US Mint Sells Massive 3.9 Million Ounces Of Silver Coins In First Few Days Of 2013, Triple December's Total

Tyler Durden's picture

Just a few days ago we noted the massive surge in physical gold coin sales from the US Mint, with silver surprisingly lagging. Today, we see an even more dramatic surge in the sales of physical Silver Coins in the first week of January, which in a few short days hit 3.94 million oz, already surpassing the entire December total of 1.64 million ounces. It seems that the paper-to-physical currency rotation is gathering pace even as, or thanks to the trillion dollar platinum coin mercifully ending its 15 minutes of page-clicking, ad revenue infamy. In the secondary market, inventories (via APMEX) of Silver coins remain negligible, if any: American Eagles are available as follows: 2013s may be available 1/18, maybe not; 2012 - 0; 2011 - 0; 2010 - 0; 2009 - 0; 2008 - 0; 2007 - 0; 2006 - 0; 2005 - 0; 2004 - 0; 2003 - 0; 2002 - 0. They do have some 2000, 2001 and 2007, all about $5-6 over spot! It seems ever more people are getting nervous about the impact of currency wars on their "money"... or perhaps just want to make Silver shirts to attract the females?




(h/t Alex Gloy)

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fourchan's picture


Sophist Economicus's picture

Wait till they release the Platinum sales....

buzzsaw99's picture

fundamental supply/demand are meaningless but btfd is in full operation for platinum. yes, i get the joke too.

RockyRacoon's picture

Contact your Congress-critter and tell him/her to support this!

Ron Paul’s Free Competition in Currency Act Lives On January 7, 2013 By  

Rep. Paul Broun Jr. of Georgia has introduced the "Free Competition in Currency Act of 2013" in the 113th Congress. This bill contains the same provisions as bills previously introduced by former Congressman Ron Paul, which seek to repeal legal tender laws and prohibit taxation on certain coins and bullion.

The newly introduced bill H.R. 77 seeks to repeal Section 5103 or title 31, which states "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts." This would be replaced by "5103. [Repealed]."

The bill also provides that no tax may be imposed with the respect to the sale, exchange, or other disposition of any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion, whether issued by a State, the United States, a foreign government, or any other person. Further, no state may asses any tax or fee any any currency or monetary instrument used in the transaction of interstate or foreign commerce which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution.

Finally, the bill would repeal superfluous related sections of the United States Code by striking Title 18, sections 486 and 489, which relate to uttering coins of gold, silver, or other metal and possessing likenesses of coins. These are treated as anti-counterfeiting statutes. It is provided that any prosecution under these sections shall abate, and any previous conviction under the sections shall be null and void.

After its introduction on January 3, 2013, H.R. 77 was referred to the Committee on Financial Services, in addition to the Committees on Ways and Means, and the Judiciary. The bill currently has no co-sponsors.

When introduced by Ron Paul in the 112th Congress, the Free Competition in Currency Act of 2011 garnered one co-sponsor and had hearings held by the Subcommittee on Domestic Monetary Policy and Technology. The bill was not voted on by the House.

Rep. Paul Broun Jr. has also reintroduced Ron Pauls' legislation calling for an audit of the Federal Reserve. The bill H.R. 24 currently has five co-sponsors and has been referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services.

Ron Paul's "Audit the Fed" bill had passed the House in the last session of Congress 327-98 with 274 cosponsors. The Senate failed to act on the bill before the end of the 112th Congress.

In a statement included in a press release, Rep. Broun indicated his desire "to pick up right where Congressman Paul left off."

pods's picture

Thanks Rock, I just looked Title 18 sections 486-489 and realized just how bad things are.  

My kids pressing a coin into silly putty is punishable by 5 years in prison per section 488.


SAT 800's picture

dealers buy the new year in bulk to sell to "collectors". 2013 Silver Eagles are going to be collected? Are you stupid or just a shill for the FED?

Swarmee's picture

Physical was also in "backwardation" during the pummeling in December. I know im probably abusing that term slightly, feel free to correct me, but it was cheaper to order 2013s than any other year. The risk of delivery default seemed very low at the time and worth taking the risk to save a few percent on a back up the truck moment. Is not clear that risk will stay low going forward in coming years, seems many inventories are depleted. My usual local shop has not had much US or Canadian bullion available at all lately, folks are holding them tight it seems. In part due to the lower prices I'm sure but inventories seem leaner than on previous dips.

