Gold Eagle Sales Surge Due To Financial Turmoil

Something quite interesting took place on Friday last week.  The U.S. Mint updated its figures showing sales of its Gold Eagles surged to a level not seen for more than a year.  Sales of Gold Eagles have been strong ever since the financial turmoil in Europe increased significantly with the threat of a Greek Exit.

Sales of Gold Eagles increased from 21,500 oz in May to 76,000 oz in June due to investor’s concern on the financial fallout of a Greek Exit.  However, this was nothing compared to Gold Eagle buying during the remaining days of last week. 

When the U.S. Mint updated their figures on Monday, July 6th, Gold Eagle sales jumped to 21,500 oz… the same amount sold during the entire month of May.  Over the next few days and after the suspension of Silver Eagle sales, Gold Eagle sales reached a total of 30,500 oz. 

Then on Friday, the updated their figures to a stunning 65,500 oz.  In just the past few days, 35,000 oz of Gold Eagles were sold:

U.S. Mint Gold Eagle Sales First 10 Days 2015

If we compare the U.S. Mint’s Gold Eagle sales in the first 10 days in July compared to sales during previous months (approximation based on taking a third of a full month’s sales), we can see just how much demand increased. 

Now, some might say the huge increase in Gold Eagle buying is due to the U.S. Mint suspending Silver Eagle sales until August.  However, Gold Eagle sales started to increase in a big way in June… a month before the U.S. Mint suspension of Silver Eagle sales.  Furthermore, some believe the lower price instigated large buyer.  I don’t agree.

Why?  Well, if we go back to March, the price of gold was lower at $1,145 (lower than present) for several days, but total sales of Gold Eagles for the month were only 46,500 oz.  This huge surge of Gold Eagle buying was due to investors seriously concerned about the global financial system. 

Even though the Greek government was able to get some sort of bailout package from the ECB – European Central Bank over the weekend, this will not solve the problem– it just postponed the inevitable.   In addition, the Chinese government making it illegal for large institutions to sell stocks is not another LONG TERM SOLUTION… LOL. The U.S. tried that stunt in 2008, but stocks continued to slide regardless.

The world financial system is weaker than ever.  A bailout package here and government’s making selling of stock illegal are not sound fundamental policies to fix the system.  The global financial and economic system (especially in the West) died in 2008.  All we are doing now is waiting for gravity to do its magic on the hundreds of trillions of dollars of derivatives and debt that are propping up the markets.

This will most certainly end badly.  It will be interesting to see how investors perceive this Greek Bailout package.  Will Gold Eagle sales continue to be strong this week?  I will provide an update in the next few days.

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17 Comments on "Gold Eagle Sales Surge Due To Financial Turmoil"

  1. Steve,

    Do you have sales for US gold buffaloes in the same period as gold eagles? Also, despite March being a bit cheaper for a few days on gold the geopolitical issues that popped up the last weeks have been amazing! Don’t forget Puerto Rico debt which affects many US investors directly and also our famed cyber issues last week with the NYSE, United Airlines and several websites going down the same day!

    No doubt the measures taken by China, ECB and other central planners will only slow down the reset. It’s pathetic how much intervention is needed to keep paper markets and countries afloat nowadays. I hope sometime soon you can provide updated sales for other silver products like Maple Leafs, Philharmonics and rounds. I heard a great interview this week from Ed Steer on the PM’s and mining that should be of interest to others.

  2. I saw an analyst on Bloomberg TV last Friday that said not only is short selling banned in the Shenzhen index, he could not place an ordinary sell order, it was denied. Seems to me if all forms of selling is banned, the market can only go up.

    It is my opinion that the other shoe has yet to drop.

  3. Edmond Dantes | July 13, 2015 at 12:02 pm |

    I never buy US issued gold coins, because I do not trust that the USA government will not call in all their Gold issued coins, it is not like that has not happened before, in 1933 by Executive Order 6102 all persons in possession or control of gold coin, gold bullion, and gold certificates (i.e. paper currency redeemable in gold coin of the United States) to turn them in to any federal reserve bank or any “member bank” of the Federal Reserve (then valued at $20.67 an ounce) was turned in and paid at face value.

    If there is another gold confiscatoin the US government is only required to give you face value for US issued coins, which is why I buy Canadian Maple Leafs, or Aussies et cet.

    • The U.S. could require ALL gold coins and bullion turned in, including Maple Leafs. They are unlikely to do so, and if they did [since it would be an immoral act] few would comply. Having Maple Leaf coins is zero insulation.

      • There are already EOs that allow the president (dictator) to confiscate ALL private property if an emergency is declared. I would imagine that if we get to the point where there is a need to confiscate gold, the government won’t stop there.
        We need to hide and defend.

      • “they are unlikely to do so”

        why? says who?

        oh, it would be “an immoral act”. got it. i should have seen much earlier that bankers, politicians, and the corporatocracy are not immoral people.

        get ready… gold confiscation is a distinct possibility because western nations have virtually none of it left and they may take it by force off the people to be able to compete with china’s many many thousands of tons. and the word force could very well mean at gun point. they could easily trace your online comments about ownership, or seize records from coin/bullion dealers and then come looking for you. hide it well.

        • “they could easily trace your online comments about ownership, or seize records from coin/bullion dealers and then come looking for you. hide it well.”

          Good point. The only metal I own is in pots and pans, nails, screws, and tools. I’m sure it’s the same for you.

          • If this situation arises I can visualise quite a few serious boating accidents being reported. The weight of the bulloin can very easily upset the stability of the vessel and before you know it it’s all at the bottom of the ocean. After being rescued the stress of the experience often causes memory loss as to exactly where the vessel sank so the chance of any recovery of vessel or bullion is practically zero. It’s tragic but true.

  4. My local coin dealer says he will be running out of 90% silver this week. Nobody is selling bullion and none of the collective coins and currency is selling. The biggest demand in gold is the 1/10 ounce pieces and the demand is greater than the supply.

  5. Ben Fulford just revealed a probable reason for ALL the Silver interest lately…The Saudi’s are buy silver like its becoming extinct tomorrow!!! WHAT DOES “THAT” SAY ABOUT SILVER FRIENDS???
    ANOTHER REASON, can be found out HERE:
    Its all about WHO is REALLY behind the slow-up in bringing in the new banking system….The Chinese!

    • Silvrwillwin | July 14, 2015 at 6:07 am |

      It was stated about 5 years ago , I believe , that Dubai was attempting to control the physical silver market . Perhaps this could be the final physical leverage move. Have they also been quietly accumulating over the last few years…wouldn’t be surprising.

  6. I analyzed All-in sustaining cash cost per ounce based on finance reports from a couple of silver mines. It seems that cost is in a range 11 – 17 dollars per ounce.
    Could someone tell how can it impact supply if we will see silver ~15 dollars per ounce for next couple of months.

    • The answer to your question has been covered over time in several commentaries. The $17 figure is pretty accurate for an industry average on raw cost production, factoring in lower fuel costs of the last 6+ months. Probably doesn’t include cost of refining.

  7. James Cougan | July 14, 2015 at 7:22 am |

    You typed 46.500 oz in March, but the graph says 15.500 oz, there is a mistake in one of the two cyphers (I bet the first one).

    By the way, in july 2014 they sold 26.000 silver eagles, so for this july we already more than double that, anf we still have half a month to go…

  8. silverfreaky | July 15, 2015 at 1:51 pm |

    Today was a good day – we loose only 2%.

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