OCTOBER SILVER EAGLE SALES BEST EVER…. And With 10 Days Remaining

While the Fed and Western Central Banks continue to prop up the entire market, investors took advantage of the manipulated low silver price by purchasing a record amount of Silver Eagles in October.  Silver Eagle sales were also extremely strong last month as total sales reached 4.1 million in September.

In the beginning of October as the price of silver was clobbered below $17, investors purchased more silver eagles in one week than in any other week throughout the year.  This trend continues as sales in October are the strongest ever compared to previous years.

If we look at the chart below, we can see that investors only bought 550,000 Silver Eagles in October 2007.  Then in the next few years, purchases of Silver Eagles increased dramatically to 1,425,000 in Oct 2008 and 2,939,000 in Oct 2009.  However, since 2010…. October sales were relatively flat–between 3.0 to 3.1 million.

Silver Eagle Sales October 2007-2014

In the first week of October 2014, the U.S. Mint sold over 2 million Silver Eagles.  By the end of last week, the U.S. Mint sold 3,100,000 Silver Eagles and didn’t update their figures on Monday.  However, when they updated their figures on Tuesday (10/20/14), sales increased 715,000 over the week-end and Monday.

Not only is sales of Silver Eagles in October one of the strongest in the year, it’s the highest October on record beating the previous high set in October 2012 at 3,153,000 by 662,000 oz… and we still have 10 days remaining in the month.

The U.S. Mint sold a total of 36,066,000 Silver Eagles year to date.  If the strong sales trend continues for the rest of the year, we could see 41-42 million Silver Eagles sold in 2014… just shy of the 42.7 million oz sold in 2013.

U.S. Mint Silver Eagle Sales 102114

There is a slight chance that total sales in 2014 could surpass 2013, if sales in October reach 4.5 million, November at 4 million and December with 2 million.  This would put the total figure just above 43 million for 2014.  So, we are just going to have to wait and see if investors continue to take advantage of bargain basement silver prices for the remainder of the year.

Lastly, the Canadian Mint sold more Silver Maples in the first half of 2014 compared to the same period in 2013:

Canaidian Gold & Silver Maple Leaf Sales 1H 2014

Silver Maple sales are on track to hit a new record in 2014, which means the combined sales of Silver Eagles & Maples may be also set a new all-time record surpassing last year’s total.

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34 Comments on "OCTOBER SILVER EAGLE SALES BEST EVER…. And With 10 Days Remaining"

  1. I can’t reconcile media comments of “poor investment demand” for silver with “record sales of ASE’s”. Moreover, I can’t figure out a market where record demand of a product (ASE’s) causes prices to drop significantly. I don’t buy into the manipulation claims (other than the feeling that every market is manipulated) but I don’t see how this can continue indefinitely. These sales of silver coins are REAL silver, taken from the ground, melted, packaged, shipped and sold to customers. Hard to manipulate that process and hard to explain why these producers continue to accept this pricing for their products.

    Is what it is. As long as people are crazy enough to sell me silver at $17 I’ll keep buying it.

    • It can last for years. To stop the massacre we would need to get 2 billion ounces demand a year.

      • RD,

        No one really knows the “WHEN”, but if we look at the number and frequency of events taking place, I would imagine the GREAT RESET is sooner than later. Anyhow, most Americans have been investing in 401k’s, retirement and pension plans for decades… why should gold and silver be any different?

        steve

      • Supply/demand figures from the silver institute are interesting. While there are many allegations of manipulation in silver pricing, and I have no doubt that occurs short-term, in general, it’s clear from these prices and supply/demand deficits that low prices lead to big deficits and years of substantial deficits are followed by price spikes.

        In 2013 we rand a deficit of about 113 million ounces, and from what I’ve heard, it’s slightly larger this year. Seems to take about 3 years with deficits in this range or larger to produce another price spike.

        https://www.silverinstitute.org/site/supply-demand/

  2. without fanfare, likely because no time, John Williams has now after a few months delay, put up for free his early 2014 annual USD hyperinflation report.
    #587 & 617 PDFs

    look to upper RHS URLs there under SPECIAL REPORTS:
    http://www.shadowstats.com/

  3. Also take into account that the Shanghai Silver Exchange inventory of silver bullion is at a dangerously low level. Silver on the exchange has been in backwardation since August! Which portends a very tight supply of the physical bullion.

    Also, China imports raw ores that contain silver as a byproduct which adds to their stock, and that a 17% VAT is charged on each ounce of silver which is non-refundable, if you export silver out of the country. In effect keeping silver bullion within the country.

