Canadian Silver Maple Leaf Sales Shatter All Records

Not only did Canadian Maple Leaf sales shatter all records in 2013, their percentage gain was twice as much compared to Silver Eagles.  The Royal Canadian Mint just released their 2013 Annual Report and sales of their Silver Maples were the highest on record.

You see, there’s a new Silver Sheriff in town, and it happens to be located north of the U.S. border.  While Silver Eagle sales and growth were impressive in 2013, Silver Maples outgunned the competition by a wide margin.

According to the data released by the Royal Canadian Mint, there were 28.2 million Silver Maples sold in 2013.  This is an astonishing figure as it was a 56% increase over the 18.1 million ounces sold in 2012.

Canadian Silver Maple Leaf Sales 2007-2013

While the U.S. Mint increased its sales of Silver Eagles from 33.7 million in 2012, to 42.7 million in 2013… this was only a 27% increase year over year.  However, the increase in Silver Maples sales were more than double (56%) the rate of Silver Eagles.

In just one year, Silver Maple sales at the Royal Canadian Mint increased 10.1 million ounces compared to the 9 million ounce gain of Silver Eagles from the U.S. Mint.

Furthermore, Silver Maples were higher by 5.1 million ounces (22%) in 2013 compared to their previous record of 23.1 million ounces in 2011.   Silver Eagle sales on the other hand, grew much less in the same time period.  Silver Eagles increased 2.8 million oz (7%) in 2013 compared to the 39.9 million oz sold in 2011.

If we combine the figures from the two strongest “Official Coin” sales in the world, we have the following:

Silver Eagle & Maple Leaf Sales 2007-2013

Here we can see that Canadian Silver Maple sales grew tremendously in the past six years, from 3.5 million oz in 2007 to 28.2 million oz in 2013, while Silver Eagle sales increased from 9.9 million oz in 2007 to 42.7 million oz in 2013.

Basically, the sales of Silver Maples (8 X) grew twice as much as Silver Eagles (4.3 X) from 2007-2013.

Moreover, total sales of these two Official Coins in 2013 now represent 9% (70.9 mil oz) of total world silver mine supply, compared to only 2% (13.4 mil oz) in 2007.  This is a significant figure.  I’ve received comments on my site and emails stating that Silver Eagle and Maple Leaf sales aren’t that much of a factor.

I beg to differ….

I will be writing an article next week on WHY the sales of these Official Coins are putting a great deal of pressure on the market even though its not currently reflected in the paper price of silver.

Lastly… not only did Silver Maple sales beat Silver Eagles hands down in percentage gains last year, the Royal Canadian Mint sold a great deal more Gold Maples than the U.S. Mint’s Gold Eagles.  If we look at the chart below we can see Gold Maple Leaf sales over the past six years.

Canadian Gold Maple Leaf Sales 2007-2013

Gold Maple sales increased 48% from 772,000 oz in 2012 to 1,140,000 oz in 2013.  Compare this to Gold Eagles sales which only grew 14%, from 753,000 in 2012 to 856,500 in 2013.

It seems like retail buyers are now favoring the Gold Maples over Gold Eagles due to their extra fineness and lower premium.

Retail investors are buying a great deal more Silver Official coins than they are gold.  In 2013, total Silver Eagle & Maple sales were 70.9 million compared to the 1,996,500 oz of Gold Eagles and Maples.  This is a 35.5/1 ratio compared to 28/1 in 2007.

Furthermore, Silver Eagles sales for the first four months of the year at 18.4 million are a 100 times greater than the 182,000 oz of Gold Eagles sold to date. 

As soon as the Royal Canadian Mint releases their Q1 2014 report, I will publish an update on their sales figures.  I would imagine 2014 Silver Maple sales are just as strong or stronger than Silver Eagles…. we will see.

Please check back for updates at the SRSrocco Report and you can also follow us at Twitter:

SRSroccoReport Twitter Button

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

30 Comments on "Canadian Silver Maple Leaf Sales Shatter All Records"

  1. When is the paid report due Steve? ETA?

    • Bob,

      You have been more than patient. Sorry that it is taking so long. I have two reports I am working on. One is Free and one is a Paid Report. I’ve finished the Free report and am still working on the other. As soon as I get close to finishing the second report, I will let you know when I will be updating the site with the NEW REPORTS PAGE.

      Please keep posted.

      steve

  2. Steve

    I’ve said it before and I’ll say it again, thank you for your hard work. I love the objective nature of your reports.

