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Silver Eagle Bullion Coins Reach 26 Million For 2014

GoldCore's picture




 

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.

American_Silver_Eagle,_obverse,_2004_Web_Page_Large.jpg



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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Fri, 08/01/2014 - 15:36 | 5034362 BeetleBailey
BeetleBailey's picture

SILVER BITCHEZ!!!!!

Fri, 08/01/2014 - 16:40 | 5034749 SAT 800
SAT 800's picture

But, but, there's no Demand ! that nice man on TV said so !

Fri, 08/01/2014 - 15:13 | 5034240 alexcojones
alexcojones's picture

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-"

 

Fri, 08/01/2014 - 15:29 | 5034318 somecallmetimmah
somecallmetimmah's picture

Yeeah, Dorothy needs a new pair of silver slippers, baby!

/snark

Fri, 08/01/2014 - 10:58 | 5032555 TheMerryPrankster
TheMerryPrankster's picture

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...

Fri, 08/01/2014 - 10:27 | 5032414 kumquatsunite
kumquatsunite's picture

funny, i hear mexico and other countries have kazillions of this stuff in the ground. 

rare? hardly.

Fri, 08/01/2014 - 11:40 | 5032833 Jano
Jano's picture

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.

Fri, 08/01/2014 - 13:41 | 5033599 Bossman1967
Bossman1967's picture

so that would be why they will back the Peso in silver China and Russia in gold and Ft Knox is empty

Fri, 08/01/2014 - 13:24 | 5033533 DeficitAlchemist
DeficitAlchemist's picture

Yeah... from Hosea to Rothschild regime..

Fri, 08/01/2014 - 11:22 | 5032712 Dragon HAwk
Dragon HAwk's picture

well if silver really became the poor man's real currency, they would need a lot of it  :)

Fri, 08/01/2014 - 11:13 | 5032652 TheMerryPrankster
TheMerryPrankster's picture

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...

Fri, 08/01/2014 - 11:49 | 5032902 somecallmetimmah
somecallmetimmah's picture

...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.

Fri, 08/01/2014 - 09:13 | 5032128 GrinandBearit
GrinandBearit's picture

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.

 

Fri, 08/01/2014 - 10:01 | 5032313 bluskyes
bluskyes's picture

The problems is that the supply side tends to be opaque these days.

Fri, 08/01/2014 - 16:43 | 5034762 SAT 800
SAT 800's picture

You've gotta point, there, alright. By design, I would imagine.

Fri, 08/01/2014 - 09:01 | 5032081 esum
esum's picture

eh..... what to be done if they outlaw pm....

Fri, 08/01/2014 - 16:45 | 5034770 SAT 800
SAT 800's picture

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.

Fri, 08/01/2014 - 09:04 | 5032093 cifo
cifo's picture

1 in 12 Americans spent $20 to buy one silver coin for the year.

A drop in a bucket. 

 

Fri, 08/01/2014 - 10:08 | 5032347 Uchtdorf
Uchtdorf's picture

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.

Fri, 08/01/2014 - 08:28 | 5031967 somecallmetimmah
somecallmetimmah's picture

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.

Fri, 08/01/2014 - 08:19 | 5031935 Bossman1967
Bossman1967's picture

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.

Fri, 08/01/2014 - 08:06 | 5031894 Ban KKiller
Ban KKiller's picture

Looking at more lead and silver, beaches!

Fri, 08/01/2014 - 07:42 | 5031844 SuperRay
SuperRay's picture

As long as we have a 100 to one paper/physical ratio, the price will be manipulated. Get phyzz while you can

Fri, 08/01/2014 - 07:36 | 5031830 sudzee
sudzee's picture

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.

Fri, 08/01/2014 - 14:29 | 5033934 ebworthen
ebworthen's picture

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

Fri, 08/01/2014 - 15:46 | 5034422 SilverIsMoney
SilverIsMoney's picture

The IRS exemption makes a big difference. This is one of the big reasons I stick with then.

Fri, 08/01/2014 - 04:41 | 5031616 michaelbrownira
michaelbrownira's picture

now we see some movments in gold value..... but I wasnt expecting to see it fall down.
Michael Brown

Fri, 08/01/2014 - 14:46 | 5034062 whotookmyalias
whotookmyalias's picture

I've been trying to buy silver every month.  Time to start thinking about August.

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