Another week and another 1 million Silver Eagles were sold by the U.S. Mint. In the first ten days of November, sales of Silver Eagles are nearly six times higher than the total for November 2019. With premiums now down in the $4-$6 range, investors continue to acquire Silver Eagles more than any other official silver coin.
While Canadian Maple Leaf sales are also strong, they will not surpass the estimated 28-30 million Silver Eagles sold this year. The U.S. Mint updated its figures yesterday to show 2,701,500 Silver Eagles, up from the 1,653,000 sold on November 3rd.
That turns out to be 1,048,500 sold in a week. It will be interesting to see what the sales will reach for the remainder of the year as the markets continue to be volatile with Presidential election politics, the global pandemic, and economic uncertainty. As I mentioned, sales of Silver Eagles in the first ten days in November are nearly six times greater than last year.
If Silver Eagle sales continue to be strong for the rest of November, I wouldn’t be surprised to see 3,500,000-4,000,000 for the month. Furthermore, if we see another 1-2 million Silver Eagle sold in December, that would put the total very close to 30 million for 2020, double the 14.8 million sold in 2019.
As for Gold Eagle sales, they also continue to be very strong. Gold Eagle sales for November 9th are 35,000 oz and have reached a total of 744,000 oz so far in 2020. This is nearly five times higher than the 152,000 oz of the Gold Eagles sold in 2019.
I will provide an update towards the end of the month or sooner if the U.S. Mint shows a substantial increase in Eagle sales over the next week.
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Bullion dealers were caught off guard at the first of the year and their stocks of backdated Silver Eagles were wiped out. With the current lull in PM prices, dealers have managed to restock most of the coins starting with 1986 but expect to pay high premiums. Most Silver Eagles dated before 2019 are now starting at $35.
Just a year ago, most of these coins could be bought for under $20. Funny how short supplies actually bring higher prices. Even in the days of tech stocks.
Don’t look now…..but here comes SILVER, again!
I’m not sure why people should be interested in backdated ASE’s, as they all look the same except the date.
Is Steve ready to admit Bitcoin is king yet? Silver still under $30/oz, Bitcoin back over Steve’s $14k top prediction. PM stackers are going to be left behind yet again as Bitcoin surpasses $50k in the next few years.
SD
That’s an hilarious fantasy. Very entertaining. Keep it up!
DisappearingCulture,
Yeah, SD has a good sense of humor, which is why I enjoy reading his comments. Nothing wrong with a bit of HUMOR now and then.
steve
Please tell me anything that would convince me Bitcoin, the most energy-sucking, 1st generation blockchain technology, is not in a bubble valuation.
I will obviously convince you of nothing. I own cash, gold, silver and bitcoin, and I’ve done so for years. We can sit here and argue which is better, or which has better properties of money, or which is more energy intensive to mine/create. At the end of the day, my bitcoin has made me profits hand over fist. I’ve been able to get more PMs because of bitcoin. You can be upset about bitcoin’s performance or think it unfair. Bitcoin does not care. When bitcoin briefly hit $20,000 it was definitely in a bubble. Sitting at $16k now, it is nowhere near that same bubble territory. It isn’t even 50% over its 20 week moving average. So while it may dip back and hit $12k or even $10k again, it isn’t ever going back under $4k again. That time has passed, you missed it.
I’ve tried over years to understand why anyone would use any cash other than speculative cash to sink into Bitcoin. If wealthy enough, what’s a few hundred thousand? Opinions all over the place. https://finance.yahoo.com/news/bridgewater-dalio-sees-governments-banning-162017790.html
Differing from printed money, Bitcoin is worth the paper it’s printed on. And will be better than gold or silver because you can move it easily across borders without being found out,try to move a billion in Gold or Silver out of China. But when the system comes apart it will be like the abandoned houses the Chinese used to get money out of China, bird nests.
There isn’t much moving across the borders these days.
People who talk about making money on Bitcoin obviously weren’t the majority of momentum chasers who bought in over $15,000 last time, only to see it crash to under $5,000.
I saw a video montage of people who bought into Bitcoin when the price was around what it is now (last time), and subsequently lost a lot…many borrowing to get in and hope it would go up ad infinitum.
I’m trying to figure out what your argument is, but your point eludes me. Is it that people do dumb stuff financially? That people buy on margin, or that people buy high and sell low? That isn’t unique to bitcoin obviously. People make poor and irrational decisions financially every day. Why do I post about bitcoin on a PM forum? Because my journey into crypto started with PMs. I stack bitcoin for the same reasons I began stacking silver and gold. I think PM stackers should “get it” when it comes to bitcoin, but so many have blinders on about it. If people tell me I’m “lucky” to have made profits on bitcoin, I just smile and nod. When bitcoin dropped 60% in a single day in March of 2020 and everyone was panic selling, that is when I bought! If someone wants to be the dumb money and buy the top I won’t stop you…. you’re probably buying my bags. When CEOs of Fortune 500 companies are putting their cash reserves in bitcoin, that should be a wake up call to the doubters. But it won’t be. When I come back in a year or two with bitcoin between $50k – $100k I’ll hear the same old tripe. It’s a bubble, you got lucky, it doesn’t make sense, there is no intrinsic value, blah blah blah. You had your chance.