With today’s update of 500,000 Silver Eagles sold, bringing November’s totals to exactly 1,000,000, the US Mint has just set an all-time sales record for Silver Eagles, eclipsing the previous annual record of 39,868,500 oz set in 2011.
With the US Mint alerting primary dealers last week that 2013 production will shut down on December 9th, it appears that the powers that be do not wish to allow 2013’s all time silver eagle sales record to get too far out of hand.

sic semper tyrannis




The 1 million eagles sold thus far in November take the Mint’s ASE sales through the 40 million level for the first time ever:

Month One
( oz. / #coins )
January 7,498,000
February 3,368,500
March 3,356,500
April 4,087,000
May 3,458,500
June 3,275,000
July 4,406,500
August 3,625,000
September 3,013,000
October 3,087,000
November 1,000,000
December 0
Total 40,175,000

With 7 weeks remaining in the year, 2013’s sales have already eclipsed 2012’s 2nd highest ever 33.7 sales by a whopping 15%:

Month One
( oz. / #coins )
January 6,107,000
February 1,490,000
March 2,542,000
April 1,520,000
May 2,875,000
June 2,858,000
July 2,278,000
August 2,870,000
September 3,255,000
October 3,153,000
November 3,159,500
December 1,635,000
Total 33,742,500

2011’s previous record 39.9 million oz:


Month One
( oz. / #coins )
January 6,422,000
February 3,240,000
March 2,767,000
April 2,819,000
May 3,653,500
June 3,402,000
July 2,968,000
August 3,679,500
September 4,460,500
October 3,064,000
November 1,384,000
December 2,009,000
Total 39,868,500

As predicted on Friday’s Metals & Markets, premiums on 2013 ASE’s have continued to rise early this week in anticipation of the Mint’s 6 week shutdown beginning December 9th.  Look for premiums to continue to rise over the next 2 months as supplies shrink.

2013 Silver Eagles Are Still Available at SDBullion…

But we suspect they won’t be for long!

  1. Feels like the Force Majure is about to happen.  “oops, sorry, all PM contracts will be settled in cash.. Of course at this super low price… and did we mention the pipeline is empty…. good luck converting to physical….  Thanks for playing – Have a nice day.”

    • 40mln oz, all supplied through sources other than comex delivery.  Nobody is denying demand for bullion products, but industrial demand is steady to waning.
      These numbers are encouraging, but premiums (not flat price) tell the real story.  Why do we continue to see cheaper and cheaper premiums on silver bullion (talking all products, not just eagles… the old logic prevails, all eagles are silver but not all silver is eagles)? Why do we see premiums dropping on 90% silver, stuff that they quit making almost 59 years ago? I will be curious that if we sustain near or sub $20 prices what will premiums do? My gut says higher, but I also think that the rush to products will be heavy on front end, but not sustained at high levels.

      I’m looking for a place to make another major purchase, just considering all factors.

    • @mikeyj80
      “Why do we see premiums dropping on 90% silver, stuff that they quit making almost 59 years ago?”
      Premiums on US 90% silver coins had already gotten out of hand.  Six months ago, it was damn-near impossible to find ANY of this at my local coin / pawn shops.  When I did the premiums were $5-6 an oz.  The on-line vendors had similar prices, so no relief there.  2-3 years ago, one could go to these local shops and find scads of US 90% silver coins, often at spot or just a bit above.  Having this come down is not only reasonable but it’s ABOUT TIME.   I don’t think that we will be seeing the old premiums on US 90% silver coins but it is good that it has dropped from what it was not all that long ago.  It got so bad that I quit buying any and bought ASEs and Maples instead.  They provided more silver for the fiat, although it is nice to have some smaller weights of silver for making change if that is ever needed.  I would be fine with a silver stash that was about 90% ASEs, Maples, and bars and about 10% US 90% silver dimes, quarters, halves, and dollars.
      Speaking of smaller weight silver coins, APMEX sells US proof statehood quarters for about as cheap as anyone.  These are nice looking coins and each contain the standard 0.18085 Troy oz. of silver.  Proof coins are the only US coins, other than ASEs, that still contain silver.  11 of these are very close to 2 oz. of silver, so they can be used to make change rather neatly.  Dimes are good too with their 0.07234 oz. of silver content.  14 of them are close to an oz. of silver.  A $100 bag of each would make for some decent change-making capacity that should work well with the big 1-oz. coins, rounds, and bars should silver ever become a standard barter item.  Yes, it already is for some of us but wider recognition would be good.

