Sales Surge After U.S. Mint Quadruples Silver Eagles Allocation

American Eagle silver coin sales jumped on Monday after the U.S. Mint said it set the first weekly allocation of 2016 at 4 million ounces, roughly four times the amount rationed in the last five months of 2015, after a surge in demand.

More than half of the week’s allocation sold on Monday, the first day of 2016 sales, the mint said, a sign that demand remains strong as spot silver prices hovered above a 6-1/2-year low of $13.60 per ounce hit in December.

The mint said nearly 2.76 million ounces of American Eagle silver bullion coins sold, about half of the 5.53 million ounces that sold in all of January 2015.

First-day sales of American Eagle gold bullion coins were also strong at 60,000 ounces, compared with the 81,000 ounces that sold in the entire month of January 2015, mint data showed.

On Monday, spot gold prices traded just below $1,100 an ounce, which is up about 5 percent from the near six-year-low of $1,045.85 reached in early December.

The mint ran out of American Eagle silver coins in July because of a “significant” increase in demand as spot silver prices fell to a six-year low.

The bullion coins are bought by authorized dealers who then sell to the general public at a premium, which changes according to supply and demand. The coins are viewed as a more affordable form of investment in physical bullion than the much larger bars.

Inventory was replenished in August and sales resumed. But the coins were on weekly allocations of roughly 1 million ounces for the rest of the year because of low supplies.

The U.S. Mint was not alone in limiting silver coin sales. The unexpected surge in demand put the global silver-coin market in an unprecedented supply squeeze, forcing other mints around the world to ration sales, while U.S. buyers had to look abroad for supplies.

Reporting by Marcy Nicholson; Editing by Dan Grebler and Peter Cooney – See article here
Precious Metal Prices
12 Jan LBMA Gold Prices: USD 1,094.95, EUR 1,008.76 and GBP 756.92 per ounce
11 Jan LBMA Gold Prices: USD 1,104.70, EUR 1,014.08 and GBP 758.18 per ounce
8 Jan LBMA Gold Prices: USD 1,097.45, EUR 1,009.86 and GBP 750.67 per ounce
7 Jan LBMA Gold Prices: USD 1,096.00, EUR 1,009.45 and GBP 752.51 per ounce
6 Jan LBMA Gold Prices: USD 1,083.85, EUR 1,009.66 and GBP 739.84 per ounce

 

 

Stephen Flood

Stephen Flood is the CEO of GoldCore. He is a former Wall Street equity trader and FinTech expert. He has been involved in the precious metals markets since 2004 and has appeared as an expert contributor on CNBC, CNN, BBC, RTE & Bloomberg TV and has had articles published in the Irish Times, Irish Independent and The Sunday Business Post.

Also on news-goldcore-com

Videos

Exclusive preview of interview with Rick Rule

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Episode 5 of The M3 Report with Steve St Angelo

Blog posts

Exclusive preview of interview with Rick Rule

What do: Ron Paul Mike Tyson  A fart in an elevator  President Paul Kagame of Rwanda …have in common? They are all featured in this week’s The M3 Report, your show for all things Metals, Markets and Money. This is our sixth episode of the hit show. Subscribe now, to be sure not to miss it.  […]

READ MORE

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Our guest this week is Ed Steer, expert gold and market analyst and author of the Gold & Silver Digest. We invited Ed onto GoldCore TV to get his take on what is concerning him most in financial markets, movements in SLV and sanctions against Russia. He also draws our attention to central bank purchases […]

READ MORE

Ross Geller inspires Bank of England policy

This morning the UK pound slumped as one of the world’s oldest central banks pressed hard on the panic button. The Bank of England was seen to be shouting ‘Pivot! Pivot! Pivaat!’ as they announced they would temporarily suspend their programme to sell gilts and will instead buy long-dated bonds.  In a statement, the bank […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Exclusive preview of interview with Rick Rule

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Episode 5 of The M3 Report with Steve St Angelo

Blog posts

Exclusive preview of interview with Rick Rule

What do: Ron Paul Mike Tyson  A fart in an elevator  President Paul Kagame of Rwanda …have in common? They are all featured in this week’s The M3 Report, your show for all things Metals, Markets and Money. This is our sixth episode of the hit show. Subscribe now, to be sure not to miss it.  […]

READ MORE

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Our guest this week is Ed Steer, expert gold and market analyst and author of the Gold & Silver Digest. We invited Ed onto GoldCore TV to get his take on what is concerning him most in financial markets, movements in SLV and sanctions against Russia. He also draws our attention to central bank purchases […]

READ MORE

Ross Geller inspires Bank of England policy

This morning the UK pound slumped as one of the world’s oldest central banks pressed hard on the panic button. The Bank of England was seen to be shouting ‘Pivot! Pivot! Pivaat!’ as they announced they would temporarily suspend their programme to sell gilts and will instead buy long-dated bonds.  In a statement, the bank […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE