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US Mint Sells Out Of Silver Eagles Following "Tremendous" Demand
When it comes to buyers of physical assets as opposed to traders of paper representations of such assets, there is one key difference: the latter, more than anything, enjoy looking at "heatmaps", chasing trends and jumping on momentum, the result being the most recent massive selloff in such "paper" representations of precious metals as the GLD and SLV ETFs, and various gold futures.
On the other hand, those who prefer to hold the metal in their hands, as well as others such as China whose ravenous apetite for gold over the past 4 years has been extensively covered here in the past, take every advantage of selloffs, and - inconceivably - demonstrate how Econ 101, namely supply and demand, really works, leading to ever greater demand the lower the price. Demand so high, in fact, that the underlying commodity that is being sold through paper conduits, sells out.
This is precisely what happened at the U.S. Mint, which just sold out of all silver American Eagle silver bullion coins, following "tremendous" demand in the past several weeks, according to Reuters reports.
This should hardly come as a surprise: over the weekend we reported that "Silver Coin Sales At US Mint Soar To Highest In Two Years."
Sales surged to 5.79 million ounces, the most since January 2013, the month that set an all-time high at 7.5 million, Bloomberg reports. "Today, sales jumped 33 percent in one of the busiest times this year", Tom Jurkowsky, a spokesman at the Washington-based mint, said in an interview. Last month’s total was 4.14 million.
“We saw demand surge over the past two days,” Michael Kramer, the president of New York-based MTB Inc., a dealer authorized to purchase coins directly from the mint, said in a telephone interview. “Business was almost triple than what it has been over the past few months.”
Logically, as a result of the surge in physical demand, silver futures for December delivery dropped 1.9 percent to close at $16.106 an ounce on the Comex in New York. Earlier, the price touched $15.635, the lowest for a most-active contract since Feb. 25, 2010.
Because when it comes to precious metals, thanks to the BIS and the central banks, Paper beats Rock every time.
Which brings us to today, when according to an alert issued to dealers across the US, some 2 million ounces of silver sold out just after noon, Eastern time, following the sale of over 1 million ounces in just the first two days of the month.
In a statement sent to its biggest U.S. coin wholesalers, the U.S. Mint says it will continue to produce 2014-dated coins. The Mint will advise when additional inventory will become available for sale without providing further details.
The announcement has not been made available to the public, but a U.S. Mint spokesman confirmed that it has sent the statement to its authorized participants.
A sharp break in gold prices to their lowest in more than four years last week has unleashed a surge in demand for silver and gold coins in North America and Europe.
As A-Mark, one of the largest bullion distributors in the country added, "The US Mint has just announced that they are temporarily sold out of American Eagle Silver Bullion Coins. They are in the process of producing more and will advise when additional inventory is available. If you previously received fixed premium pricing from us, it is no longer valid."
So... even lower prices coming, right?
And since everything else in the New Normal is now flipped on its head, it only makes sense that the continued price collapse for precious metals is, as it turns out, driven by ever greater demand!
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Would you rather... Always a fun game, but it forces a false choice because you only have two choices.
Kind of like the old line, "There are two kinds of people in this world. Those that think there are two kinds of people and those who don't."
How come I didn't that coming... How clueless am I.....
Damn, stuck at the airport with an iIPad and it won't let me place an order through APMEX. I can load the cart, but no way to activate the sale. Did I say how I hate Apple, and especially IPads? ( I usually use mine only when on the toilet.)
But no worry, by the time I get back Friday, the price may have dropped some more!
You wipe you're arse with an iPad ?
Must be a Linux nerd.
He's an i-tard for sure. At the top of the Apmex site is this...
800.375.9006
A brain is a terrible thing to waste.
All your asset pricing are belong to us.
Keep stacking the Ag. ;-)
Keep stacking....but wait another 6-9 months to buy.
Are you new at pricing PM's? Look at the monthly chart in Ag. Look at the multi-year highs in USD. Look at the multiyear low yields in bonds.
You go ahead and "top call" the equities market with your Faceplant and Tesla profits. I've been averaging in.
