U.S. Mint Silver Eagle Sales Jump In August On Lower Prices

Well, it looks as if a bit of life has come back into the silver market as U.S. Silver Eagle sales jumped in August due to lower prices.  While Silver Eagle sales have fallen over the past few years, if we exclude typical high January demand, sales so far in August are the highest in a year.

What is even more interesting is that Gold Eagle sales in August haven’t increased that much compared to Silver Eagles even though the gold price fell to the lowest level in more than a year-and-a-half.  Actually, Gold Eagle sales this month are more than 50% less than they were last month.  So, for whatever reason, Silver Eagle sales are responding more positively to the lower silver price than Gold Eagles.

According to the most recently released data, the U.S. Mint sold 1,180,000 Silver Eagles in August, already up 33% versus last month, and we still have another week to go.  Of course, this jump is nothing compared to the 3-4,000,000 sales per month we saw on average between 2010 and 2016, but it most certainly is a good sign.

As we can see in the chart above, Silver Eagle sales jumped off their lows in May of 380,000 to nearly 1.2 million in August.  If we see another 200,000-300,000 in the last week of the month, that would be a good sign that “PRICES STILL MATTER” to some in the market.

Now, as Silver Eagle sales jumped in August, buying of Gold Eagles fell to 15,000 oz and are down by more than half compared to the 35,000 oz sold in July.  My analysis suggests that Gold Eagle sales increased in July in response to the heated “Trade war rhetoric” between the U.S. and China.  However, now that trade talks between the countries have resumed, it seems as if demand for Gold Eagles has subsided.

Regardless, while precious metals sentiment and buying is still very low, Silver Eagle sales are down 70-75% than what they were two years ago, I believe we will see a huge increase in demand when these highly overleveraged markets begin to correct violently.  Moreover, we may experience the largest physical gold and silver buying in history as the worlds greatest bubbles pop.

Please check back for new updates on Gold & Silver Eagle sales.

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30 Comments on "U.S. Mint Silver Eagle Sales Jump In August On Lower Prices"

  1. Michael Kohlhaas | August 22, 2018 at 5:27 pm |

    It means nothing!!!

  2. I just love the variety of content on this site.

  3. Central bankers are the only buyers.

    • Dan,

      Please tell me that you don’t believe in Ted Bulter’s allegation that JP Morgan is the big Silver Eagle buyer.

      steve

      • Michael Kohlhaas | August 22, 2018 at 10:48 pm |

        Sorry, but Ted Butler knows diddly shit!

        • What is it that Ted Butler does not know.?
          In your humble opinion
          It would be helpful for me to know.
          Should I buy silver or not .?
          Thank you

      • Wait what? JP Morgan is not the big ASE buyer? Who is then? Couldn’t be Americans they are too in-debt, broke and heavily fluoridated. So Ted Butler is wrong?

        • Dave,

          I just disagree with Ted. I have spoken to some of the Authorized Dealers and they haven’t heard through the grapevine that JP Morgan was a big buyer of Eagles & Maples. If JP Morgan was buying 10’s of millions of ounces of Silver Eagles & Maples, these Authorized Dealers would have heard about it.

          Furthermore, why would JP Morgan suddenly stop buying Silver Eagles in 2017 and 2018 with much lower prices than in 2013-2015????

          Buying of precious metals by the public is down 70-75%, which corresponds with the 75% drop in Silver Eagles & Maple sales.

          steve

          • Any chance that JP Morgan buys directly from The Mint? If so then it would bypass Authorized Dealers so there would be no “grapevine”. Perhaps JP Morgan stopped buying Eagles in 2017/2018 to prevent inventory from getting tight? Seems even the smallest hint of scarcity (shortages) would be like throwing a match on gasoline. I can’t find where The Mint is even reporting sales for 2017/2018 yet.

  4. Ha ha ha ha… I love it. When they hit down the silver price they get a massive hit right back in the face with physical silver purchases. I too wanted to jump right in but didn’t have the funds. Oh well, I eagerly await the next smack-down. Bring it on fellas. Silver on sale. Once in a lifetime opportunity.

  5. Dollar cost averaging would be prudent at this point..
    Like an iceberg, there is more going on then we are able to perceive ….
    Yes there is more above ground Gold than Silver….
    Yes, that soon at present consumption, silver will be an extinct metal….
    There is MUCH more going on….

  6. Silver looks cheap anyway, why not buy some? What’s the downside risk? $12? Most could ride that out. Plus the rare coin market is still mostly healthy but you can make some lowball bids on PCGS graded Morgan dollars ($40 to $100 bid range) and catch them sometimes(always buy slabbed PCGS or NGC coins unless you’re a complete expert). Morgans went ape during 2008 to 2011.

  7. Michael Setser | August 23, 2018 at 7:37 am |

    Did you take into account that the increase in Silver Eagle purchases is likely due to the release of the San Francisco mint version?

  8. Thanks Steve!

  9. With declining net energy, what would you buy? Future promises on rising economic activity like paper iou’s, i.e. stocks, bonds, etf’s etc? Or energy that’s already stored, like good quality handtools? Or physical gold and silver? JPM buying boatloads of physical silver? I’m not buying that, stupid interwebs crap. Get at least 20% of your wealth out of iou’s.

  10. Jean Le Toux | August 23, 2018 at 11:30 pm |

    One thing though that is not reassuring, if Silver Eagles (or other mints) sales go up only when silver is at $15 or less, it means that once it goes up a couple of $, pouff, sales vanishes
    Could it be that investor consider that silver has no future as far as big gains?
    Of course I am talking in this economic time with stock market up etc etc..who knows what would happen in a downturn

    • DisappearingCulture | August 24, 2018 at 8:00 am |

      “One thing though that is not reassuring, if Silver Eagles (or other mints) sales go up only when silver is at $15 or less, it means that once it goes up a couple of $, pouff, sales vanishes”

      Exactly the opposite. When the stranglehold by the COMEX on silver can’t be maintained, and price goes up demand will explode. Just like in 2011 when they lost control of the price. People pile into any investment they see rising quickly, like Bitcoin.

