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Silver Eagle Bullion Coins Reach 26 Million For 2014
Gold and silver both fell over 1% yesterday. Gold fell $14.60 to $1,282.10 while silver fell 25 cents to $20.37/oz.
Asian trade was limited to a narrow band of $5.00 and volumes traded on Globex were again down. Gold in Singapore remained in a tight range between $1,280/oz and $1,285/oz. and traders appear to be waiting for the non farm payrolls data later today.
A better than expected jobs number is expected after the positive surprise that was the GDP number. Although, many participants questioned the GDP number as the growth in inventories contributed 1.66 percentage points and likely greatly exaggerated the strength of the U.S. economy in the 2nd quarter.
Markets are jittery and global stock markets are seeing losses with all U.S. indices down yesterday and Asian indices down overnight. Tensions over the Ukraine and in the Middle East and the risk of contagion in Portugal and from Argentina’s default are weighing.
Premiums for gold bars in India have dropped to new lows due to weak domestic demand. The premium on Wednesday fell to $5-$6 per troy ounce compared with $10 per troy ounce during the last week.
Silver looks better and better technically and fundamentally and was more robust than gold again yesterday.
Silver in U.S. Dollars - 50, 100, 200 Simple Moving Averages (Thomson Reuters)
Silver has tested support at the 200 day simple moving average at $20.21 and has rebounded higher again.Below that there is support at the 50 and 200 daily moving averages at $20.19/oz and $19.99/oz respectively.
U.S. Mint data regarding bullion coin sales is always an interesting indicator regarding gold and silver store of value demand.
U.S. Mint figures show that American silver eagles advanced by 260,000 on Tuesday. This increase meant that Silver Eagle sales are now over 26 million for the year. Sales of silver eagles remain at the second highest in the beautiful coin’s 29-year history.
Silver eagle sales had surpassed 29 million through the first seven months of 2013 and had an all time record year in 2013. Indeed, global silver demand rose 13% in 2013 and yet prices were lower for the year.
Coinnews.net
The table above shows the breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week so far, last month, the month to date and the year to date.
The stealth phenomenon that is silver stackers or long term store of value buyers of silver coins and bars continues and is seen in the record levels of demand for silver eagles from the U.S. Mint.
Global Silver Demand 2004-2013 (GFMS)
Silver stackers are those who are more informed about the fundamentals of the silver market and are concerned regarding systemic and monetary risks. They realise that silver is undervalued versus gold with the gold silver ratio at 62:1. This is particularly the case on a long term historical basis.
The long term historical average gold to silver ratio is 15 to 1 and we expect it to revert to that level in the coming years and see silver over $100 per ounce as a real possibility.
See interview about silver and how it remains the precious metal with the best fundamentals here
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SILVER BITCHEZ!!!!!
But, but, there's no Demand ! that nice man on TV said so !
My LCS in east Mesa Arizona gets lots of traffic, sellers and buyers.
Xavier Coin | Currency has lots of inventory and Greg is good guy, helpful and funny. President of Mesa Coin Club and a US veteran. Slowly I have been getting my family aboard to the AG Train."ALLLLL Aboooooard! Next Stopppppp! Silver City-"
Yeeah, Dorothy needs a new pair of silver slippers, baby!
/snark
wait til the 50th anniv. jfk halves go on sale
I've told coworkers who own no silver about these and they want them. It should boost the silver coin market even more. and the number of people owing tangible silver...
funny, i hear mexico and other countries have kazillions of this stuff in the ground.
rare? hardly.
AG is 15x more abundant in the Earth crust, then Au.
Asuming the same investments into the mines, it should be 15x cheaper then Au.
Nice for Mexico, if all world deposits of silver are cumulated there.
Probably this will make a regime change necessary.
so that would be why they will back the Peso in silver China and Russia in gold and Ft Knox is empty
Yeah... from Hosea to Rothschild regime..
well if silver really became the poor man's real currency, they would need a lot of it :)
The problem is its covered with and disperesed within a kazillion kazillion tons of non silver and non gold, commonly referred to as dirt.
Silver is rare enough that it is rarely mined for, most silver is produced as a byproduct from an existing deposit of other metal, such as copper or zinc.
approx current yield is 7 ozs per ton of dirt and rock
http://www.silverdoctors.com/largest-primary-silver-miners-average-yield...
...and the heavily-armed people standing *on top* of that ground, are far more interested in moving cocaine to their customers than dirtying their hands with productive work.
They keep referencing the supply and demand, which means nothing really.
The demand has been high for the past 3 years, while the spot price keeps dropping.
The problems is that the supply side tends to be opaque these days.
You've gotta point, there, alright. By design, I would imagine.
eh..... what to be done if they outlaw pm....
Same as outlawing guns; then only outlaws will have them. This bothers you? I'm not friend of any government; past present or future; I don't expect them to love me.
1 in 12 Americans spent $20 to buy one silver coin for the year.
A drop in a bucket.
If only 1 in 12 Americans would awake to their awful situation and start stacking. We'd quickly see a whole new perspective on wealth preservation and PM pricing.
Every week, I buy 2 more eagles from my LCS, regardless of spot. Nothing 'eye-watering', obviously. Wish I could do more, but at least it's something.
If this madness endures for another 10 years, I'll have more bullion than I can physically carry.
You know been stacking for 3 years now and been a good investment. I stack Morgan non rated and when I get bored I can sell on ebay and turn a 20-25 percent profit. I really don't understand why the paper and physical are in the same class considering there is not the physical to back it up? we let them get away with thier games but on the shinny side of it I can buy below the production costs and take my profits on the morgans and get more bullion. fun hobby till it hits the fan.
Looking at more lead and silver, beaches!
As long as we have a 100 to one paper/physical ratio, the price will be manipulated. Get phyzz while you can
Is it really stackers hording eagles or it manufacturers remelting for production cause the mint is the only reliable source? One does wonder sometimes if there really is a comex.
Makes one wonder.
Why pay 11%-15% over spot for a Silver Eagle?
Crazy if you ask me. Anything over 3% is gouging.
http://www.apmex.com/category/22100/silver-american-eagles/all
The IRS exemption makes a big difference. This is one of the big reasons I stick with then.
now we see some movments in gold value..... but I wasnt expecting to see it fall down.
Michael Brown
I've been trying to buy silver every month. Time to start thinking about August.