    Tas

  3. As you point out Steve, buying Maples gets you a purer as well as cheaper coin. At least here in the UK, as a small scale PM buyer its currently a no-brainer to buy Canadian over not just the Eagles but most Austrian/Australian/British/ Chinese/S African coins.

    • Perhaps that’s true. But you will pay Capital Gains Tax on all silver coins when you sell at a profit EXCEPT silver Britannias. They are CGT free – and if silver goes to $250 per oz. ( which it will ) then you may have a huge taxable gain!
      Be smart!

      • There are no “capital gains” on ebay

      • Yes, the silver britannia is CGT. However, when the silver price hikes, the gov can put another type of tax – like transaction tax on precious metal. For example, ISA saving account was complete tax free when it is first promoted, then the gov adds 10% tax on dividends.

        I don’t know how the future unfolds. Also you only need to pay CGT above certain profits. So keeps other commodities for that bracket.

  4. Mike Lukenda | May 2, 2014 at 9:37 pm | Reply

    Does anyone release data regarding sales of other forms of Canadian and/or US silver bullion? For example, when the price of silver during 2013 was higher, my silver purchases were favouring various 10 oz bars and even a couple 100oz bars, such that only ~50% of my total silver bullion purchased in 2013 were 1 oz rounds..

    Cheers, Mike

    • Mike Lukenda,

      Thomson Reuters GFMS in their 2013 World Silver Survey stated that global SILVER BAR INVESTMENT was 53 million oz in 2012, down from 100 million in 2011. They do not break this figure down, so I imagine they mean 1000 oz wholesale bars. I gather smaller silver bars and standard rounds would have to be a percentage of “Official Coin” sales.

      Hard to tell, but a guestimate might be 20-30 million oz in 2013. When I spoke with the Head of sale at APMEX, they told me the majority of the silver bullion sales are the official coins.

      steve

  5. silver maples are available in china thru online shops at taobao(or alibaba), which is going to IPO in the US soon!

    silver panda is still 8 million a year for 1.4 billion ppl!

    US and canada are minting close to 1/10 ounce for each citizen.

    if china can match up,china needs to mint 140 million ounces! crimex will be wiped out tomorrow.

    silver is the new gold!

  6. roguefaction | May 3, 2014 at 12:06 am | Reply

    “I’ve received comments on my site and emails stating that Silver Eagle and Maple Leaf sales aren’t that much of a factor. I beg to differ….”

    Very much looking forward to the forthcoming article on coin sales and market pressures. In which I am certain you will be refining your thoughts as to why coin sales drive the market.

    In the meanwhile, allow me to refine those thoughts which lean towards suggesting a contrary opinion, so as to allow for a more complete defense of your premise. Or perhaps even a modification of your stance as circumstances allow!

    First I would like to point out that almost all of the arguments that are used here to dictate that ‘prices must… and will… rise’, are based on a rigid adherence to something called ‘The LAW of Supply and Demand’…

    “A theory explaining the interaction between the supply of a resource and the demand for that resource. The law of supply and demand defines the effect that the availability of a particular product and the desire (or demand) for that product has on price. Generally, if there is a low supply and a high demand, the price will be high. In contrast, the greater the supply and the lower the demand, the lower the price will be.”

    Trouble is… this theory is no more a “LAW” … in the sense of immutable fact… than Eric Holder and the raft of new agey lawyers who draft draconian measures by which personal liberties can be proscribed and civilians subjected to “legal” torture are able to create “LAW” – all they can do is toy with perception, and use their complicit media organs to impose acceptance of their tortuous bending of common sense.

    While lacking a huge PR vehicle such as the MSM to back their case, precious metals holders seem to likewise seize on the media organs available to them to toy with perception – in this case – by demanding that “laws” favorable to their interests be applied to reality, with neither cause nor caution! In this, they fall into the same trap as lawyers, and ‘economists’ – who believe that everything can be interpreted via and solved with… the application of Laws.

    This merely serves to ultimately waterboard both truth, and the pursuit of real explanations about what’s going on behind the curtains with market manipulations. Ironically, self-described “libertarian” types become complicit in the same type of ‘special rendition’ of innocent facts as the spooks who work for the main enemy! Time to shut down the Guantanamo of phony “laws” imprisoning the seeker of that path making the metals finally work as core element of survival strategy.

    The “law” of supply and demand has failed miserably to serve in any way as an explanation of what markets are doing, and why they are doing it. It needs to be junked in favor of new yardsticks by which to measure the forces now at work to control the commodities, currencies, and the very consciousness’s of inhabitants of that vast experiment in social control once known as America. It is an attempt to impose purely quantitative reasoning onto complex social interactions which are not describable through such a narrow lense. The psychology of what is driving coin purchases needs to be better understood before conclusions about present and future market conditions can be arrived at.

