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February 26 2019

moneymetals

Supply Problems Worsen in Minted Silver


supply-problems-minted-silver-social.jpg

Sales of the Silver American Eagles are off to stronger start this year, and the U.S. Mint has once again been caught flat-footed. Dealers received the following statement from the Mint last Thursday:

This is to inform you that we have temporarily sold out of our inventories of 2019-dated American Eagle Silver Bullion Coins. In addition, all remaining 2018-dated inventories have been sold too.

The West Point Mint is busy producing additional 2019-dated American Eagle Silver Bullion Coins. We hope to be able to re-launch the 2019-dated coins in a few weeks.

Premiums for the coins moved higher immediately following the announcement, and they could move higher still if demand remains strong.

Scarce us mint silver supply

Total 2018 sales of silver Eagles slowed to the lowest level since 2007. The Mint wound up with some excess of 2018 dated coins and actually required dealers to take a chunk of ‘18s with each new order placed for 2019 coins.

More than six million 2019 coins have been sold so far, two million more than in the same period last year. This is in addition to excess 2018 coins having been cleaned out since January 1st.

The demand was not fully anticipated, and sales are now suspended for a few weeks while the poorly managed U.S. Mint plays catch up. When sales resume, dealers are expected to be on “allocation” – or limited as to the quantity of coins they may purchase.

This leaves the silver bullion market a bit vulnerable to a supply shock right now. The U.S. Mint suspension is not the only bottleneck currently.

Check out the full article here: https://goo.gl/2NxrYp

February 04 2019

moneymetals

U.S. Mint Silver Eagle Sales Jump In January

us-silver-eagle-sales-jan-2019-social.jpg

As the demand for precious metals shows some life once again, sales of the U.S. Mint Silver Eagles jumped in January. Not only have Gold, and Silver Eagle sales increased, so have the precious metals prices. In the past two months, gold and silver prices have gained 7% and 11% respectively. Today, gold reached $1,320, while silver topped $16.

While January sales of Silver Eagles fell to a low last year at 3.2 million oz (Moz), down from 5.1 Moz in 2017, they picked up this month surpassing 4 Moz. According to the U.S. Mint’s most recent update, Silver Eagle sales totaled 4,017,500 versus 3,235,000 last year:

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

Thus, Silver Eagle sales have increased nearly 25% more than the same month the previous year. While it is true that overall Silver Eagle sales have been much lower than the peak of 47 million set in 2015, it is good to see an uptick in demand. Furthermore, Gold Eagle sales for January rose by more than 10% to 64,500 oz versus 58,500 oz last year.

Here are the total Silver Eagle Sales for the past five years:

2014: 44,006,000

2015: 47,000,000

2016: 37,701,500

2017: 18,065,500

2018: 15,700,00

As we can see, total Silver Eagle sales in 2018 were 67% less than the peak in 2015. However, sales are still much stronger than before the 2008 Financial Crisis. In 2007, annual Silver Eagle sales were a little less than 10 Moz. If the situation in the economy and markets continue to deteriorate this year, I believe we are going to see much stronger Silver Eagle sales than the 15.7 Moz last year.

Check it out here: https://goo.gl/MTdn4C

October 30 2017

moneymetals
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