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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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"Freezing federal salaries was no easy task," Obama said. "These are real people, not just a line item."
Boo-who. If that was hard for him, I wonder how he'll feel when he cuts the Department of Education, the Department of Energy, Food Stamps, Medicare, Medicaid, Unemployment Benefits, and most of the Department of Defense altogehter to actually balance the budget?
Oh, dear. That can't be done with almost $10 trillion in interest servicing debt outstanding on the federal level since that would guarantee a deflationary depression. Grey, go gray--then bald, that is the only answer.
Verily in sooth, sir six string. What a vicious circle Bamaman doth weave.
Bought a nice new 2011 Australian Koala 1oz coin into work to show the masses yesterday. They all gathered around like I was showing them a Martian visitor.
Wow, a really tough Captcha
..... plus (-23) equals -23
Just making sure you're not as brain dead as your co-workers
LOL, Kim Jong Il.
I tried to get a couple guys to buy $100 bill replicas from Bullion Direct for $93. They all declined, when I received them and brought them to work they couldn't believe how rich they looked. 4 oz. of silver that was worth about $80 when I bought them but now there worth more than a C note. God I love being right. Our plant manager was saying when your electrician tells you to buy gold and silver that's when you know it's in a bubble. When I told him I bought back in '08 at $15 and $900 an oz. he shut up. Dickhead.
From the US mint site today! "Production of United States Mint American Eagle Silver Uncirculated Coins continues to be temporarily suspended because of unprecedented demand for American Eagle Silver Bullion Coins. Until recently, all available silver bullion blanks were being allocated to the American Eagle Silver Bullion Coin Program, as the United States Mint is required by Public Law 99-61 to produce these coins “in quantities sufficient to meet public demand . . . .”
Although the demand for precious metal coins remains high, the increase in supply of planchets—coupled with a lower demand for bullion orders in August and September—allowed the United States Mint to meet public demand and shift some capacity to produce numismatic versions of the American Eagle One Ounce Silver Proof Coin.
However, because of the continued demand for American Eagle Silver Bullion Coins, 2010-dated American Eagle Silver Uncirculated Coins will not be produced.
The United States Mint will resume production of American Eagle Silver Uncirculated Coins once sufficient inventories of silver bullion blanks can be acquired to meet market demand for all three American Eagle Silver Coin products."
At least 120,000 more ounces of physical silver will be delivered on or before December 29th. Check out http://standfordelivery.com .
"Have you noticed how much he avoids discussing any monetary policy whatsoever? He has absolutely no idea what is going on."
Obama is academically a very intelligent person he is no fool, he understands it all. This makes it worse, he can't claim inate stupidity as Bush can, for getting it wrong for the US people. His failure is greater for the fact that he understands.
It may be a very bad time to be President, then again it may be a great time to be President, for a great President. Obama had the chance to make himself a great President by doing what was right. Instead he seems to be a prisoner of Corporate America or is intent only on seeking their benefit.
Obama is academically a very intelligent person he is no fool, he understands it all.
you mean like ben, timmy, romer, summers? Yes very academic..very intelligent..sorry, have they ever ran a business?...a chicken farmer could do a better job than these jerk asses..
im starting to see a pattern...
Prove it! Lets see his transcripts or anything he has written other then his books about himself. I have not seen anything from Obama that convinces me that he is anything other then an empty suit.
He was able to pass a monstrous healthcare bill that no president before him could. Obama isn't stupid, nor are Bernanke, Geither or Summers. You think that at your own peril. These guys are way smart. Criminal motherfuckers that deserve to be drawn and quartered, but crazy smart.
Know your enemy like you know yourself and in 100 battles you will never lose...
Nothing to do with brains Sean, everything to do with using any and all methods, constitutional or not.. Deemed to pass seriously that is like genius level parlimentarian tricks? No, its not, it is simply corrupt.. You would be amazed what you or I could do with no morality or compunction in following precedent or rules. Skys the limit when the press is in your pocket.
I disagree, if that was true, every criminal in the world would be king. These are very intelligent people. Capable of moving public opinion and endering themselves to millions. This is not a skill easily acquired.
They are capable of committing great crimes and are never held responsible. Bush was called an idiot, but he murdered over 2800 Americans in New York and was called a hero. I am fully aware of what I could do with no moral compass, but I am also very intelligent.