I don't own either of those stocks, but when the Fed starts (or talks) about interest rate hikes, PM's will get hammered...again.
I'd be more worried about the Fed. talking about reinstating QE. That trumps interest rates.
Interest rates are already very low. The risk is that the Fed. starts with the $ printing and bond buying again.
What do you think PM's are going to do when that happens? ;-)
Gold lease rates are higher then government interest rates. For those with the ability to lease their gold they are geting a better yield on it then government debt in some cases. Japanese and German since gold lease rates have gone positive. Something seems to have happend in the gold market on the 22oct. Thats when gold lease rates started to shoot up.
If this keeps up something is going to break.
Thanks for the info. Much appreciated.
You know all these large institutions and Central Banks are hedging paper against physical.[on the front end to keep prices down while they accumulate physical]
It's really pointless to post the paper price.
Thats when gold lease rates started to shoot up
Can that be due to a shortage of a Physical Supply of Gold?
Say...say....say it ain't so.
Look at COMEX gold inventories for the last couple of months (down). Look at GLD holdings (down). There is a serious gold suck going on. I have no idea what it means, but it IS happening.
Reminds me of that quote: you can ignore reality, but you can't ignore the effects of reality. It's all math, and all ponzis fail. All.
The Physical Supplies of Gold have been and are currently being shifted to Asia.
If the Chinese (Shanghai Metals Exchange) want to squeeze the Comex then they can buy up the Gold Contracts and demand delivery.
When Comex (CME Group) fails to deliver and declares a Force Majeure (a legal term meaning that it is physically impossible to fulfill the terms and Conditions of the contract) and then attempts to settle in Fiat Cash then the Shanghai Metals Exchange will expose the fraud.
This damages the trust and confidence in the CME Group's contracts irreparably. The Shanghai will benefit immensely by being available to absorb all of the rightfully disgruntled customers of CME Group.
All Ponzi schemes require confidence as it is a CONfidence Game
CME Group's contracts will not be valued at all. Thus as demand falls for the Gold Contracts then the price for those Gold Contracts will decline accordingly.
CME Group does not broker the buying and selling of Physical Gold. They are in the business of brokering the buying and selling Gold Futures Contracts. (The LBMA is responsible for directly marketing the Physical Metal. And there is enough FRAUD there to write volumes about.)
Of course, as the broker, they keep the inventory of those contracts in "escrow".
But they really only keep a very small fraction of the contracts in escrow. They do not require that all of the actual Physical Gold for Delivery to be available for delivery. Thus the inventory of Gold, which is actually held, is very low. There are at least 100 claims for an ounce for every single physical ounce which they hold.
They are reliant upon PROMISES by the people and institutions who sell Gold that they actually have the Gold to back the Sell contract instead of ponying up the actual Gold to back the Sell Contract. This is called Naked Shorting.
Normally (we are not in Normal Times) most people Cash Settle and do not want delivery of the actual product. Thus the contracts are rolled over. Generally only 1% of the Contracts are settled by actual Physical Delivery.
However that rate of institutions demanding delivery has been growing. Thus CME Group's inventory is declining as a result.
And WHEN too many people and institutions demand delivery then CME Group will not have the Physical Gold which is demanded. And that is a Force Majeure.
And it will not take that much of an increase in demand for delivery. The ever growing lack of confidence feeds into it. That is why the Gold Lease Rates are increasing as interest is just a form of insurance premium payment upon any debt.
And Shanghai is in a wonderful position to take CME Group out. It is not about the money. It is always about the POWER and the CONTROL of POWER.
Ever hear of the Golden Rule. He who has the Gold makes the rules.
Gold is the money of ROYALTY.
And yes...The Golden....Well they rule.
Got Gold?
Stand and Deliver, CME Group. Stand and Deliver.
Lowering the price increases demand? Shocking! And all this time, the Bernanke was saying that making absurdly expensive housing would increase demand.
The Value Proposition - For $15 what would you rather have?;
(A.) 1 oz of finely minted 999 Silver Coin or Bar?.
or
(B.) 3 Big Mac Hamburgers at McDonalds
Hmmmmmmmmmmmmmmmmmmm
I am thinking 2 chicken snack wrap combos at Chick Fila foer my silver dollar. Surely that is an equitable trade given the scarcity of chicken, coke and waffle fries.