    The US mines approx 33million ounces of domestic silver per year. This says that the US Mint will have to seek silver bullion supply on the open market, just to make up for the shortfall without counting domestic industrial demand!

    • “This says that the US Mint will have to seek silver bullion supply on the open market, just to make up for the shortfall…”

      The U.S. Mint buys silver blanks or planchets from companies that produce them for the mint. They get some or a lot of this silver from foreign producers. Non-domestic silver has been used in ASE’s for many years.

      “By 2002, it became apparent that the stockpile would be depleted and that further legislation would be required for the program to continue. On June 6, 2002, Senator Harry Reid (D-Nevada) introduced bill S. 2594, “Support of American Eagle Silver Bullion Program Act,” “to authorize the Secretary of the Treasury to purchase silver on the open market when the silver stockpile is depleted.” The bill was passed by the Senate on June 21 and by the House on June 27 and signed into law (Pub.L. 107–201, 116 Stat. 736) by President Bush on July 23, 2002.[19].”

      • David,

        Correct… I have stated this many times in articles in the past. The U.S. Mint was authorized to draw-down the Strategic Silver Stockpiles in 1986 when the U.S. Mint Silver Eagle program started. Once the stockpile was depleted the U.S. Mint purchased silver on the open market.

        However, they must purchase the blanks in the states… but the silver does not have to come from U.S. production.

        steve

  4. “By the end of last week, the U.S. Mint sold 3,100,000 Silver Eagles and didn’t update their figures on Monday. However, when they updated their figures on Tuesday (10/20/14), sales increased 715,000 over the week-end and Monday.”

    Hey Steve,

    What is total U.S. silver production in year?

    • David,

      Silver production in the states has increased a bit over last year. According to the USGS Silver June update, the United States produced 567 metric tons JAN-JUN this year… this is 18.2 million oz. Last year, total production was 1,050 metric tons or 33.7 million oz. So, the U.S. is on track to produce 36.5 million oz this year… still probably 4-5 million oz less than total Silver Eagle consumption.

      Remember, the US Mint was authorized in 2002 to start purchasing silver on the open market after the U.S. strategic silver stockpile had been depleted. So, the U.S. Mint DOES NOT have to purchase U.S. produced silver, but they must purchase U.S. silver blanks made in the country.

      steve

  5. Record demand, inventory at its lowest and price dropping. Just your basic supply and demand at work, no one is manipulating at all. And the moon is made of cheese.

    • In fact demand and supply are quite balanced, there are not enough spread between both.

      as I write above, you would need to have the demand twice the supply in order to put some pressure on paper wizards.

      • RD that’s right – because you can create metal out of thin air, right?

        • I am sorry but if the deficit is only 50 million ounces a year, there are enough inventories world wide to fill the gap without puting upward pressure on silver price.

  6. China hoarding cheap oil (for the moment)
    Copper (paper) financing deals in China collapses
    Phyz metals buying increases
    Stockpile of paper collateral that can be monetized by central banks shrinks
    Abenomics is fading fast

    The signals for a divergence between paper and hard assets become louder, yet not visible for the larger public.

  7. Hey RD what are you talking about? How about some facts and figures other than just an opine. My feeling is your are either a troll or uninformed. We have seen consistent numbers put up here that show a deficits of a hundred or more oz. of silver a year. Its readily apparent that demand exceeds supply. Show us the numbers you are relying on…LOL

    • kansascrude,

      RD fails to remember that the price of silver spiked to $49 in April of 2011 when the COMEX experienced a draw-down of only 40-50 million oz and total investment demand was actually less than it was in 2013. When the great RESET COMES, it will happen overnight so, it will have nothing to do with supply and demand at that point.

      Supply and demand forces will mean something AFTER THE RESET…LOL.

      steve

      • However, supply & demand do have a present day impact, in the fact that the Shanghai Silver Exchange has been in backwardation since August.

        Most do not understand what “backwardation” is. A simple primer;

        The current spot price of silver is higher than the near future contract price. It could normally be resolved by selling spot price silver and buying the cheaper future one month out. Thus, in one month you would reap an apparent locked-in profit. Yet no one seems to be doing it! Why? There is much doubt that there is silver in storage that will be deliverable in a month.

        To have this ongoing (coming into the third month) situation at the Shanghai Silver Exchange without being resolved, portends a failure to deliver (default) by some entity in the near future.

    • I am unfortunately not a troll but only a victim of this silver sale paper orgy ! In my opinion physical moves of bullion are only a derivative of the paper price, which is the real price until it is not.

      What I just tried to say is that physical supply and demand do not matter except on the very long term as there are still above ground stocks even if partially depleted (as monetary metal as gold).

