With the first week of May in the books, US Silver Eagle sales have failed to pick up the pace from April’s weak sales which saw only 1,520,000 ounces sold, which would have been the lowest monthly sales total in several years were it not for February’s total of 1,490,000 ounces.
The Mint has sold only 335,000 Eagles month to date- on pace roughly for another 1.5 million ounce month-the 3rd such in the first 5 months of the year.
Clearly investors have lost their excitement and enthusiasm for silver currently, and are waiting for a break-out in price before making additional purchases.
We’re not too concerned yet over the drop in eagle sales as enthusiasm and retail sales will increase again when price again begins moving higher. The fact is that most investors buy when an asset is rising, rather than during a protracted and ‘boring’ correction and consolidation.
Perhaps more interestingly however, is the fact that after nearly two years of 1:1 sales ratios in absolute dollar values of gold and silver at the US Mint, the Mint is currently selling nearly 4x the dollar value of gold as silver.
Month to date, the Mint has sold 22,500 gold eagles, which at $1650/oz is approximately $37.1 million worth of gold.
The 335,000 silver eagles sold in May at $32/oz is only approximately $10.7 million worth of silver.
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