    As you are not beholden to any special interest group Steve, I look forward to seeing you blaze new ground in using these interesting “quantitative” facts you bring to light in a way that is more creative and meaningful than the endless repetition of demands for reality to conform to theory… which passes for ‘analysis’ too much in the world of the metals. Your work here is too important to be diluted into passe formulas.
    ” If you work for a living, why do you kill yourself working?” Tuco

    • Rogue,

      Interesting points. While I start to put the article together for next week on this very subject, it would be worthwhile to hear what you mean by this:

      ” The psychology of what is driving coin purchases needs to be better understood before conclusions about present and future market conditions can be arrived at.”

      steve

      • Steve, You need to read diagonally from the top, middle and end paragraphs….

        “I’ve failed miserably to be diluted into passé formulas”

        Just stirring the pot Rouge!

        Roo

        • roguefaction | May 3, 2014 at 10:24 pm | Reply

          Applying the MIRROR technique which I suggested be used in our last conference here Roo,

          “I’ve failed miserably to be diluted into passé formulas”….
          will be read as….
          Successfully avoided attempted formulation of Steve’s work into miserable dilution…

          provoking much snarling and gnashing of fangs on the part of the usual suspects! You can think of my role here as much like that of the loyal chancellor ODIO COLONIE to Steve’s KING LEONARDO…that is, if you are of a certain age!

          Now would you please secure another, fresher stick to use in stirring your magic cauldron of conjuror’s tricks… the present one seems encrusted with the curdling residue of previous concoction!

          I remain, your most etc etc…
          Rogue… not Rouge…(I don’t call you “Platypus”…pls don’t call me a “Leftie”

  7. Mintage figures for other coins:

    Philharmonic:

    Philharmonic 2014 …………………….. 25,000,000

    Philharmonic 2013 …………………….. 25,000,000 (EST)
    Philharmonic 2012 …………………….. 8,769,200
    Philharmonic 2011 ……………….. 17,873,700
    Philharmonic 2010 …………………..11,300,000
    Philharmonic 2009 …………………….90,000,000
    Philharmonic 2008 …………………….. 78,000,000

    Are significant.

    Britannias are tiny and were limited to 100,000 pa from 2004 to 20012. 2013 unlimited no figures
    Armenian Noah’s Ark – about 300,000 in 2013.

    Perth Mint

    2013
    The Australian Koala $30 1kg Bullion Silver Koala Coin 51,296 = 1.6 million oz

    The Australian Koala $10 10oz Bullion Silver Koala Coin 15,642 = 150,000 oz

    The Australian Koala $1 1oz Bullion 477,209 oz

    The Australian Koala 50c 1/2oz Bullion 84,184

    I could spend all day looking at the Perth Mint figures for their various products..I would guess 5-10M oz.

    However the philharmonic is a big mintage coin and I would guess total coin mintage worldwide is about 120 million toz or about 15% of annual silver production and rising.

    • Carefix,
      Thanks for sharing. I suspect that the Philharmonic 2008 and 2009 figures contain an extra zero?

      • AK,

        I think you are right!” I doubt 80 to 90 Million. I just did a quick search and didn’t check too closely!

        It would be interesting to see what the bar mintages are. I doubt that bullion holding financial institutions hold 1 oz bars….had a quick look and they do not seem that high but the sources are doubtful too. This surprises me as bars have generally lower premiums than coins.

    • carefix,

      Thanks for the additional info. It will be interesting to see if the Royal Austrian Mint produced 25 million Silver Philharmonics in 2013. Even though they produced 17.9 million in 2011 and only 8.8 million in 2012, I believe their 2013 figures may be around 20 million at the most. We will see.

      According to the CPM Group, total “Official Coin” sales in 2013 where 136 million oz. I made an estimate by using GFMS 2012 data and adding a percentage. Either way, 130-136 million is a lot of silver… and this is just official coins. Thus, it turns out to be roughly 17% of total global silver mine supply in 2013 (using a 780 million oz total).

      steve

      • Steve,

        Not my estimates. I was just having a poke around to see what I could find. The retail bars question is quite significant. I have had a quick look and found little in the way of mintage figures. From the point of view of private (individual) holdings I guess many hold the cheaper bars in preference to the coins. Assuming most coins are held by private individuals (and this is an assumption) it could well be that 20-30% of world mine production is going into the hands of “stackers”.

