US Mint Reports January Silver Sales Hit 26 Year High -ZeroHedge.com

US Mint Reports January Silver Sales Hit 26 Year High


When we had last checked on the total silver sales by the US Mint earlier today, the amount given was 3,407,000 ounces, a number which we had earlier speculated would be a monthly record if sales were maintained at the current pace. And as the number had not been updated we assumed that "either buying interest has ceased overnight (unlikely), that the mint is not updating its numbers (likely), or, worse, that the Mint has now stopped selling any form of silver for reasons unknown." Indeed, the result was the likely one, and following a quick check today on US Mint sales confirms that sales have once again surged following the Mint's delayed update. As of today they stood at a whopping 4,588,000, or nearly 1.2 million ounces sold in a few short days. This represents the biggest monthly total sold by the US Mint going back to 1986 when the Mint disclosed its first monthly sales record... And the month is not even over yet. In other words in just the first three weeks of January, the mint has sold more silver than in any month in its history according to its public records going back 26 years.

So the bad news is that while the bulk of Scotia Mocatta's silver bars continue to be sold out (and just the Valcambi 1kg bar is shown as available), the good news is that the kind folks at BullionVault were good enough to advise us that their physical silver inventory is now back and is on line (and contrary to our previous notification, the firm's physical shortage was not in Germany but in England, where its vaults are located) so our England-based readers can go ahead and purchase at will from said location.

US Mint Reports Unprecedented Buying Spree Of Physical Silver - ZeroHedge.com

US Mint Reports Unprecedented Buying Spree Of Physical Silver

Three days ago we noted that in just the first week of January, the US Mint had sold 2,221,000 ounces of silver "a number which if run-rated would be an absolutely all time monthly record," A quick glance at the tally today, shows that something very scary is going on. In the subsequent three days, the number has surged by 50% and has hit 3,407,000 ounces of silver! In just the first 12 days of the month we have already surpassed the total monthly sales of 9 separate months of 2010.

And some additional observations on what is becoming a physical buying frenzy from CoinNews.net:

An increase in 2010 Silver Proof Eagles and record-approaching 2011 Silver Bullion Eagles are the most interesting aspects in the latest US Mint sales report.

The Proof Eagle coins have seen two weekly adjustments since they sold out in late December. The latest brings them up 3,644 to 860,000, which would seem like a natural stopping point. Collectors will have to wait until the July time frame for the 2011 Silver Proof Eagles to make their appearance, according to the US Mint.

2011 bullion eagles launched on January 3, 2011. Silver Eagles already have last year’s January record in their sight. The coins have raced to 3,407,000 in less than two weeks after their latest weekly pick-up of 1,322,000. Until January 2009, the silver coins had never topped the 3 million mark during the first month of a year. Those record sales totaling 3,592,500 may get clobbered in mere days. The all-time monthly high of 4,260,000 which was just set in November could be the next victim. As a side note, the 3,407,000 sold this month includes 469,500 of the 2010-dated issues. The US Mint had buyers order one 2010 Silver Eagle for every five of the 2011′s.

Bullion one-ounce 2011 Gold Eagles are running, but not sprinting like their silver counterparts. US Mint sales has their tally at 42,500 for a weekly increase of 29,000. As a comparison, buyers ordered 85,000 in January 2009. Inventory of the 2010-dated coins also remains. There were 53,000 at the start of the year. US Mint Authorized Purchasers must order one old for every four of the new ones.

Mike Krieger presents the following disturbing observation on this trend: "In the first 12 days of January 3.4 million silver eagles have been sold. I have never seen anything like this. The amount of physical being taken off the market on this paper sell off is EXTRAORDINARY. We must be VERY close to the end." Whoever has adopted JPM's legacy paper silver short position is in for some very troubling days ahead.

2011 Silver Eagle Bullion Coins Debut

http://www.silvercoinstoday.com/2011-silver-eagle-bullion-coins-debut/103603/
The United States Mint on Monday, January 3, began selling the 2011 Silver Eagle bullion coin through its network of Authorized Purchasers.

Buyers ordered 1,696,000 of the .999 fine bullion coins on the first business day of the year, according to US Mint's published sales figures.

A portion of those sales include 2010-dated Silver Eagle bullion coins. The US Mint has not published how many of last year's issue remain, but has said they will be sold until their inventory is completely depleted.

The new Silver Eagle Bullion Coins are available two weeks before last year's issue. The 2010-dated coins were launched on January 19, which was atypical. Historically, the US Mint would begin producing a new year's issue around November to have them in supply and available for delivery by January. However, enormous demand kept the Mint striking 2009 Silver Eagle bullion pieces until the final day of the year. They were the only silver bullion options available to Authorized Purchasers until they finally sold out on January 12, 2010.

The US Mint does not sell any of its investment-grade bullion products directly to the public. Instead it relies on its network of Authorized Purchasers who buy in bulk and then resell to other coin and precious metals dealers. The US Mint charges the Authorized Purchasers the cost of silver plus a premium of $2.00 per coin.

The numismatic or collector 2011 Silver Eagle Proof Coins are schedule for released by July 6, 2011. A release date for the 2011 Silver Eagle Uncirculated Coins has not been announced. The US Mint will offer these collector coins directly to the public. In addition to the proof and uncirculated finishes, the coins also feature the "W" West Point mintmark. The bullion coins do not.