The Elites have incredible resources and intelligence to match. If you study their history and methods, these people are crazy smart and ruthless as well. There is a reason they created the modern press. There is a reason they created the modern education system and developed University study. They recruit the best and the brightest- they only make sure they are corruptable and have a love for power and influence.
You underestimate them at your own peril.
Could not agree more Sean. Theirs is a pathological brilliance.
Not to be under-estimated, but definitely nothing to fear either.
ORI
http://aadivaahan.wordpress.com/2010/06/15/the-first-exercise/
Potent. Directors. Fallacy.
please make peace with this; the other guy is right. Obama does not appear that smart to *me*; if he were, he would not say some of the utterly stupid shit that he does. Certainly he is more intelligent than average, but he is not in any way brilliant.
The elites are like every other group represented by a bell curve. Sure they have their thinkers, the very intelligent long term planners that have implemented the education system and its long term goals, the control of the press ... My point is that Obama is a front, the empty suit full of hot air and straw propped up by the thinkers behind him. I am talking hi m personally not the folks behind him. They represent the top of the bell curve, he is bright, but not brilliant. Every criminal in the world is not backed by the press and tptb..
How do you know he is academically smart? Have you seen his grades or transcripts from any of his college career? I have seen GWB's, they beat the brilliant Al Gore how is that possible? Have you read anything other than ghost written bios produced by Obama? Have you read any of his painstakingly written legal articles for the Harvard Law Review from when he was the editor?
How exactly do you know what you say you know? Perhaps you have been supplied with a persona within which you have invested.
Yes, the single junk, everytime I ask this question, the single junk... Reverend Wright is that you, Tony Rezko perhaps?
Over at reason.com, they had a brief interview with Richard Epstein, a truly brilliant guy. He said that while at the U. of Chicago, Obama basically refused to have any intellectual interaction with anyone of a different point of view.
http://reason.com/blog/2010/11/22/reasontv-richard-epstein-on-ba
There are probably multiple possible answers for that but none of them come out very well. Being a condescending jerk about your ideals now when you were too chicken to get in the intellectual scrum and defend them back in the day is not a good thing.
@Kina
"Obama is academically a very intelligent person he is no fool, he understands it all. This makes it worse, he can't claim inate stupidity as Bush can, for getting it wrong for the US people. His failure is greater for the fact that he understands."
Puhleeze, get a grip and stop swallowing the biased nonsense you hear repeated in the Lamestream media. Bush may not have been a Jefferson (probably the President with the most raw intelligence of all), but he flew combat aircraft. I would venture to say that NO ONE who has "inate stupidity" has done so since before his father flew combat jets in WW2. And, no, you don't get a free pass to fly jets if your daddy is part of American royalty, either - you either cut it or you don't, privilege has nothing to do with it. That all being said, he surely can't speak very well - but neither could Moses, and that didn't stop him. Frankly, I prefer a guy with faults that everyone can see - it makes him more humble (as Bush was and is), and less likely to be an arrogant prick who thinks he's smarter than everyone else simply because those around him have told him so for his entire life - like Fauxbama.
Fauxbama, OTOH, has never released any academic records, and I would venture to say that this failure is willful and knowing. IOW, he didn't ever do that well and probably got promoted through the grades because he had more Melanin than most of the rest of us and spoke English well and didn't appear threatening to anyone. Yes, I am very un-PC, but even the Fauxman himself made a statement like that in his book (that he didn't write). I am less than impressed with him - after all, if he's so damned bright, how come he pursues outright socialist and appeasing policies when history has proven time and time again that neither of them work? He simply isn't so bright, except in the field of politics (and even then he has handlers with lots of influence who have pushed him well beyond his natural level).
All that being said, as far as the vast majority of pols of both major parties are concerned, F'em all - they've brought us almost nothing but misery, misery for which they extort high taxes and fees, and destroy our liberties. In that regard Bush is about as bad as Zerobama.
+
apparently, he's not a good basketball player either. that leaves, pimpin ho's
did you expect a dude who is that noticeably feminine to be any good at ballin'? He ain't pimp material, he ho material
Royal Silver Company
.99999 Pure
http://www.royalsilver.com/
Reading this posting and the comments I was reminded of a book I read some time back titled Popular Financial Delusions by Robert Smitely. A search turned up an online version available here http://library.albany.edu/preservation/brittle_bks/smitley_delusions/ind.... It's well worth a read. Each chapter stands on its own. The Delusion of Government is one of my favorite chapters. All are gems.
