U.S. MINT 2015 SILVER EAGLE SALES: Start Off Strong

Sales of U.S. Mint Silver Eagles started off strong this year with 3.6 million sold in the first two reporting days of 2015.  The U.S. Mint starting selling Gold Eagles last week with 51,500 ounces reported on the first day of sales.  The U.S. Mint released the official first day of Silver Eagle sales on January 12th.

As we can see from the chart below, the U.S. Mint sold 2,958,000 Silver Eagles on January 12th, then another 656,000 on Tuesday, January 13th.  So far this year, the U.S. Mint sold 3,614,000 Silver Eagles compared to 56,500 oz of Gold Eagles:

2015 U.S. Mint Silver Eagle Sales Jan 12-13

Silver Eagle sales are quite strong as 3.6 million have already been sold compared to 4.7 million for the entire month of January last year.  There are still two more weeks remaining in the month and it will be interesting to see what the demand will be like for the rest of January.

A Few Words On The Allegation That JP Morgan Is The Big Silver Eagle Buyer

As many of you know, Ted Butler wrote an article titled The Perfect Crime, where he believes JP Morgan bought half off all Silver Eagles since April 2011.  I wrote a rebuttal to Butler’s article MARKET DATA PROVES:  Overwhelming Public Demand Public Demand For Silver Eagles… Not JP Morgan stating:

Sales of Silver Canadian Maples and Austrian Philharmonics increased steadily from 2008 to 2011, declined in 2012 and then shot back up in 2013. So, if JP Morgan allegedly bought half of all Silver Eagles since 2011, who was propping up sales of Silver Maples and Silver Philharmonics?

Furthermore, Canadian Silver Maple Leaf sales in the first three-quarters of 2014 hit a new record of 20.8 million compared to 20.7 million during the same period last year. However, Silver Eagle sales declined from 36.1 million Q1-Q3 2013 to 32.2 million Q1-Q3 2014.

If JP Morgan was buying half of the 32.2 million Silver Eagles from Jan-Sept of 2014, then who was buying the record 20.8 million Canadian Maples?? While Silver Eagle sales were weaker than Maples in the first nine months of the year, they have picked up significantly in the fourth quarter reaching a new annual record of 44 million.

What I tried to prove in this article was… if JP Morgan was indeed the big buyer of Silver Eagles, then they must have been also the big buyers of Canadian Maples and Philharmonics as their sales increased in the same fashion as did Silver Eagles.

My assumption is quite simple… JP Morgan must be buying up half of the ENTIRE OFFICIAL SILVER COIN MARKET if Ted Butler’s allegations are correct.  I just believe that not to be true.

Regardless, I tried to contact APMEX once again to see if they would corroborate the same information that JM Bullion, Gainesville Coins and SilverDoctors have indeed seen a higher trend in Silver Eagle sales since 2011.  However, AMPEX is playing MUMS the WORD and will not reveal their Silver Eagle sales trends.

I find this quite interesting as I was able to speak to the VP of sales of APMEX back in January last year on the tardiness of the U.S. Mint releasing its new 2014 Silver Eagles.  Also, the VP of sales answered my question on the subject of Hedge Funds buying Silver Eagles.  He said, that they tried to access the Hedge Fund market a few years ago and found out that they would rather buy 1,000 bars than Silver Eagles with a high premium.

Basically, APMEX told me that most of their Official Coin Sales were to mom and pop buyers… the little guys.  Also, APMEX is now selling to 55 countries.

I tried one more time with APMEX by contacting the President, Scott Thomas.  I sent him an email and hope that he might consider replying.  Again, as I mentioned before, Ted Butler puts the credit of the increased buying of Silver Eagles by a large bank, JP Morgan and takes it away from the public.

Lastly, if JP Morgan is indeed the BIG BUYER of Silver Eagles, then they also must be the big buyer of Canadian Maples and Austrian Philharmonics.

NOTE:  If anyone in the Retail-Wholesale Precious Metals Business has any insight or information on whether or not JP Morgan is the big buyer of Silver Eagles, please contact me throw my contact page.  It would be greatly appreciated.