        The recent dramatic increases in this market are telling us that some people are wising up. This is a subjective opinion based on incomplete data. I can well bet demand is going to keep rising.

  8. Outlookingin | May 3, 2014 at 10:03 am | Reply

    “extra fineness and lower premium.”

    American Gold Eagle = 22 karat or 91.67 fineness gold
    Candian Gold Maple Leaf = 24 karat or 99.99 fineness gold

    Easy to see why the gold maple would be preferred as a precious metal purchase over the gold eagle. As an added bonus the American buyers of the gold maple reap a 10% extra valuation on the paper currency exchange rate at this time.

    rogue – might I add one small observation to “what is driving coin purchases” mainly the ever increasingly loss of confidence in paper currency and any financial asset, that is backed by fiat currency. Pure and simple, I like! Firm believer in the KISS principal.

    • roguefaction | May 3, 2014 at 10:55 pm | Reply

      Out…

      While I totally admire your ol time westerners’ ability to pan for and pick up alluvial nuggets of wisdom…

      circumstances have forced me into the HARD ROCK MINING end of the bizness. Wherein I have outfitted myself with the means to drill deep in pursuit of facts of underlying significance… even daring to hope for the motherlode of meaning which will explain the mechanics of manipulation to show up under my diggings!

      “the ever increasingly loss of confidence in paper currency and any financial asset, that is backed by fiat currency” being the surface vein which has led me to pursue the question: WHAT MOTIVATES THOSE WHO LOOK TO MINIMIZE THEIR RISK OF FALLING VICTIM TO FIAT FOLLY to “allocate their capital” towards demonetized(demonized?) metals. And how can they be SURE that their efforts at ‘de-bagholding’ themselves have not been anticipated, channeled, and welcomed by ‘DA POWERZ’////???? Is a healthy dose of PARANOIA inimical to holding the metals?

      I believe investigation of the psychology of the metal investor is long overdue… as subjective(qualitative) factors play AT LEAST as great a role in determining market conditions as the objective(quantitative) ones which get emphasized here. One without the other is like bread without butter! Without doubt, those behind the curtain do pay attention to the psychology of the investors they prey upon… why shouldn’t their intended victims school themselves in outwitting their predators?

      • Outlookingin | May 4, 2014 at 1:26 am | Reply

        “how can they be SURE”…

        A HA! Dear Mortimer, tis not a sure thing. There is only one thing sure in life. The ‘Banshee’ knows. No one escapes. Not even Darby O’Gill.

        The motivation is as you capitalize, with the belief that you may get to not only have your cake, but eat it too! The choice being between the devil you know and the one who is hidden. Hoping to outwit the chap when he comes out of hiding.

  9. I would be curious to know if the 2014 Canadian Silver Maple sales will be higher – due to the tight, fine radial lines in new design – which makes the coins more difficult to counterfeit than ASE’s.

    Will also add, tongue-in-cheek, that Canadian silver coins have a ‘spotty’ record.
    (i.e. prone to ‘milk spots,’ that is.)

  10. Great post! Only 35 million people live in Canada. 28 million ounces is a huge number for 2013 sales. Any idea how many of these are outside Canada?

    • James,

      That’s impossible to tell. I spoke with the Head of Sales at Apmex and they sell gold and silver bullion to 50 countries throughout the world. So, it’s anyone’s guess.

      steve

      • APMEX probably tracks how much bullion they sell to each country; they might have to due to federal regs. But they may not volunteer that info. It would be interesting to see which countries are buying the most from them.

  11. Kerris Ravenhill | May 3, 2014 at 11:31 pm | Reply

    My thoughts were when the US mint was having trouble supplying enough ASEs to meet demand many buyers turned to the more readily available Maple leafs. Would to be fair to say that a significant jump in mint products like Libertads, Brits, and Phils had a similar spike in sales too?

  12. starting May 5, shanghai gold exchange lowers gold/silver margin by 30%.

    silver panda is 8 million ounces a year.

    but in recent years, unofficial silver bullion for investment is gradually picking up.

    i have successfully persuaded a few ppl to buy silver bullions regularly.

  13. silver coins around the world are available for sale on chinese “amazon”, alibaba.com, which is going to IPO in the US soon.

    i browsed thru several listing, sales are not big but quite stable.

    coin collection is quite popular in china.

  14. Rogue,
    As a PM stacker my answer to your question as to (why?) is because PM’s are easier to store and maintain than beans and toilet paper.

Leave a comment

Your email address will not be published.


*