Wow. They want $400 for even used copies of that book at amazon.
nice
I've always been puzzled by the fascination with purchasing silver/gold eagles or maples, etc., rather than bars. why pay the premium? i'm always interested in the lowest possible average acquisition cost. we're unlikely ever to bring the 'face value' into play. what am i missing?
I am missing something too. Personnally, the premium left aside, I hardly buy anything that comes from an existing official government structure such as the US mint. When you buy silver, it's precisely to retire yourself from the system.
I like vintage bars and bullions. You own a piece of history, and with a quite low premium.
If a trade ever needs to take place outside of established experts say clem wants to sell some chickens or ammo that you need, which do you think will work better; shavings from a bar or minted shiny coins?
coins have the advantage of being better looking and more stackable (as the bars come in packets now).
If you are trading bogus silver in such a scenario, you will be taken out and hanged as a counterfeiter. Your silver will be as good as your word.
In everyday use the coins are marked, assayed, weighed, can be used in payment of many ordinary articles say with 1 oz. increments, whereas what would you do cut off a piece of a bar, then have it assayed, weighed, etc. ...at that point the cost would more than make up for the discount you recieved when you purchased it.
Just my thoughts.
Bars exist in 1 gram, 5 gram, 10 gram, 20 gram mods. See for example the Kinebars from UBS, or the ingots from Heraeus/Degussa/PAMP/Valcambi (in fact, nearly every bullion maker).
I buy coins too - but only gold coins.
If we're ever in an environment where i need to use my PM bars as a unit of exchange, i can go trade in my bulk bars for smaller increments. In the meantime, i'm paying less premium for my PMs.
Don't count on anyone accepting your bars without 1st assaying them... a service for which you will pay to prove your bars are what they're supposed to be.
Bulk is probably still cost effective from that perspective if you keep large bars. Ie. one assay required on a 100oz bar is is one thing, but if you're talking 100x 1oz bars or 200x 1/2oz wafers that's 100 or 200 seperate assay fees you'll be paying for.
Stick to (common, well known) coin if you're keeping lots of small pieces...
I understand your point, mine was about convenience and trade-able units to peasantry. Use the word "assayed" to Clem, he will find someone with less assaying and more coins he can recognize as representing what he is use to dealing with. The more I talk to neighbors and acquaintances the more I realize America has a lot of Clems..
If your trading with me for land or commodities, your point is made.
In gold we trust.
In silver we trust.
In reality we trust.
Buy physical... exclusively.
Keep it up boys and girls. We still have quite away to go for an ounce of extreamly abundant silver to pass the inflation adjusted cost of single Viceroy tulip bulb of about $1,250 dollars. I love the madness of crowds, always makes me wealthier.
I am Sofa King...happy.
Another paperlemming, whistling past the graveyard of fiat currencies.
First, I think that made-up word of yours need a hyphen and second, I'm more a fan of tally-sticks rather than paper fiat because you can use it for trade of goods and services which is what curreny is suppose to be and to beat sarcastic clowns in the ass for making dumb comments.
I believe I detect another gullible acolyte of Bill Still, the Fiat Shill.
My gold coin could whoop your tally stick's ass any old day ---- just as it has throughout history. Tell you what, why don't you return to your playground and go play with your popsicle sticks, while the real adults go about restoring sanity to the world's monetary system with precious metals and honest, hard money.
Actually, the talley stick was a marvelous invention of Henry VIII. It lasted hundreds of years until they were used to purchase the first shares in the Bank of England. It provided the same quality of restraint upon monetary expansion that gold does.
As for claims relating silver to tulips, well, I think I will take silver's side of that bet.
uh...the tally sticks were one of the most successful monetary regimes of all time.
In fact, there is no true gold standard like the goldbugs envision that has ever worked.
Revisionist much?
"Most successful monetary regimes of all time" my ASS!
Ya need to do some more readin', boy!
Your "curreny" needs another c, and your "suppose" could use a d.
Bardzo dobzie, Jendrzejczyk --- i ty ma dobry imie Polskie!
(I know, I know, moje Polski nie jest dobzie!)
Your Polish is better than mine by far (Scotch/German by birth). M. Jendrzejczyk was a human rights activist (deceased/murdered?) I admire and borrowed the name to keep his memory alive.
It is surnames like yours (and mine) that throw Spanish speakers into panic attacks attempting to spell or pronounce!
Polska jest najlepsia!
Piwo prosze!
/Polish, because that's all I know!