UPDATE:  Reply from James Anderson at JM Bullion:

James Anderson from JM Bullion left a response in the comment section as to the subject of JP Morgan being the big Silver Eagle Buyer.  I wanted to include his response in the body of the article as some readers don’t look at the comments.

Hello Steve & SRS Readers:

I played golf last weekend with the head of trading of the largest Authorized Purchaser of Silver Eagles in the world. I’ve personally known this gentleman since 2008.

Although I was slightly embarrassed to bring this theory to his attention, I knew I’d be remiss if I didn’t ask his thoughts on it.

Upon bringing this “theory” up, he hit hit his golf shot and then dismissed it with a smile. He made the same point about high premiums on sovereign coins saying if JPM wanted to make a play on physical it would be direct to a refiner/miner for the lowest possible entry prices.

Ted needs to take it easy and celebrate the fact that he spearheaded the success of investor awareness. The 2008 – 2015 sovereign silver coins sales have been public driven. Sure there has been some hedge fund buying and selling, but +90% has been driven by online / brick and mortar retail coin shops.

-James

Please check back for new articles and updates at the SRSrocco Report.  You can also follow us at Twitter, Facebook and Youtube below:

Enter your email address to receive updates each time we publish new content.

I hope that you find SRSroccoReport.com useful. Please, consider contributing to help the site remain public. All donations are processed 100% securely by PayPal. Thank you, Steve

31 Comments on "U.S. MINT 2015 SILVER EAGLE SALES: Start Off Strong"

  1. Hello Steve & SRS Readers,

    I played golf last weekend with the head of trading of the largest Authorized Purchaser of Silver Eagles in the world. I’ve personally known this gentleman since 2008.

    Although I was slightly embarrassed to bring this theory to his attention, I knew I’d be remiss if I didn’t ask his thoughts on it.

    Upon bringing this “theory” up, he hit hit his golf shot and then dismissed it with a smile. He made the same point about high premiums on sovereign coins saying if JPM wanted to make a play on physical it would be direct to a refiner/miner for the lowest possible entry prices.

    Ted needs to take it easy and celebrate the fact that he spearheaded the success of investor awareness. The 2008 – 2015 sovereign silver coins sales have been public driven. Sure there has been some hedge fund buying and selling, but +90% has been driven by online / brick and mortar retail coin shops.

    -James

  2. “f anyone in the Retail-Wholesale Precious Metals Business has any insight or information on whether or not JP Morgan is the big buyer of Silver Eagles, please contact me throw my contact page. It would be greatly appreciated”

    JP Morgan wouldn’t leave a trail. They do it through 1000s of proxies. They have tentacles everywhere. The system is on life support. You CAN SEE the PPT is complete PANIC mode today as they TRY to prop up the stock market while putting a huge clamp down on the metals.

    Historic times, folks. Hold on to your butts.

  3. So, buy gold & silver. And play golf. 😉

    JPM Hunt brothers bullshit indeed. People are waking up.

  4. Amazing. i really do think on days like this gold and silver are intervened in ALL DAY LONG by the PPT. They literally just can’t have them ripping while equity markets disinigrate

    It is sort of like suprressing VIX. Just supress anything that spells Fear or a Lack of Liquidity or Something wrotten to the core—move the markets RIGHT BACK UP, and pretend everything is GREAT.

    Jim Grant said it best: You can change the ways things look, but you cannot change what they are.

    • All carry trades will eventually drown through the weight of Gold. Silver won’t have mercy.

  5. GermanReader | January 14, 2015 at 2:28 pm |

    JPM wouldn’t buy Silver eagles because the show up in a statistics widely watched by us stackers and other investors. I think if the buy Silver the would try to hide it from any statistics showing investment demand. Buying Silver eagles and pushing up the sales numbers is very against all down manipulation affords in this market. That’s why i think Steve is right and Ted is wrong this time. Nevertheless I must say thank you Ted for help me wake up about Silver in late 2007.

  6. Julian the Apostate | January 14, 2015 at 3:04 pm |

    I bought 30k worth of Maples last year. Not for investment but for the hard asset value for the greater Depression. I bought Maples rather than Eagles because the Canadian bullion was $3 cheaper/coin. Does that count?

