With Americans out voting in record numbers today, the U.S. Mint updated its figures to show a stunning amount of Silver Eagles sold during the first few days of November. The U.S. Mint sold nearly four times the Silver Eagles in the first two days of November than it did during the same month last year.
I thought Silver Eagle sales might slow a bit during the last few months of the year, but it seems as if demand for the official coin continues to be very strong. In my last update, I reported that the U.S. Mint sold a total of 3,397,000 Silver Eagles in October. However, with the most recent update on the U.S. Mint website, 1,6530,000 Silver Eagles were sold as of November 3rd.
This is quite an impressive figure for the first few days of November as it is already 50% of the sales compared to the total sold last month. Furthermore, we can see how many more Silver Eagles have been sold in November compared to last year.
The total Silver Eagles sold for 2019 were 14,863,500 compared to 26,186,500 so far this year. If demand remains strong for the next two months, we may see 30 million Silver Eagles sales for 2020.
The chart above shows the total for 2020 as of September. It’s now past the 25 million level. The last time the U.S. Mint sold over 30 million Silver Eagles was back in 2016. If the economic and financial situation continues to deteriorate for the rest of the year and into 2021, we could see record demand return for the Silver Eagle.
I will be watching the Presidential Election results and will provide a new Silver Member update tomorrow.
DISCLAIMER: SRSrocco Report provides intelligent, well-researched information to those with interest in the economy and asset values. Neither SRSrocco Report nor any of its owners, officers, directors, employees, subsidiaries, affiliates, licensors, service and content providers, producers or agents provide financial advisement services. Neither do we work miracles. We provide our content and opinions to readers only so that they may make informed decisions on all types of assets. Under no circumstances should you interpret opinions which SRSrocco Report or Steve St. Angelo offers on this or any other website as financial advice.
Check back for new articles and updates at the SRSrocco Report. You can also follow us on Twitter and Youtube below:
Silver is real money with the unbelievable potential for appreciation in price. It’s rare if every person wants a dab. I’m holding off buying because I believed $14 to $17 was cheap and I stocked up. But, long term, silver is still a buy.
Steve, as you said, it is going to be the frantic investor demand that will drive silver prices up to significant heights.
But hey, we’ve got a highly silver-dependent global industry that needs to gobble up 2 tons of Ag every hour to SURVIVE.
I think they’ll come under significant pressure to obtain Ag in the not so distant future, especially if mining output continues o decline..
Mehmet,
While I did say that investment demand will be the LEADING DRIVER in the future, industrial demand will still be an important FACTOR. Yes, industrial demand will continue, but now, it will have to compete with much higher INVESTMENT DEMAND.
steve
97% OF THE PEOPLE IN THIS COUNTRY THINK SILVER IS A COLOR IN A CAN SPRAY PAINT.JUST WAIT TILL THIS TIME NEXT YEAR THEY WILL WANT WHAT WE GOT.
Tom,
That’s actually a pretty accurate statement about silver for the masses… LOL.
steve
TOTAL SILVER EAGLES SOLD 1986-2020 VALUE $16 BILLION AND GOLD $47 BILLION OUR DEBT GO’S UP THAT MUCH IN 2 WEEKS WRAP YOUR HEAD AROUNDS THAT. GET BOTH WHILE YOU CAN.
I am apolitical. With that said, in witnessing the meltdown of the American system, I think we can expect VERY strong sales to continue.
The Canadian, Australian, European, Japanese, and Chinese [and numerous other] systems are all melting down.
The two lowest common denominators? Debt and energy.
“I will be watching the Presidential Election results and will provide a new Silver Member update tomorrow.”
Maybe you should wait a few weeks on that. I heard a live update from Jay Sekulow on the legal challenges already filed; it is multi-state and one legal filing directly to The Supreme Court [on Penn. apparently allowing ballots received three days after 11/3 to be counted].
I would love to see your thoughts after today’s price action in Silver. Does 25.50 still stand as your technical barrier that Silver has to push through before we make the next leg higher?
I’m with Robert; look forward to your next technical analysis presentation[s]. However, the dollar, stock markets [with potential selloffs that would include silver ETF’s & margin calls that would drag down the price], and other aspects of the economy are in flux as the election drags out.