U.S. Mint Silver Eagle Sales Spike By Another 1 Million At End Of September

Demand for the U.S. Mint Silver Eagles spiked again at the end of the September pushing sales nearly to three million.  In a little more than a week, Silver Eagle sales jumped from 1.9 million to 2.9 million, nearly doubling from the previous month.  Sales of Silver Eagles in August were only 1.5 million versus 2.9 million in September.

As I mentioned in my previous update, the U.S. Mint temporarily halted sales of Silver Eagles at the beginning of September due to a spike in demand.  However, as the U.S. Mint resumed sales, the Authorized purchasers have been taking advantage of the low price.

Let’s look at my Silver Eagle chart from September 19th:

As we can see, Silver Eagle sales bottomed in May at 380,000, and have continued to rise over the next four months.  Now, if we look at the U.S. Mint’s most recent update, sales have jumped by nearly 1 million to 2.9 million:

If we exclude sales in January (2017 & 2018), which are normally elevated due to the new annual release of the Silver Eagle, the last highest month was in November 2016 at 3,061,000.  So, we can see that demand hasn’t been this robust in nearly two years.

Furthermore, the U.S. Mint reported 350,000 Silver Eagle sales on the first day in October:

Thus, the single day sale of 350,000 on Oct 1st, is nearly the same as the total 380,000 set back in May.  I believe we may see another strong month of Silver Eagle sales in October, especially if the silver price remains weak.

Lastly, I will be putting out an article shortly on the disconnect between the silver and oil price.  Energy is a major factor in the cost to produce silver.  As the oil price continues to increase as the silver price trends lower, this is putting a lot of pressure on the primary silver miners.  I would imagine we are going to see some of these primary miners post losses in the third quarter due to higher energy costs while receiving lower silver and base metal prices.

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20 Comments on "U.S. Mint Silver Eagle Sales Spike By Another 1 Million At End Of September"

  1. Steve,

    Love the graphics.

    Maybe the market is waking up or maybe it is the bargain basement prices. Now is the time to back up the truck. Price may drop lower but supply will become a problem.

    Thanks,

    SteveW

    • SteveW,

      I believe the silver price is still finding a bottom. We may be close. But, with the oil price moving higher by $10 as the silver price fell $2, this is most certainly hurting the primary silver miners.

      steve

      • DisappearingCulture | October 2, 2018 at 6:00 am | Reply

        Steve,
        The oil price rising by $10 in the time framework you mentioned should help hasten the time to a price bottom, right? After all silver is priced as a commodity now and higher oil price means higher cost to mine & refine…or am I missing something.

        • DisappearingCulture | October 2, 2018 at 7:01 am | Reply

          And, we have the commercials net long by the largest margin since sometime in the 90’s. They are betting the price will go up, and they have more inside information than those on the other side of the bet [and they have more to do with the CFTC etc. & controlling price]. They aren’t going to lose their shirts; they never do…the price has to go up. I just don’t know the time framework. But COT positions are weeks/months, not years out.

      • Michael Kohlhaas | October 2, 2018 at 6:56 pm | Reply

        All commodities will go up in the near future for years. A huge inflation wave is coming. CBs will do everything to fight it.

        • @MK. Fight it??? Hahaha… They created the debt and fiat in the first place to enable all them speculative bubbles and killed any semblance of real “markets” we have today. They can go back to a gold standard yes, but that will mean admitting defeat and 50 years (at least) of THEIR financial wrongdoings (and 50k gold at least). No way out and time is running out…

  2. Perth mint sales are up too. The US better control the price back to $16 to make silver look flat. It would be interesting to know who the US mint calls to order up another million oz when needed. There must not be any shortages yet. If that happens, the mint will make an excuse to stop production.

    • Valuation

      Virtually all other currencies with the exception of the US dollar, have seen the value of both silver and gold rise in terms of their respective currencies.
      What this informs you of, is that people are abandoning their paper wealth for tangible holdings, mainly precious metals.
      Meanwhile in America, all attention is focused on the Kavanaugh dog & pony show!

  3. Hmmm…
    The Not Federal and has no Reserves has yet to release The Consumer Revolving Credit Numbers for September. They’re up to July.

  4. These charts definitely prove the blatant paper manipulation of the precious metals markets! Silver buying to the extreme while the price stays stuck in the $14s! 😂 you can’t make this 💩 up!

  5. Could JP Morgan have their hand in any of this buying?

  6. Thanks Steve, this was a fun read.

  7. Michael Kohlhaas | October 2, 2018 at 11:40 am | Reply

    Mint Silver Eagle sales mean diddly shit!!!

    • DisappearingCulture | October 2, 2018 at 12:29 pm | Reply

      I think you posted a very similar phrase lately.
      It is possible nothing means diddly shit to you or someone else. To others some things have meaning.

    • If fizz is really tight it might do… otherwise not much at all. But we’ll only know after the next big move (up or down). So we should know before long. My bet is the next move is higher, not because of ASE sales, but because they destroyed the mining industry by taking prices too low. No new (large) discoveries and energy prices going up, metals still in the gutter along with sentiment in the PM pit.

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