    • Julian,

      Are you sure you don’t work for JP MORGAN? I mean with all the conspiracies floating around, JP Morgan can have say 50,000 people from all over the world buying up Silver Eagles making us all think its the public, while its really the BIG BAD BANK instead. 🙂

      steve

  7. To me it just makes sense that a bullion bank has their own supply chain of miners, refiners, and would buy large bars at the lowest possible premiums. !,000 ounce bars are the “silver standard” for the comex and their cronies.

  8. Maybe JP Morgan knows what we know…that American Silver Eagles are “legal tender” obligations from the United States of America and denominated as ONE DOLLAR. These coins along with the change coined by the US Mint will still be in circulation long after the Federal Reserve Note is dead and gone.

    Also – Think about it… 45M ounces of silver at $20/coin is only $900M…chump change in the world of virtual money creation and leverage. Any hedge fund worth their salt could buy up every SAE made in a blink of an eye and stop production. My guess is that many of them are loading up on physical (along with some of the banks) for the inevitable moonshot.

    Should be an interesting year!

    Bix Weir
    http://www.RoadtoRoota.com

    • Bix,

      Thanks for stopping by and leaving a comment. While it’s wise to purchase Silver Eagles, I highly doubt JP Morgan would be wasting time on such a small retail market when they are in control of $65 trillion in derivatives.

      I have to agree with James Anderson from JM Bullion as well as the other Online Dealers who ALL AGREE that it’s the public and not JP Morgan who is buying Silver Eagles.

      steve

      • lastmanstanding | January 15, 2015 at 8:26 am |

        I was in the lcs yesterday. Sales are good, and no one is selling.

        Occasionally, someone will dump a big quantity of gold to pay cash for a big ticket item. Most of these sellers were in a very low gold prices.

  9. Great news Steve! You’re assessment is right on. JP would buy “bullion” direct. Eagles
    have a $3+ premium. Can’t wait to see the primary miner’s 4 quarter report. If they were
    losing their butts at $20+ silver where are they at $16 dollars an ounce. The silver price
    has got to pop!

    • lastmanstanding | January 15, 2015 at 8:37 am |

      Here is something to think about…JPM is privy to billions printed out of thin air…on a regular basis.

      They get as much fiat as they need for whatever reason. Why would they give a damn about a premium?

      If someone gave me unlimited funds, all I would care about is getting it in my possession…fast.

      If one doesn’t think for one second that these bastards are turning shit paper into tangible as fast as they can…one is an idiot.

  10. Maybe that some of the western coins (US, Canada and even austrians ones) are being bought by the east (namely india) ?

    In the meantime, gold and silver are crashing in CHF term, rotten paper still rules !

  11. If JPM is indeed buying SE or any form of silver, I see it as good news in that they feel they have pushed the mkt as low as they can and now is the time to load up on cheap metals.
    All I know for sure is how much I have purchased and where it is.

  12. Steve, although it is unlikely that JP Morgan bought a bunch of Silver Eagles, please be careful in your assumption that they would only buy bars from refiners. That would certainly be the obvious answer but I can make several arguments on why something less obvious would be a more interesting option. Silver Eagles are US currency. Other sovereign coins are also currency. In theory, they could be hedging or betting on a future outcome where this becomes signifcant.

    And you are aware of my concern regarding the serial numbers the mint is putting on boxes of Silver Eagles. The serial numbers indicate a much higher production of Eagles than the mint is reporting, yet they won’t provide a list of valid serial numbers. I’m going to remain skeptical until they define which serial numbers are valid and which ones were “skipped”.

    • Mike,

      I spoke directly with the U.S. Mint spokesmen Mike White on this issue of serial numbers. He told me that he was asked this question several times in the past. The U.S. Mint does not make those Monster Boxes, they purchase those from a third party manufacturer and in many cases the serial numbers are not sequential.

      So, we can’t go by the serial numbers to gauge sales of Silver Eagles.

      steve

      • Why use serial numbers if you have no control over them or knowledge of how they are assigned? The serial numbers are stickers on the outside of the box. They are not manufactured into the box. Most people believe they are assigned sequentially. Boxes in the first part of the year have always started at 00001. As the year goes on you find boxes with incrementing serial numbers.

