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March 01 2019

moneymetals

SILVER EAGLE SALES DOUBLED IN FEBRUARY: U.S. Mint Temporarily Suspends Authorized Purchases

silver-eagle-sales-doubled-in-feb-social.jpg

Sales of Silver Eagles continue to be strong as demand for the official coins surged in February. Moreover, as the Authorized purchases of Silver Eagles jumped by 775,000 oz this past Thursday, the U.S. Mint issued a temporary suspension of sales until inventories can be restocked. This is a very positive sign as total Silver Eagle sales last year fell to low of 15.7 million, down more than 50%, compared to the 37.7 million set in 2016.

According to the U.S. Mint’s most recent update, Silver Eagle sales as of February 21st were 2,057,500 versus the 942,500 during the same month in 2018. Not only are Silver Eagle sales this month more than double last year, but they also surpassed Feb 2017’s figure by 842,000 oz:

U.S. mint silver eagle sales february 2018 vs 2019

Furthermore, Silver Eagle sales JAN-FEB 2019 are 6,075,000 compared to 4,177,500 sold during the same period last year. Thus, sales of Silver Eagles are up 45% versus the first two months in 2018:

U.S. mint silver eagle sales january and february 2018 vs 2019

I believe demand for Silver Eagles will remain strong this year, but it will take another financial and economic crisis to push the annual purchases back up to the 35-40+ million range. And, I believe we may likely see that type of demand in the next few years as the global financial system starts to unwind due to the massive amount of unsustainable debt.

Interestingly, the Silver to Gold Eagle sales ratio this year is nearly 80/1 compared to the 70/1 during the same period in 2018.

Continue to the full article: https://goo.gl/Lhy88m

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