      • Jean Le Toux | August 24, 2018 at 9:48 am |

        “When the stranglehold by the COMEX on silver can’t be maintained” Yeah sadly been in this game too long to keep holding my breath for that

  11. Seems like the price of pm has to sink thru floor and disenchantment reach epic proportions before finally get a little truth about pm. So many, like me, have avoided pm partly because of the obvious observation that 90% of what has come out of all the pm hucksters mouths has been total bullshit. Like listening to diet/food/heath advice-scientific evidence or whatever.

    Refreshing comment by Steve on JPM finally, but too little too late. Still no one says the biggest evidence against this JPM story is that Ted Butler just vomited this all over the internet but never provided any real evidence as just minimal research long ago easily revealed.

    But everyone just kept repeating the holy chant, like Disappearing culture and others here over a year ago who I challenged to provide evidence and got either silence or BS links.

    Cause “feeling good was good enough for me, good enough for me and Bobby Mcgee” right? Pull out that harpoon, from my dirty red bandanna! LOL Sorry, first beer all week and friend just put on Janis Joplin

    “Declining net energy”, check. “Future promises on rising economic activity”, check. Seek out energy that’s already stored, like hand tools, check. PM not so convincing to the discerning, tho of course the potential is there as they are excellent stored energy. Reasons for why they will stay buried while you starve and fight and hide are many tho as myself and others have pointed out so won’t repeat.

    Except to attempt quick summarization by reminding all that basically you need a reality where centralized government has broken down but there is still some kind of localized government that allows some safety in PM commerce. I.e, not mad max. How long will this take and who here will live long enough to see it? If the collapse of centralized government is rapid it will be far too violent to live and if get slow collapse then time too far out for even a 20 year old on this site.

    It is true that peak oil encourages decentralization, so hope there

    But if i was choosing, which I’m not, (I just like energy articles here) I’d choose silver. Gold seems really useless as can only buy big stuff with it which really attracts authoritarian repression. For only one example, buying land with gold is same as trying to buy it with FRN cash, wherein anything over $10k if not less triggers a “suspicious activity report”. Legally, FED reserve notes and gold are the same. Plus capital gains taxes accessed, which already an absurd 28% and they haven’t even gotten started.

    Not to mention that gold will only really increase in value if we get a gold backed currency but of course such backing means any government will be desperate for more of it and seek to get it from you or simply keep you from using it, so as to encourage you to surrender or sell it to them. As has always happened. Agin, and agin, and agin

    Steve, your energy articles are often superb, but if you want to sell PM would suggest you come up with some believable future scenarios where this stuff actually works. Sure, values in Fiat probably will soar for awhile from investors fleeing the markets as you like to say but what stacker would be so stupid to sell for fiat? More importantly tho, what is next stage after such price explosion? Can imagine not so great.

    Hope you don’t mind me saying so, but a mistake of yours, imo, to so assiduously avoid discussing post collapse realities. Especially if, as you have claimed, you have a good idea of how it will play out.

  12. A mistake because avoiding this subject strongly implies to perhaps many that you do believe metals will be unusable for very long time. So fewer sales and or subscribers

    Confident I’ll be ignored here, as usual

    • Yep. Ignore. I gave you the courtesy of patiently reading your vomment (that was actually a typo originally, but I liked it so I left it!) but the line in your post above – “Legally, FED reserve notes and gold are the same.” – really did it for me.

    • Frank,

      My personal view of post collapse in US dollar would include the use of precious metals as money for transactions that include big ticket items such as real estate, housing, boats and cars. I think what we will see in the coming years will be trusted metal exchanges that will assay your metals and give you a credit/debit card based on the amount of precious metals you own. I believe big ticket items will be sold in ounces or grams not in dollars. On the other hand essentials like food, clothing, etc will use local currencies or barter for transactions. Since not everyone will hold the metals. At this time we will witness an enormous contraction of the economy in which resources will be hard to come by. As the contraction continues those holding the metals will gradually convert their metals to other hard assets or services which in turn will distribute the metals to those who do not own or want to acquire the metal for future transactions. The process will continue to repeat until there is some kind of normal distribution of the metal throughout the state/country. I think in the next decade this will come to fruition.

      • That’s a sound view I think James. I hope you’re right. My family has a fresh set of passports. We stand ready to convert metal to Monero and other privacy coins to vacate the USSA forever should the cabal win this civil war. What are the chances that THEY would let us out of the country with metal?

      • James r,
        Like your dissemination of PMs gradually through local transactions theory but I think that it is the big ticket items – house, boat, car etc whose purchases you will not be able to transact quietly through PMs unless a total chaos/collapse situation with no government ensues which begs the question, if no government then no one really to recognize your property which would be taken over by looters etc.

        Assuming some form of government, then they can easily tax and trace your purchases, and the burden of proof will be upon you to prove that you didn’t pay for them with undisclosed assets. I don’t like it either, but the government is just not going to let you profit in any way for your conservatism, diligence, saving, and wisdom. The sole purpose of government is self preservation via redistribution effected through taxation, inflation, or outright confiscation.

  13. Hi Rob,

    In this case, your guttural, emotional, stupid utterance, which, if memory serves, is your forte is appreciated as it indicates I hit the nail at least partially on the head.

    Perhaps, tho, in the future you might shove your “courtesy” where the sun don’t shine. I.e, eat your words.

  14. James r
    see yah next thread

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