        I realize it is awkward to disagree with Mike White when he is kind enough to be available for questions, but this is not passing the common sense test. U.S. curency (Silver Eagles are legal tender) is not treated so sloppily as to have no record of serial numbers.

        Mike

        • To be clear, I believe the U.S. produced roughly 108 million silver Eagles on 2014. And I am well aware of how bizarre that sounds and the questions in raises.

          Mike

          • Mike,

            If the U.S. Mint was producing more than double the Silver Eagles shown by the serial numbers, I highly doubt they would use serial number boxes… there’s no benefit for producing 108 million Silver Eagles in a year, while only official selling 44 million.

            And even if they did produce 108 million, why use serial number boxes if the intent is to MISLEAD the public?

            steve

  13. Steve,

    Why use serial numbered Silver Eagle boxes at all if the serial numbers don’t mean anything? I obviously don’t have the answers, but it is very odd, and the sloppiness does not seem appropriate when producing legal currency. You may very well be correct. But keep an open mind until they provide a list of skipped serial numbers. My guess is that they will never provide a list of skipped serial numbers. 🙂

    Mike

    • Mike,

      The U.S. Mint uses the serial numbers to account what monster boxes go where. That’s why. The sequential numbers are important as having a RECORD OF THE SERIAL NUMBER and who it was SOLD TO.

      By the way Mike, all this chit-chat about serial numbers, supply-demand forces, Comex Inventory, COT Structure and etc will become meaningless when the GREAT RESET takes place.

      The SNB fiasco today was just a WARM UP to soon to come.

      steve

      • You are right about that. The 1970s showed us how Americans will react when they figure out that their currency is under attack. Remember that after Nixon’s August 1971 speech from the Oval Office more than 80% of Americans supported his strong dollar gibberish. They foolishly believed that defaulting on gold convertibility strengthens the dollar. Before the end of the decade they realized that they had been deceived. Gold rose more than 2,000%. Paul Volcker was able to dramatically restrict the supply of dollars to stop the runaway velocity of money at the time. That solution is not available today because of the tremendous amount of public and private debt compared to that time period. Back then we also had the advantage of being a major dollar exporter following Kissenger’s 1973 deal with the Saudis. But today just over half of all dollars are held overseas, almost entirely for the purpose of facilitating foreign trade, those dollars will be coming home in the years ahead as countries are rapdily creating facilities for trading via their own currencies and in gold. The dollar influx will once again ignite the velocity of the currency units at the worst possible time.

        But I am preaching to the choir. Everyone here knows this. 🙂

        Mike

  14. The central banks are going to keep the price of gold and silver flat because russia is at junk status and they are selling their gold and silver just to stay alive. I hope they get rid of it as quick as possible. Silver should not be a commodity. It should be in the industrials because silver is used in solar panels,medical,electronics,ball berings & so many more uses. Gold is more of a safe heaven & jewelry. Gold and silver has been going down together & up together since the beginning. Presious metails has been stolen by the central banks by the regulators ( manipalaters ), and they should have to serve long prison time & they would stop stealing.

    • Russia’s junk rating is just a political game. And Russia is not selling its gold, that’s just another faulty rumor from the media.

  15. DaleFromCalgary | January 15, 2015 at 10:47 pm |

    One question I’ve been meaning to ask for years. The American bullion coins are called Eagles but everyone who displays a picture of the coin always shows the side with Liberty. Why?

    Maple Leaf coins are always shown with the leaf, not the Queen of Canada on the other side.

  16. Steve Maassen | January 20, 2015 at 12:01 pm |

    Personally, I doubt that JPM would go to the expense of having agents by the hundred purchase monster boxes of Silver Eagles and then trying to store them. Those agents and the storage would really run up their overhead per oz. Then what happens down the line when you want to have your agents sell this hoard through retail. What a logistic nightmare even if you had a smelter melt them down into easily disposed of 1,000 oz. bars. So, my bet goes with buying from the miners direct to avoid any discernible trail. Better yet, JPM could just as easily “back up the truck” at the ETF and collect the metal at wholesale.

Comments are closed.