to his beagles.
Look at the pictures again no sweat on the shirt and no blood across the front.. 12 stitches even small facial stitches is a good size cut and facials bleed badly.. Michelle cracked him a good one with a 3 wood after he was caught playing with Valerie, coverup...
ROFL!!
I think the comment on the picture is wrong. It's not in thousands of ounces. It it were then the US Mint sold 4.16 Billion ounces of Silver in November. I find that hard to believe.
I think you are confusing the US Mint's sales figures with those of paper-backed SLV shares by JPMorgan.
And panicked sheep are out there buying up coins.
I'm not panicked, nor am I a sheep. And I'll gladly buy your silver if you have any to sell. Personally, I don't give a rat's ass who's manipulating the commodities markets. I would just like to put a stop to it.
Why? I got in late to the game but because of the price manipulation I have been able to expand my position. For me its a buying opportunity Every time they bring down the price...admittedly each buying opportunity is costing me more money but...