Consider also, if PMs head 'to the moon' then isn't it likely the mints will reduce or halt coinage due to rising input costs? Keep on stackin....

fuu's picture

Jan Total Sales:


2012 6,107,000
2011 6,422,000
2010 3,592,500
2009 1,900,000
2008 2,170,000
2007 1,070,000
2006 1,115,000
2005 1,095,000
2004 1,392,500
2003 1,725,000
2002 913,500
2001 779,500
2000 1,011,500

At 3.9 million OZ it will be the 3rd best January in the last 13 years if nothing else gets sold.

LongBalls's picture

Very grateful fuu! It's all paper games folks. They see the appetite. They must squash it. Hang tight, hold with conviction, do not use leverage, and TAKE DELIVERY!!!

HomeBrewPrepper's picture

My problem with this article and ones like it, is it makes my impulsive self buy more physical, ie junk silver from ebay and now straight 10 oz Apmex bars which was just shipped today. Glad my wife bought me a huge safe for Christmas.

dark pools of soros's picture

not that you keep any of that silver in that safe, of course

exi1ed0ne's picture

Everyone knows that only costume jewlry and a few twenties goes in the more obvious (duress) safe.

Tall Tom's picture

Just hope that the thieves don't figure it out.

Dapper Dan's picture

You  should have two safes, one that can be found and one that can not.

And always leave a slightly used but inoperative shotgun lying around. They generally don't look for any more, and when they run from the house with it, well, let's just say It looks better at Grand Jury time.

"They"   meaning thieves and burglars, I would not want the above statement to be misconstrued.



HomeBrewPrepper's picture

Damn I just got in a boating accident and all my silver went down with the boat. I'm fubar.

jerry_theking_lawler's picture

Nope HBP....I am investing in one of those large 'industrial' size metal detectors to find all my PMs, guns, and ammo that went down in my boating accident. I should have it 'paid' for in about 3-5 years and after I find my stash I will let you borrow it.....because I am just that kind of guy.

Bohm Squad's picture

@ Homebrew - Ebay sellers of junk silver are getting a huge premium right to stake out the just listed buy-it-nows for silver listed too low...but not as many of those as even a couple weeks ago.

HomeBrewPrepper's picture

Yes, I don't do buy it now and usually only large lots, and even then probably one out of ten Items I "win". People are paying stupid prices, because I always check with a silver coin calculator. Unreal prices, and I've checked it's not the same person.

Campagnolo's picture

I just placed a order NTR 10oz bars with Tulving (the guy is an asshole by the way) and he said that people is purchasing  a lot from mid Decmber to now, similar to the end of 2010. He is late in many orders because he has not the metal on hand....basically dealers are waiting for the metal to being mined to deliver it. After I ask Hannes Tulving 2 or 3 questions he said to me: "fuck you, I don't know why are you questioned me" and hang on me...that's Tulving folks, that's Tulving.

Sean7k's picture

Great prices, great service. Tulving is the way to go for large purchases. Provident metals is nice for smaller orders. Gainesville is nice, but the shipping is a tad high and they don't take checks. Hannes doesn't take a lot of shit, because he doesn't have to. Apmex is owned by JPM- that should keep everyone away- not to mention their high premiums and shipping costs. 


TideFighter's picture

Quoting APMEX as the bellweather for US Eagles? Gimme a break! They pull their inventory off the page when the hedge gets too expensive. and...many other stupid tricks. They have become the source of last resort, screwing up almost every order. They take three weeks to process funds and ship. 

Lmo Mutton's picture

Sir, that is


ball-and-chain's picture

The problem with silver is that it has a ton of industrial uses.

So if the economy slows down, the price drops.

You're better off with gold.

Dr. Engali's picture

How long can they keep this paper game up before somebody finally demands the physical be delivered? 

knukles's picture

Hah ha ha ha ha
Demand all the fucking delivery your little heart desires.

Good delivery on the CRIMEX include shares of GLD

(just to let you know... been gamed already)

NotApplicable's picture

Yep, because in the GLD prospectus, Comex paper is considered to be just another form of physical.

Which means that whatever physical was there, has likely been swapped out by an "Authorized Participant." (read: JPM)

bigkahuna's picture

Wow. That sounds circular. Paper cycle for all but JPM.

e_goldstein's picture

and even if they do agree to deliver the phyz; it doesn't mean that they are competent enough to do so:

Tall Tom's picture

When did that happen? You mean to tell me that it is now "impossible" to have a inventory shortage on the Crimex?


That is a major indicator that they have an actual inventory shortage on the Crimex. Why was this not news?

Sean7k's picture

You haven't noticed that dealer inventory barely changes, REGARDLESS of the amount of contracts that are met? The discrepencies are pretty obvious. Dealer inventory on silver has continued to rise every month, even with all the record contracts. The numbers don't add up. 

SAT 800's picture

Come on; that's pretty hard to believe. It's illegal to begin with. Where did you get that from?

