The U.S. Mint Sells Over 750,000 Silver Eagles In One Day
The market reacted to the big drop in the paper price of silver by a huge increase in Silver Eagle purchases. September was turning out to be a much stronger month compared to July and August even before the last update of the month.
On Monday, the U.S. Mint reported 3,375,000 sales for the month. Then this evening, I checked to see if they had updated their figures.. which they did in A BIG WAY.
In one day, the U.S. Mint sold 766,000 Silver Eagles, more than all the Gold Eagles sold to date. Actually, is was more than double the 379,000 oz of Gold Eagles sold this year.
If we look at the chart below, sales of Silver Eagles in September, were double that of July and August:
Silver Eagle sales were quite strong in the beginning of the year and started to slow down in June. However, the manipulated lower price of silver motivated investors to ramp up the purchases making September one of the three strongest months of the year.
Only January and March were stronger than the 4,140,000 Silver Eagle sales in September. The total for the first three-quarters of the year is 32,251,000.
If Silver Eagle sales are exceptional strong in September, it would it also be true for Canadian Maples, Chinese Pandas, Philharmonics and Perth Mint Silver sales.
While its frustrating to see the price of silver at these lows, I still believe there isn’t a better deal out there than exchanging fiat Dollars for ounces of silver.
UPDATE:
The U.S. Mint sold an astonishing 1,150,000 Silver Eagles over the past 24 hour period.
Sales of Silver Eagles in October may turn out to be much higher than September. I will continue to post updates throughout the month.
Please check back later at the SRSrocco Report for the Q2 2014 Primary Silver Miners Break-Even and update. You can also follow us at Twitter below:
I remember lots of YT’ers talking of a disconnect between the paper price and the real price of an ounce of silver and gold. If it(silver) does continue to get raided via the paper shorts, is this possible?
Are we more likely to see Harvey Organs prediction of a default at the end of the year?
There will be hell to pay for any eligible participant who insists on an amount of physical delivery [rather than cash settlement] that would cause default. So when it happens I can’t imagine it being other than Chinese or Russian, as no U.S. company or small country could risk the wrath of the federal government, federal reserve, and fiat paradigm banking interests that would be harmed by default, which could be the big trigger for future events.
Massive physical silver is exiting the system!
Now let’s get to that short squeeze and rip higher!
If JPM has their lowest short position in Silver then god is ready to go long and drive it through the roof!
You are so out of touch, that you come across as delusional. The massive downtrend is in place and it is foolish to think otherwise. A short term bounce, maybe, but that’s all it will be. I wish it weren’t so, but it is the way it is…
Delusional. Hmmm. Out of touch? He is correct. Massive quantity is exiting the system. Not so sure about a short squeeze, at least in the traditional sense (vs. a reset)
The trend is manufactured. I scale purchases with the price drop.
As part of their takeover of large open short positions held formerly by BearSterns and immunity from prosecution with regard to large position rule breaking, JPM is indeed the largest bullion holder and the lead bank using HFT to short.
However, despite Obama’s closed-door banker meeting in 2012, wherein he directed the PM smash campaign to launch, – JPM does not have enough to satisfy the repayment of the 2003 Silver lease to the chinese, who, in turn are the silver OI entities/holders on the COMEX and Mr. Diamon knows this. He is almost frantic to exit the room before the bomb goes off .. we shall see ..
Steve do you have any theories to why the buying has been so disproportionate for so long?
I’ve recommended Ed Steer’s daily column [one can sign up for free email] if they want to see the daily grind of the manipulation [plus a lot of good articles]. Here is an excerpt from this morning’s column:
“Even though I already discussed that silver broke the pattern of technical fund net selling being the prime cause of the price decline in the reporting week, the other four metals exhibited a stark similarity in that the managed money category in gold, copper, platinum and palladium all featured big long liquidation and an increase in short positions to the point where the net selling in the managed money category accounted for more selling than any other category.
