We noted the strange divergence between the surge in physical demand [5] for precious metals and the falling price of gold and silver yesterday and today; sure enough, just as they give back some short-term gains, we find that with one day left in the month, the US Mint has seen the largest demand for physical silver coins ever for a February at 3.37mm ounces. We are sure this all makes perfect sense somewhere in the leasing, backwardation [6], securitization, paper world of precious metals [7] pricing but one thing appears sure, more than just Russia is backing up the truck for physical bullion.
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Data: US Mint