In March, sales of Silver Eagles continue to be quite strong as investors pay hefty premiums for the highly sought-after U.S. official silver coin. Also, the U.S. Mint has sold 70 times more Silver Eagles than Gold Eagles in the first eight days of March. This is nearly three times the ratio of Silver to Gold Eagles sold last month in February.
According to the U.S. Mint’s most recent update, Silver Eagle sales totaled 1,572,000 as of March 8th, while Gold Eagle sales were 22,500 oz. The chart below shows the total for Jan-Mar over the past five years. However, the 2021 figures are just for the first eight days of the month. So we could easily see 11+ million for Jan-Mar 2021.
If Silver Eagle sales reach 11 million for Jan-Mar 2021, that will surpass last year’s total for the same period on record demand stemming from the pandemic shutdowns.
Including the sales from this year, the U.S. Mint has sold a stunning 574.5 million Silver Eagles since 1986. That is more than a half-billion oz. With total Global Silver ETFs & ETPs equalling 1.2 billion oz, not including COMEX inventories, Silver Eagle sales represent nearly 50% of that total. While investors have paid higher premiums for acquiring Silver Eagles, they hold onto a REAL PHYSICAL ASSET while those who invest in a Silver ETF, such as the SLV ETF, just own paper silver.
Interestingly, the iShares SLV ETF has liquidated another 3+ million oz from its inventories… courtesy of JP Morgan. 🙂
The iShares SLV ETF current silver inventories of 593.3 Moz is down from its record 677 Moz just a little more than a month ago.
The massive Rise & Fall of JP Morgan’s SLV ETF inventories of 86 Moz since Feb 2nd, is more than the global monthly silver mine supply of 66 Moz. Indeed, JP Morgan and its Authorized Participants played a very SAVVY “Accounting Gimmick” to squelch the Silver ShortSqueeze.
And, if we look at the Sprott PSLV ETF silver inventories… they have increased by 26 Moz while the SLV ETF declined by 86 Moz.
Regardless… with the Fed and central bank playbook of issuing more Monopoly Money, Debt, and Leverage in the system, the fundamentals of precious metals, especially silver, only continue to get stronger every day. Unfortunately, the 99% of investors haven’t quite figured that out yet as they are still RUBBING their LUCKY HIGH-TECH RABBIT FOOT, hoping for higher stock prices.
GOD HATH A SENSE OF HUMOR…
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