What this proves is that the collusive commercial trickery of the technical funds, so prevalent in COMEX silver for years, has now spread to all the COMEX metals. Actual supply and demand has been pushed aside in price discovery considerations and has been replaced by crooked dealings on exchanges run by the CME. That’s because the quantities of contracts dealt with on the COMEX and NYMEX far exceed the quantities of actual materials being transacted over similar periods of time. And since we know that participants in the managed money category are purely speculative (as are their commercial counterparties), the price of silver, gold, copper, platinum and palladium is being set and manipulated by speculators. This is so against the intent of US commodity law so as to embarrass the crooks at the CFTC and CME. (I would imagine, based upon the regulatory record that the crooks at JPMorgan are beyond being embarrassed). – Silver analyst Ted Butler: 27 September 2014
It was another day where JPMorgan and their HFT buddies with algorithms in tow, ran amuck in the precious metals. All four, plus copper, set new lows for this move down, with the engineered price declines in both silver and palladium being the most egregious.”
Could it be that the USGov still has one area that it is efficient? The mint!
If silver’s price stay low in october, i’m pretty sure sale will be as strong than september.
A total joke the silver Investment.The speculators do what they want.
When more than 2% up—>down.The next time—>down.
One must remember that Tuesday’s are the cut-off date for the following weeks COT report and is the latest date that the PM manipulators can have their way with price smash downs. Also it just so happens that Tuesday was also month end.
The COMEX and NYMEX as price discovery mechanisms are increasingly becoming redundant. The financial investment world, recognizes that these exchanges are broken. There are now two distinct gold and silver markets. One based in the west that deals in paper and the other in the east which deals in real physical metals.
Its far better (IMHO) to pay attention to the Shanghai exchange and what the daily premium over spot is, rather than the manipulated paper spot price. This will give you a good indication as to which way the trend is going in the real physical world, rather than the phoney COMEX.
Dear Paper Silver Sellers; Please sell more paper Silver and get the price back down under $17 (preferably around $15) so I can buy more at good deals.
Hi Outlookingin
Where do you look to see the divergence between paper Price and physical Price?
The best is when you see direct the difference.
silverfreaky –
Check out;
http://www.goldminerpulse.com/v/shanghaiGoldExchangePhysicalDelivery.php
That is nothing they sold 1.15 million ASEs today.
I think we saw the bottom, further reduction in price just let physical of take from the market explode (1.9 million in 2 or 3 day’s is just amazing number). Economic data getting worse faster and faster in the last few days. Last but not least a new Black Swan Ebola appear on the horizon . I am convinced the bottom is in.
p.s. This Ebola epidemic really begin to scare me, hopefully it doesn’t spread wide outside Africa
In Texas Ebola is indentified.Whether you can buy for 1200$ a protection suit or a Gold ounce.
The best help is a strong immun-system.I trink lapacho tee and eat foot which is alkaline.
No sugar, not so much beaf and Ebola has no entry.And avoid too much bread, it’s a acid builder in your Body.
Outlookingin
Thank you.Where do you see a trigger Signal(Price difference spot/future) for a ralley(in percent)?
Your guess is as good as mine. The point of inflection will be a ‘signal failure’ either at the Comex or the LBMA (or both) when they must declare a “cash” settlement upon contract demand. At that time it will be too late to back up the truck, as those with physical will not sell at any price.
But miner stocks are falling like a stone.Normally they increase in Price before the PM start rising.
I don’t get this things together.
If silver Is enough available then
silver:=playingball of the speculators;//in both directions
else
silverprice:=function(number of selled ounces+playingball of the speculators);//direction up
endif;
It’s very simple.The miner output is too high!That’s all!
The US Mint reported another 500,000 ASEs were sold today bringing the October figure to 1,650,000 ounces sold or 33,901,000 ounces year to date. This is approx. 96% of US domestic silver production used for one product. Sales are accelerating at these prices…I’ll go ahead and make the call, the Cartel is dead man walking LMAO! I anticipate bumper sales tomorrow as well, seeing it’s payday for some of us stackers.