Speaking of 'Hmmmmmmmmmmmmmmmmmmm'
Here in The D $15 can get you physical pleasures if you know what I mean. Add it to the list, please.
The use of a prostitute is just an extension of the use of your hand.
Besides you are getting ripped off....At Barona Casino you can get that for $5...and it is also a gum job...if they like you.
How do you compliment a Lakeside woman? Nice tooth.
Hedgeless Horseman was right. Those beasts pictured the other day are the new American whore.
Nice tooth will not work in El Cajon too many tweakers..
Think that Lakeside is that much different?
I'm picking burger - cause I'm hungry.
What are the pros and cons of buying Canadian Silver Leafs (or some other foreign coins) instead of Silver Eagles?
Maples are a little cheaper to buy, but are also a little cheaper when you try to sell them. They are still one ounce, and if you can find them at a decent price (low premium) I would buy them. ASE premiums jumped a lot today.
Another point but not sure how valid.
It has been argued that the ASE though purchased by an individual could be "called" by the Treasury. They may claim that they own the coin as it is stamped by them as owners.
No sure how valid or practical for them to argue that , but just to be safe I have bought, Maples, Libertads, Philharmonics as well.
They come in rolls of 25 rather than 20 ounces also. The extra weight feels nice...
.9999 purity vs .999
Only really counts, if you want to twist them up and draw them for wire and colloidal silver generators.
It probably ends in inflation, but the oil and precious metals markets seem to be fortelling a deflationary shock first. All this idiotic stimulus via debt and currency debasement is leading to higher financial asset prices for now and worsening real economies.
dollar gets stronger first, as the safe haven of last resort before gold, before the dollar is abandoned for gold(and silver). it is too early to tell if this is the final play but the abeyen may be a good indicator that things are cracking up. finally.
Yup. So hard to figure out how it all unfolds and the timing. You just know it is getting more unstable all the time and the problem (too much debt) is getting larger all the time. Plus, it is not clear to me that precious metals are the only winner, though I like the fact that they represent a monetary asset whereby you are effectively shorting or giving up fiat currency to buy them. You know that one way or another fiat gets smoked eventually. I can't tell if stocks are going to get smacked because they are highly valued or if they are going to go parabolic nominally Argentina style. I can't even tell which would be more rational.
yea, it gets a little confusing when you are about to fall off a cliff. 2008 was easy because it was so predictable. this is much more difficult because of the possible catalysts, the timing and the consequences. the outcome still can't be more specifically described than plain bad.
My bet has been that assets inflate in the meantime and probably go parabolic. Why not. If you can borrow in Yen at no cost with no risk and you know Kuroda wants the Yen to depreciate a lot, you can go buy U.S. stocks until they are all good and overvalued beyond all recognition.
Unlimited amounts and durations of free money ALWAYS causes bubbles. That's guaranteed as central banks will keep going until they get the bubble and beyond. You just have to figure out where all the free money is going. At the moment, that is not into precious metals, but rather stocks and bonds. At the end, gold and silver may get their day in the sun, too.
In a hyperinflation, stocks are a good investment, but not the best one. You still lose about 40% of your money in stocks. Real estate or PMs are better.
Almost like the algos are trying to 'bust' the US Mint!
I just want hangings.
How much rope for an oz of Ag?
Right, and we go lower and lower and lower. Tough for us here.
18,000,000 contracts traded WTF! 60 years annual supply. Makes scense....
18,000,000 contracts traded WTF! 60 years annual supply. Makes scense....
I still see inventory at Provident, Silvertowne and the LCS.
I'll wait. Plenty of dry powder in the truck.
I see idiots on ebay paying $135 for a roll of 40 junk quarters today. $25 over spot on 7.23 ounnces.
http://www.ebay.com/itm/Roll-Of-40-Washington-Silver-Quarters-Various-Da...
The voting poplulace at it's finest.
don't ignore the ebay indicator. last time there was a disconnect on this scale silver went to 50 bucks.
I haven't seen it in scrap sterling. Scrap has been dropping right along with the paper price
We can't bemoan the so-called fact that the masses aren't stacking a little silver -- when they obviously are. Some day this price you call idiotic will look like a bargain. Lighten up a tad and be happy that more silver is being held by folks who have the good sense to tuck it away.
Remember , it is in peacetime that paper money becomes worthless . There is no military to force acceptance .
So when hard currency demand suddenly soars , peace is at hand as the canny citizens try to convert paper to solver or gold .
See
https://www.academia.edu/9140381/An_End_to_7000_years_of_war_._Orkney_Wi...
At least they could have a party .
If the money is worthless, the government doesn't have money to wage war.
They are starting to vacuum the cracks in the tile floors at the Comex and US Mint to collect any PM dust that may have settled there...
Ha. Ha. Try to take the silver out of people's money and watch what they do... Trade in new their paper dollars for coins...Now they have to come up with even more silver plus all the old coinage got hoarded so they lost that. Bunch of fools.
I noted in another thread, the CME gold stocks report had ~ 321K ounces out the door yesterday, and another 44K left the building today, so 365,000 ounces of phys, close to hald a billion dollars, has left in the past two days. It's not just the mint that's selling out...
From last year -
US Mint Sold Out of 2013 Silver Eagle CoinsJANUARY 23, 2013
You know they could be out of coins based on demand AND the fact that miners are shutting down due to low prices for PM's.
So they've run out two years in a row...what does that tell you, retard?
They have failed twice to have enough to satiate the demand.
That they have failed to learn from the last time which they ran out and that they need to buy more.
But note the bolded phrase.
THEY HAVE FAILED.
ZH is sold out of /sarcasm markers. Mixing quotations with sarcastic opinion makes for difficult reading. (re: Logically... paragraph)
anybody above even go to the US Mint.gov website to check it out? Nope.
US mint has plenty of silver. Completely bogus.
Order some. Let us know how long it takes until it arrives.
And why would I want to get ripped off by the US mint that sells its coins at nearly 100 premium over spot?
Meanwhile, if you did your research, instead of quipping off a post, you would see on their website, as of Nov 6, they are now producing 5 oz silver Everglade coins.
http://catalog.usmint.gov/everglades-national-park-2014-uncirculated-fiv...
People are spending more than that.
What does that tell you about demand and the true price of Silver?
Reuters reported this.
http://www.reuters.com/article/2014/11/05/usa-mint-silver-coins-idUSL1N0SV2RP20141105
Just because the US Mint did not publically announce it on thier website does not mean that it is not the case.
What credentials do you have? Are they better than Reuters?
How about the US mint themselves and their production schedule.
http://catalog.usmint.gov/everglades-national-park-2014-uncirculated-fiv...
Oh I have been to the Mint page. Yes they are releasing an Everglades National Park Coin.
That is a COLLECTOR COIN...
What is even more remarkable is that US Silver Eagles are selling for $43.95...OVER 2.5 TIMES SPOT.
That is one hefty premium. And they are still SOLD OUT.
That tells me that DEMAND is insatiable.
Just because the US Mint did not announce publically that they were out of Bullion Coins does not mean that they are not out.
You guys are mixing apples and oranges. The Mint does not sell circulation grade Eagles, those go to designated dealers, and the $43 Eagles are proofs. You guys get a grip. I sell single Eagles all day long for $21 to $23 because the average broke guy can't afford a full roll and he sleeps better at night -- even if just a little. Silver is not just pretty; it's a soporific.
The Proofs sell for $52.95
http://catalog.usmint.gov/american-eagle-2014-one-ounce-silver-proof-coin-ES1.html?cgid=silver-coins#start=1
The Uncirculated sells for $43.95
http://catalog.usmint.gov/american-eagle-2014-one-ounce-silver-uncirculated-coin-ES2.html?cgid=silver-coins#start=1
He is the person that brought up the US Mint webpage. I did not.
Personally I will not pay those premiums. I realize that I can get better prices too.
But many order directly from the Mint and are paying for it.
Blue-Light Special on silver!
Get it before it's in China.
An American, not US subject.
"If you don't got it, you don't have it."
Poor man's Gold.
"Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves."
-- Norm Franz
Great Quote!
Now to find a miner who can make a profit at that price.
Too bad Merit went out of business. Nobody beat them on silver bullion.
Time to go polish that 100oz JM bar.
If you are going to play in PM's then pay attention to this...I am serious about this.
http://www.businessweek.com/news/2014-11-05/prepare-for-gold-rally-if-swiss-bullion-referendum-passes
I hope the Swiss are too!
/yawn
You can yawn all you want and go watch The Walking Bedspread all you want, but it is the Swiss doing it. It's not Germany and it might be a motherfucker of a margin call that could come forth. You can go run and invest all you want into BABA if you want.
Wait a second, I thought the Chinese were buying by the ton- What happened to that story?
I don't know. I thought the Swiss already had the gold. Where is the metal? Why this refererendum? That is what is interesting to me. Another thing that is interesting to me is why the Swiss might want to know where their gold is. UBS doesn't know. I guess it all just evaporated into thin air.
I found it interesting to be sure and the other thing I found interesting was the EPT aspect. More bullshit derivatives again. Where is the underlying asset? I think I have heard this song before.
Nothing would make me happier than to see the Suisse lead the way, for hopefully many more countries to partially back their fiat with gold!
At the very least more people around the world will learn of this and especially the reasons for doing this!
I'm buying all the way down waiting for them to pay me to take it.
I've bought silver at $5 an ounce
I've bought silver at $35 an ounce
And I sleep just fine.
Ditto. All I do is ask myself will silver be more then what I paid for it in 20 years when I retire or will the government balance the budget, live within its means, and the dollar will aprreciate in value.
What's your guess?
Wake me up when US Mint website is "down for maintenance" and nobody picks up the phone anymore.
Yep,
I love the fact I predicted PM's (basically commodities) to go down over a year ago. These PM bugs just can't get over their emotional attachment to an investment, which is why they lose money.
And as a disclosure, I do hold a small portion of PMs. But I don't keep on stacking because I know lower prices are coming in which I can stack much more.
I've called for $15/oz silver and probably 10/oz silver. I have also called for gold to break 1000/oz.
Wow!! That's some crystal ball you have. Or, do you work for JPM?
Funny how guys like you are always waiting to buy but never do. So what are your other investments? Don't worry, I already know the answer. They are ones and zeroes sitting on a hard drive somewhere. Don't wait too long to convert those bits and bytes to real money ;-)
Dont be mad at me, blame yourself, you listen to the "one note wonders". think for yourself, and not for nothing I was a local on Comex.
Dont be mad at me, blame yourself, you listen to the "one note wonders". think for yourself, and not for nothing I was a local on Comex.
and Bitcoin is a techie wet dream, never gonna happen.
You do know that a GSR of 100 is unprecedented, right?
Do not be too concerned as I forecast $9 Silver and $1000 Gold before this shitstorm turns around and that yields a GSR of 111 which is also unprecedented.
But the main difference is that you do not understand that the PM Bugs do not consider Fiat Currency as MONEY.
We do not consider it as a loss of MONEY when prices for Gold and Silver measured in terms of Fiat decline.
We consider the current currency (nice pun) as that and the Gold and Silver as money.
And that is what the paper pushers, as yourself, continually fail to understand. That is why our mindset eludes you.
You would think that we would sell into a decline because we'd want what you want...Currency.
But we do not want your currency.
We do not have any FAITH in your currency.
We do not have any TRUST in your currency.
We do not have any CONFIDENCE in your currency.
So we welcome Price Declines as measured in your currency.
Historically empires are born.
Empires rise.
Empires zenith.
Empires decline.
And finally Empires perish.
When an empire perishes so does its promises.
The currency of the empire loses all value.
But the Gold remains and the Silver remains.
Empires have come. Empires have gone.
But the Gold remains and the Silver remains ready to be traded in the birth of a new empire.
It is always a transitional form of Money regardless of what happens to any given empire.