  2. Years and years ago I once visited a local dive of a bar call “Judy’s”.  In this decrepit little hole was a pool table the denison used.  It had the occasional bad habit of “eating quarters” without giving up the balls.  Every now and then you would hear a rather intoxicated patron yell out at the pool table “suck’em up, Judy” and the regulars would howl knowing that the table won again. 
    After all these years of lying dorment in my brain, right after reading this article I thought: 40 millions ounces of silver eagles? “SUCK’EM UP, JUDY!!!!”   ….. keep it going!!!

  3. Somehow, with silver getting whacked again today….
    And the price one of Bitcoin(a blip of code in the ether)…..being worth more than a whole tube of silver eagles now…
    I just don’t feel like celebrating at all.
    Notice I’m not using dollar figures whatsoever, but rather using ratio investing…..aaaaand that makes it no better.
    I remember when one silver ounce bought you about 3000 BTC….

  4. why does the article say “the powers that be do not wish to allow 2013′s all time silver eagle sales record to get too far out of hand.”? They stop sales every year in December because they are ramping for the new 2014 coins. when should they halt sales of 2013 coins, in 2019? It’s December 9!!!! only 21 days before the end of 2013. talk about hype. let’s bring back some reality to this, please

    • Lets try this again.  @thefink : reality is that it takes about 1 hour to change the dies on the presses for the ONE side of the ASE that varies by 1 # changing for 2013 to 2014.  The mint normally shuts down for about 7 days during the changeover, last weeks the shutdown was nearly 2 weeks..this year they have advised they will shut down production for nearly 5 weeks.
      To change a die.
      Yes, lets bring back some reality, please.


    • @The Doc
      I agree, Doc.  Toyota can change over their equipment for making the next model year cars and trucks in what?  A week?  Less?  It’s all about incentive and Toyota has plenty of that since equipment change-over is down-time and down-time costs beaucoup bucks… or yen.  Either way, they are not making any money UNLESS they are making cars.  
      What is the US Mint doing while the great die change-over is occurring?  I dunno.  Something?  I do know that they have had trouble getting as many silver blanks as they wanted at various times.  Maybe they are stacking blanks at this time to build inventory?
      Whatever the reason, it is clear that the US Mint COULD sell more ASEs than they currently do, even though they are selling them in record numbers.  Fortunately, US silver stackers have some friendly neighbors to the north who are happy to take up the ASE slack by selling us their beautiful silver Maples (gold Maples too).  They even cost a little less than ASEs, so what’s not to like about them?  I stack both and I suspect that many others on here do too.
      Speaking of which, I need to mosey on over to SD Bullion and see if I can score some silver Maples.  🙂

    • @mikeyj80 : currently ASE’s and 90% are both pretty tight, everything else is pretty readily available.  Premiums have come down on 90%, but the largest wholesalers in the US all have under $5,000 face in stock…which is essentially nothing in the big scheme of things.
      I do expect premiums on maples and generic rounds to creep up likely mid Decemberish as folks who would normally purchase eagles turn to other products.

  5. “We the People” are acquiring Silver multiples over Gold, yet the price of Silver denominated in fiat currencies was ‘smashed’ today beyond that of all other asset classes in the world.  Can anyone come up with a reasonable explanation for the attack on Silver in particular, other than viewing it as an attack on “We the People”?  In the final analysis of things, it is over Silver that the final battles against humanity will be fought, not Gold.
    More and more people throughout the world are buying Silver for protection…  While the price of Silver is being suppressed beyond that of any other tangible asset in the world.  Can anyone name a commodity or any thing that’s cheaper in price today than it was in 1980?  The situation is perfectly clear for all to see…

  6. a couple of thoughts
    Mikey  I don’t think there is much of a premium on silver for the same reason there is no premium on ammo.  There is not enough of a fear factor. Ammo prices doubled to buying public’s concerns over shortages.    Silver premiums shot up due to similar fear factor of shortages.
    Shortages in both ebbed—premiums ebbed
    As for China,  no s*** said Sherlock.  Big Banks, Central Banks, the uber rich and us John Q Public stackers are scrambling for phyzz for the same reason.  really really bad sutff is going to start happening in early 2014 
    The top dogs know it, China is part of it. The big rats are running for the life boats made of silver and gold. Once they are full, they cast off. Anyone not in PMs will drown. 
    This is a simple notation from a simple person.  My gut and my intel from a couple of people who are more insider than me confirm 2014 is going to a crap storm.  It will be in FIAT, loans, businesses, and probably in the streets.   Stay frosty, stay safe, be wary and watchful.  When and how it hits is not certain but my instincts tell me we are in the eye of the storm.
    Hope I’m wrong
    PS Sorry I didn’t attribute my inside sources.
    One is a solid good banker who sees some bad problems facing banks in 2014. He has been informed by his top people to expect tough times. The second is a long time friend who is thinking seriously of getting out of banking (abandoning a lucrative career) and offshoring his assets before the they trapped in the FIAT gulag formerly known that the USA. He would sell his home and become a PT, permanent tourist.
    When people are working to protect 7 and 8 figure net worths I tend to listen to them