SAT 800's picture

knukles; you're full of shit. I just looked it up. nothing's changed. expiring paid contracts are settled in physical at their designated vaults; comes under rule 113NYMEX. Been the same for twenty years. Don't spread internet bullshit; these retards believe it and get all hysterical.

FL_Conservative's picture

Physical coin is getting hard to come by.  And what is available has been marked up about 7% since my last purchase (prior to the last FOMC meeting).  Looks like we're moving back up from here shortly.

Pseudo Anonym's picture

i call bullshit on this:

Physical coin is getting hard to come by.  And what is available has been marked up about 7% since my last purchase

kitco is reducing prices to get rid of silver coins, bars, bullion, etc.  no shortage of silver there...

dark pools of soros's picture

there are shortages..  Scottsdale is showing 1-2 week waits on most of their offerings


Pseudo Anonym's picture

whoopty do

Scottsdale is showing 1-2 week waits on most of their offerings

so what?  you cant wait stinking 2 weeks?  kitco, at least in montreal, ships stuff to me within two weeks.  i have an online account with them, test ordered 10000 silver canadian antelope, and had to cancel because they were going to ship the damn order as soon as payment goes through.  not interested at these  prices

Bay of Pigs's picture

KITCO sucks ass. Why would anyone buy from those crooked fuckers?

Pseudo Anonym's picture


Why would anyone buy from those crooked fuckers?

because they've got the goods when other incompetent dealers, see scottsdale above, cant manage their inventory because they, being amateurs, failed retailing 101.  shortages my ass. is silver in backwardation? no. then supply is not the problem.  the price is too high.  it will still go down because weak hands are selling.

btw, define 'crooked fuckers' and give examples.

akak's picture


btw, define 'crooked fuckers' and give examples.

A supposed precious metals company which:

1) sets up opaque, Ponzi-esque "pooled precious metals accounts" while offering physical precious metals at laughably high premiums which almost no rational person would be willing to pay, while routinely being openly indifferent and/or actively hostile to those who actually desire to buy their physical PM products at their office in Montreal;

2) employs as their official spokesman a ragingly dishonest, moronic, disingenuous, arrogant bankster shill who actively, and daily, disparages, mocks, attacks and badmouths both that company's current and potential customers as well as their literal stock in trade (gold primarily, physical precious metals generally) --- said pro-bankster shill having been instrumental in setting up the previously mentioned "pooled precious metals accounts" for said company.


As for examples, I give you any or all of the daily anti-gold, anti-free-thinking, pro-Establishment rants and the generally outrageous idiocy and lunacy of official Kitco Spokesman, Jon Nadler:

Pseudo Anonym's picture

@akak: 1) i dont do pooled accounts; and 2) i dont give rat's ass about nadler.

in six years, i have not had a problem w/ them.  that's what i care about.  they have what they advertise.  when they're out, they're out. this bullshit about shortages is bullshit.  kitco actively talks metals down because they're short paper and long metal.  their repurchase price is shitty.  they're dealers.  that's how they make money.  your pockets are not deep enough to deplete their current inventory of silver rounds.  that's the point.  they have the supply.  there's no shortage of silver in their inventory.  that's how this thread started.  you're looking for silver today?  they have it.  get it.  when i see silver in backwardation and premiums above 25% for good delivery 1000oz bars, we'll talk.  all else is noise.

akak's picture

Just be careful regarding the company you keep --- "Lie down with dogs, rise up with fleas".

(Although lying down with Nadler, God only knows what you might rise up with --- probably at least not your wallet!)

Bay of Pigs's picture

I called KITCO to buy. They suck ass. The amount of money they wanted to ship and insure was ridiculous.

Their pooled accounts fraud is still being hidden and they have all kinds of legal problems facing them, including possible bankruptcy.


akak's picture

No shit BoP!

I have looked into Kitco myself, and between their high-to-outrageously-high premiums, and their exhorbitant shipping and insurance costs, I have a very hard time believing that ANYONE really buys any physical PMs from them. (I would really like to know: has ANYONE here ever done so, or know anyone else who has?) Which, combined with the arrogant and infuriating anti-gold propagandizing of their official spokesman, Jon Nadler, makes me seriously question just what their business model is, and just what their motives actually are --- and whether they even sell any precious metals at all, despite Kitco ostensibly being in that business.

Really, I would be very interested to know: has ANYONE here (aside from the one single poster above --- the first person EVER, in any online forum, I have seen admit that they have done so) ever purchased physical precious metals from Kitco?  And if so, given their inordinately high premiums and high insurance and shipping costs, WHY?

ParkAveFlasher's picture

I call bullshit on kitco.  Just a standing call on everything they put out.