It retains its value throughout the deaths and births of Empires.
And the American Empire is in its death throes as I write the requiem of a dying Nation.
And we do not care as our wealth will transition through the turmoil ahead.
It is, after all, generational wealth.
We do not lose anything during price declines. We only stand to gain.
"We do not lose anything during price declines. We only stand to gain."
Precisely.
FRNs are DEBT. I am trading debt for money. I have not lost any money, and CANNOT lose any money by trading debt for money. I have made money all the way up to the top in '11. I have made money all the way back down to where we are today. I will continue to make money as long as I am able to trade debt for real money.
I'll trade some more debt for a couple tubes of money tomorrow.
And again on Friday.
I can buy it all the way down and buy some more when it goes all the way up too! when it stays up and paper burns, I'll be just fine.
..get while the getting is good. Canadian Maple Leafs anyone?
I could use a Monster Box about now....
All a wash, rinse, and repeat cycle. 2009 into 10 when silver went under 9 bucks and you couldn't find an ounce for less than 15. All the supply hit the market end of 210 into end of April 2011 when it was near 50 bucks. In 6 month it could be 75 an ounce and all the supply you need and everyones happy again; including miners. Then the bear roars and we do the cycle all over. Eventually all the paper currency printed fails in the CONfidence game and all returns to money backed by precious metals and eventually the Gold window shuts again and paper floats in debt until a tsunami of debt washes away the paper money again. This time around on a global scale of debt gone wild it may take centuries for people to trust governments with money and most of the power; real money of gold and silver remains in the peoples hands. Stated yesterday we're in for a silver shortage the likes unseen in this generation but all will balance out in the natural process of a debt collapse; which is needed for all markets to come back into reality. Right now it's all just a fed fud manufactured illusion which will disappear soon with those who created it. Reality may bite but lets be reasonable; debt gone wild globally is extremely long in the tooth. Debt is not wealth and paper money, backed by promises from liars, reaches it's intrinsic value=ZEROOOOOooooo. Be watching for that!
10 minutes ago, the postman handed me a 10 ounce, Royal Canadian Mint bar of .9999 silver.
It's so beautiful, I wanna make love to it.
Eat your heart out Yellen. Nobody's fooled.
So how much above spot was an Eagle selling for.
Gold is going down to $750, keep stacking.
Gold will go to $1000, Silver to $9 and Oil will bottom near $60.
But, on the Paper Markets, Gold will decline to ZERO in the near future.
The Shanghai Physical Market has guaranteed that.
Nobody will want a contract which will not be honored. When CME Group defaults everyone will rush towards the exit and dump thier Futures Contracts. Nobody will pay a dime for those contracts after that.
Shanghai will be instrumental in the collapse of the COMEX. They will tell the CME Group to Stand and Deliver. The CME Group will declare a Force Majeure.
The power of the Market will then will shift to Communist China...who has the Physical Gold.
Hmmmm....Gold Lease Rates are rising as somebody out there is scrambling for Physical Gold.
Can CME Group be in trouble???
@Stanley: You could be right. But it doesn't matter. The world economy sits upon a false paradigm. It will not stand.
The dogs of war are barking in the distance.
pocieszyc
towarzystwo
Silver 15? And what next? GOLD/SILVER 100??? With gold at 1000? Again... great respect to all folks that a few years ago started to exchange their PM silver for PM gold. Since this all time winning strategy is known to all PM bugs one can wonder how this will end. In a normal country (Poland?) producing large amounts of silver as a byproduct every day, situation would be clarified in a whiff. We do not need reserves of gold, swiss frank, euro, dollar, yuan and bitcoin. What we need (as a major producer) is a reserve of silver with a huge silver lining all over. Can we pay for that...? Folk yourself in silver pounding this question :)
HINT: Apparently currently not... sorry
here's my plan.
buy jfk 1oz gold coin with a legal tender value of half dollar.
spend them at face value (roughly 2400 oz) to buy 1 oz gold
sue for fraud
About 3$ in my experience. Which is why I've been avoiding silver. But current prices are looking better :)
I've been happy with http://www.gatewestcoin.com/markets.html