      If you want to put a floor on the silver dollar, we must have a strong silver shortgage which prevent the speculators in future markets to go too far (especially if you are below production costs whereas cash or all in).

      It is possible that western speculators change their mind about silver if they realize that QE4 is coming but it is not sure as they have realized that QE does not imply a real inflationnist cycle.

      It is also possible that china/russia decides that enough is enough, and that a new monetary world order is coming but when is the real question and it could take many more years even if things are going faster for the last couple of years (dedollarization, BRICS IMF and so on).

      • I expect a moment in the near future, before 2020, we will see paper silver at $8,- , and a ASE for $56,-. It will be obvious that ‘someting’s wrong’, very obvious. Look RD, as long as markets ACCEPT a CDS as something useful on their balance sheets, nothing’s wrong. But markets know a CDS is worth nothing, because a souvereign default will not be allowed. That would be domino d-day.

        Same thing wit metals, as long as they can play with naked shorts supported by CB’s, the game goes on.

        Imho, Donkey Kong has one eye open, and he’s ready to jump the trees. Better 5 years early than 1 day late. Don’t put your weak hands around your throat, use them to count your ounces. Are they still there?

  8. Junior Gold/ silver stocks are falling like a Stone.It’s the greatest Money burning i ever have ever had.
    It seems that we loose in future as yet much more Money.An awful Investment.I hate it.The same shit with the physical material.

    All the EM Pumper should go to hell.

    • silverfreaky,

      As I mentioned in a prior comment, Americans have invested in their Retirement for decades. Buying and owning precious metals should be done in the same fashion. Furthermore, you should realize that Gold & Silver are competing with the total U.S. Retirement Market along with the U.S. Dollar and Treasuries. Which do you think will be protected by the Fed and U.S. Treasury???

      This was never going to be an easy battle. You are free to continue coming in here and COMPLAINING what a lousy investment you made in the precious metals… but don’t think for once, you are going to get any pity from those who KNOW BETTER.

      steve

      • It has to be a passion. You have to love it. You have to go into bunker mode and stay there. Pick up your head and pull the trigger when the price is right, or accumulate just because you want more. I’ve played it both ways. I absolutely love holding it in my hand. I love everything about PM’s, but silver is my passion.

        No bank. No service charge. No sleepless nights wondering. It’s mine to defend. It’s a mind set.

        • James in NY,

          How dare you speak of sound money, when we know the real way to get ahead in life is printing money and the manufacturing of Derivatives…LOL.

          Yeah.. at some point, the world we have to wake up from 40+ years of MONETARY AMNESIA.

          steve

  9. I hate it when People against her better knlowedge tell things, which are not true.That i get no pity is clear.
    But each word which you spread to the world is in your responsibility.Think about that.Maybe many People have loose a lot of Money because of your analyses concering to silver.

    • silverfreaky,

      Let’s try this one more time. Owning precious metals is for the collapse of the U.S. Dollar and massive Paper Ponzi Scheme. Buying and owning the precious metals is a long-term investment. I never preached that it was a GET-RICH QUICK SCHEME.

      The PUBLIC is fickle and would turn on a dime in a moments notice when things get rough. That’s human nature. I continue to watch precious metals investors BECOME BEARISH NOW that the HEAT IS TURNED UP. Totally predictable. Very few people can stick to a CONVICTION when times are rough.. INSTEAD THEY FOLLOW THE MASSES.

      While I can understand this dynamic… I offer NO PITY for those who fall victim to it.

      steve

      • You either get it or you don’t. We are speculators, long term investors, people sick and tired of our savings being wiped clean, distrustful of banks,.. of government, wanting control of our lives, understanding currency is NOT money,…it’s crap paper, understanding that gold & silver is where money starts and starts again when currency ends,.. for the cycle to renew. It is where people turn when everything gets bad.

        It stores wealth, it does not drain wealth. A currency can go to zero, it’s not likely the same will ever be said for PM’s. It’s always worth something. That’s the key. Anyone that expects to get wealthy overnight is better off with a lotto ticket.

  10. Herman the German | October 23, 2014 at 3:12 pm | Reply

    Hey guys, calm down!
    Can’t you see that things are accelarating as we speak?
    My goodness, the World Gold Council was proven so wrong about the gold demand in China officially stated by the SGE and their 2014 yearbook (for 2013) that I do believe strongly that a failure to deliver physical gold might be the snowflake for the avalanche. https://www.bullionstar.com/blog/koos-jansen/china-gold-association-2013-gold-demand-2199t/

  11. Thanks Steve saw my proofreading gets a fail…..S/B show deficits of 100 million or oz or more of silver a year

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