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.
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.
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:
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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