Just a thought:
Have any of you silver-bugs try to carry 1000 OZ of silver out of let's say......
A burning building!?
A flooded building!?
Say a hurricane hits your house, you MUST evacuate...."hey Ma, grab the silver!"
If I liked metals, I'd probably go with Platinum. Silver is just too heavy, and even at $100 an ounce, a pain in the ass.
Sounds like a silly argument until you consider that you guys like physical, and like to hide it at your house.
Let it melt, I will go back in the next morning or so and pick up the cooled slab..
I have posted this before;
Wrap with welding blankets and put inside a safe.
http://www.steelguardsafety.com/welding-blankets.htm?gclid=CNfn1dDe_qMCFVw65QoddB-bLA
Good to 1800 degrees. Pick the white spark silica cloth. Protects cash and documents as well
Yes, and furniture is obviously worth very little since it cannot be easily or quickly moved ---- I guess that is why the average couch costs around $3.00. In fact, since houses are ever bigger and heavier, they must be totally worthless altogether, right? And train locomotives, and cranes, and cargo ships --- my God! They must literally GIVE those kind of things away!
"For Sale: USS Enterprise. $1.50 or best offer"
JFC, this is idiotic.
How much is the furniture worth to YOU if you have to abandon it suddenly? the guy makes a valid point about silver that I've made before about ammo and farms and bunkers. If you have to ditch and run in the middle of the night like a jew in '39, these heavy things are worthless.
This is why jews today have the deposit boxes with gold and diamonds in them
I think there will be a time when you tell people that you didn't get more silver because the it was so cheap you couldn't figure out where to put it all and they will look at you like your nuts.
I think you may end up being more correct than you may realize.
If you would like a silly answer... suppose you could buy an old armoured car and park it out back! Or bury it in the pen where you feed the tigers! Or maybe you put in an extra septic tank when you built the house...whatever.... just think a bit!
you have a very valid point. You can put 200G's of gold in your pockets and walk way. Not so silver. Risking ridiclue I wish to make another point. Silver does not lend itself to being money as well as gold. Money shoulfd not have many industrial uses becuase the money supply would fluctuate wildly depending on level og econ. activity. When the economy was growing fastest the money supply would be shrinking the fastest( absent new sufficient supply). Gold remains gold...as jewelry, coins, bars, idols etc..Its supply grows slowly with new supply from mining but never decreases. The very reason that silver bugs say silver will outperform(declinig supply) is the very reason it makes for a poor form of money. Look what happened to silver currency in this country. Most was melted down and left circulation. Gold for portibility and currency...hands down
Most issues regarding silver and gold currency in this country had more to do with bi-metallism than anything else. Anytime you attempt to fix a ratio and price, you are asking for trouble. The key is to use one metal as official currency and allow the other to float. Otherwise Gresham's law will intercede.
ah a fofoa foa another follower...then you know they all think silver is a distraction from gold like etfs and paper gold...never did I say to peg...... but it will be gold that is measured and floated along side fiat as a store of wealth...not silver ...we watch together yes?
No, I'm not a FOFOA follower. Historically, the problem has been a tendency to link the two to a set ratio. The problem was that the supply fluctuated and one or the other would move into or out of the country depending on it's REAL value. This interrupted exchange as one or the other would disappear until the ratio resolved itself.
You can peg it to one or the other as both have a limited supply and are durable. Personally, I think gold makes a better "standard", but as it is useful to have coins for smaller exchanges- hence the use of silver and copper.
Taking it further, the use of paper is only a problem when it can not be redeemed in specie. Thus, the standard can be gold, paper can be used for transactions, but redemption must be guaranteed and never suspended as was done in the past.
America has a substantial body of history using gold and silver as standards. The problems are pretty self evident as are the solutions.
au contraire...historically, the ratio was jiggered differently in Britain vis a vis the LMU. That is where the arbitrage ensued. I know politicians seem to believe the sun orbits them, but when Isaac fucking Newton tells you the ratio should be a particular value, you GO WITH THAT SHIT.
But they had other plans; the end result was a giant vortex sucking gold into GB from the Continent and enabling the eventual standing up of the Sterling Bill, which is what enabled GB to become an empire. Non-liquidating (aka, not real) gold bills can be conjured and "lent" fractionally.
The US has a lengthy history of hard money. It was very effective, except when they used a ratio and both metals. The redemption in specie was always a problem with bankers as it kept them from leveraging. Further, if they got caught out, they would appeal to the government and specie redemption was suspended. This would then cause a loss in value of the paper and a run to metals and a recession or panic.
