With the continued uncertainty in the global financial system, investors purchased record Gold and Silver Eagles. Sales of Gold and Silver Eagles remained subdued in the first five months of the year…. that is, until the situation of a possible Greek exit of the European Union stirred up a huge surge in buying in June.
As I mentioned in past articles and in my recently released THE SILVER CHART REPORT, buying of Silver Eagles increased as the price of silver declined, but Gold Eagle buying tends to spike during times of financial trouble or turmoil. Well, the chart below shows the huge increase in Gold Eagle sales compared to the same period last year:
Gold Eagle sales for the first seven months of the year, increased a staggering 50% from 296,000 oz in 2014 to 443,000 oz in 2015. Most of the Gold Eagle buying took place in July with total sales for the month at 170,000 oz. Thus, Gold Eagle sales in July account for nearly 40% of total sales for the year.
Now, if we look at Silver Eagle sales, they have also surpassed their record set last year. Silver Eagle sales from January to July reached 27.3 million oz (Moz) compared to 26.1 Moz during the same period last year. This was a surprise as sales of Silver Eagles in the first five months of 2015 (Jan-May) were down 21% compared to the same period last year.
This means, sales of Silver Eagles were so strong in June and July, total sales in 2015 are now 5% higher than they were last year… at this time. Here are the comparisons:
Silver Eagle Sales
June 2014 = 2,692,000
July 2014 = 1,975,000
June 2015 = 4,840,000
July 2015 = 5,529,000
Here we can see that Silver Eagle sales in June and July 2015 (10,369,000) were 123% higher than June and July 2014 sales (4,648,000). Not only has the lower price motivated record Silver Eagle demand, but so has the financial turmoil stemming from the Greek situation in Europe.
Again, I continue to hear from large dealers that there is more silver bullion buying than gold. If the situation in Europe spreads or we see a huge stock market correction in the fall, we could see such a surge in precious metal buying that actual wholesale shortages could appear.
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