Coupled with an effective clearing system, a gold standard works extremely well. The bankers just can't make as much as they would like. Does it ever change?
England had different issues. They could never institute a true gold standard with specie redemption. The bankers and merchants would not allow it, so they just complained about the Dutch and their strong economy. The British wanted their cake and eat it to- it doesn't work that way.
oops
Question to the anti-PMs here: if you don't buy PMs, what do you buy?
Real estate? Dollars? Euros? Swiss francs? Chickens? Ammo? Nothing?
Real estate, chickens and ammo will store wealth - but not as much as a rare hard asset with currency properties.
The rest, just lol.
Why, Treasury bonds, of course!
I mean, what could be SAFER than government debt? It's backed by the FULL FAITH AND CREDIT of the US government, so how could one possibly go wrong by holding it?
(Never mind all those innumerable governmental defaults throughout history --- IT CAN'T HAPPEN HERE!)
(Double post, due to roaming space-time disturbance)
I don't buy.
I sell.
Verstehen Sie?
To sell things for dollars = to buy dollars.
So you chosed dollar. I guess you're betting on a deflation. Pretty hard when you see all the money Banana Ben has printed and will print.
PS : no need to say "Verstehen Sie?".
It makes you sound like an arrogant douchebag more than anything else.
Arrogant? Me?
Strange words coming from the great Ponzi.
Actually, Mr. IQ, that was part of the answer to the question.
Have a good day.
Screw the chickens, mine quit laying.. Redneck went out to the coop, heard a lot of clucking noises, not an egg since.. Actually it is too cold.. chickens
write your congressman, maybe they can pass a law
@nope
"But I'd suggest that if everyone is jumping on the same band wagon, it may be time to think twice."
32.8 million ounces of silver in 11 months hardly constitutes "everyone" jumping on the silver bandwagon. Not when there are roughly 10 times as many people in the country and the average price during the year is probably somewhere in the $17-$18/oz. range. That's a bit less than $600 million, about $2 per person for virtually an entire year - i.e. a statistical blip when looking at the overall amount of funds invested.
No, silver will be a "bandwagon" when you hear nightly reports of break-ins where the family silver or coin collection was stolen, and the electronics left alone, or when every news report you hear says something about the price of gold and silver. By that time, the price will be at least twice the current level, and I would venture to say that the Mint will have suspended production claiming (truthfully, for once) that the supplies are unpredictable and the price of silver too volatile.
You see more of the bandwagon type of thinking here because this is a financial blog that features stories about how f'd up every economy in the world is, with the writers and commentators trying to figure out a way to preserve a lifetime's worth of savings and maybe make some profit off of the situation. Gold and silver are historically obvious choices to preserve wealth in times of massive money printing (oh, excuuuuuuuse me, "quantitative easing"), so you hear a lot about it here. But little of it elsewhere (except similar sites). Last week I went to the bank to pick up $1,000 of halves that I had ordered, and the 20-something teller was utterly shocked to find out that coins once had silver in them, let alone that a few of them were still circulating (very, very few, regrettably - but they're out there). When someone who handles money for a living hasn't a clue, there's no bandwagon. When your barber or the bagger at the grocery store starts telling you about this stuff, THEN its a bandwagon.
"By that time, the price will be at least twice the current level"
American's are too ignorant to notice a %100 price increase in the Silver price. Mainly because their news is spoon fed to them and Silver isn't on the menu. I would say Silver has to break $100/oz before we start seeing any sort of mania.
You, Texan, have hit the nail squarely on the head.
Well fuck me. I had given up on anyone finding a way to stop this shit. And now there are record silver coin sales.
LOL Sucks to be JP Morgan.
I know gold eagles have to contain gold mined in the US. I wonder if the same is true for the silver eagles. That would create a shortage.
500 more Silver Maple Leafs out of circulation today. and 10 gold eagles.
You gotta own both.
btw - hoooray for ZH getting a click ad that I actually go to!! Scottsdale Silver.. first time I clicked on any ad space here.. gotta love selling Silver in the middle of a porn town
Great dealer and I have always been satisfied with the service. Highly Recommend.
As to the peak in November, numismatic subscriptions were delivered in November...that may account for some of the increase from the prior month.
Purchased 100 silver eagles. Likin' the idea of hard money again.