    • here there is a premium on ammo if you have it in hand.  you will be able to sell more than the ‘list price’ at the store.
      To me the core reason on silver premiums is exactly what you mention.  But if you don’t dig so deeply, you can atteibute it simply to more buyers than sellers (which is false as well because for every buyer there is a seller… but that is the phrase I always hear thrown about).  If there was a supply shortage people have more ability to ‘name their price’ whereas in a market full of supply, the buyers tend to have the advantage.
      In brief, reduced premiums tell me their are sellers of silver that are perfectly happy selling at todays prices.

    • “(which is false as well because for every buyer there is a seller… but that is the phrase I always hear thrown about).”
      Which is only true IF there is a sale.  There are times when there are sellers but no buyers and vice versa.  At those times, no transactions occur and either supply or demand is pretty much irrelevant.  Think UST bonds if the Fed wasn’t buying any.
      In brief, reduced premiums tell me their are sellers of silver that are perfectly happy selling at todays prices.”

      Either that or they are not especially happy but MUST turn over their inventory to survive.  In most cases, they do not make money by holding silver but by selling it, so their mantra is SELL! SELL! SELL!  If they have to reduce their premium to get the sales volume they need, then they will do it as long as they can still make money.
      I do note from the info above on historical silver sales, that November is one of the slower months.  The reduced premiums are expected, in order to move more inventory.  Good time to buy some, actually.  🙂

  7. Now that’s funny Doc.   Here I am,  technodoofus of all time , losing entire posts due to my ineptitude and the tech dude himself, Doc, loses a post   I don’t feel like such a moron   Cheers Doc  What a day it was

  8. Back at you 20 minutes later.  Agreed Mikey
      there are sellers willing to sell for $1 over spot, maybe $2. They buy for 50 cents over and move a large quantity, protect and hedge their price —buyer and seller are just fine with this.
    When gas goes up by 50 cents a gallon during a contrived shortage, the price stays high and drops slowly.  The fear factor ebbs but everyone get a full tank, even if it costs more today. Yes, everyone needs gas—no one ‘needs’ silver—until they do.
    When petro is flush, prices are down and the retailer makes a modest 12 cents a gallon pool margin—enough to pay the rent as their customers buy donuts and coffee, where the real margin exists.   When gas prices are high, the dealer might make 20 cents pool margin and get a lot of static from customers and can’t sell coffee. It all goes in the tank.
    Ditto for PM buyers. The clients buy less with higher premiums but lots of people come to the door.
    But there are sellers because sellers have a business, need to keep the doors open, pay the bills and will find a way to get phyzz to the buying public.  Margins might not be great but with a lower price, customers are more eager buyers.
    As I mentioned to zman last weekend, my post on silver shortages mid 2012 was wrong on several counts.  The real shortages are coming and we all have opinions on why.  But the ‘if’ of shortages is not debated as much as in past years. The above ground is moving to the strong hands, hoarders and smart money off shore buyers like China and India, slated to buy 400,000,000 ounces this year.
    When the mines go toes up, unable to stay open due to the fiscal, profit and environmental woes, we should be the supply have a knot jerked in its tail   1-2 years at most.  Miners dont like running non-profits, close the down and the banking world will not throw money into a dead mining operation  Not with Dodd Frank on the loose. This is not a line in the sand. Just an opinion. The situation could change quickly and make all our predictions little more that eyewash.

    • @AGXIIK
      Good comments. I agree with most of them but have a comment to add.
      “Miners dont like running non-profits, close the down and the banking world will not throw money into a dead mining operation  Not with Dodd Frank on the loose.”
      No, they don’t.  But the Chinese would be missing a HUGE bet if they did not bankroll any number of successful miners who are now in temporary financial trouble, thanks to all the jacking around (think routine massive paper silver dumps during the most thinly traded hours of the day) that has depressed the price of silver.  I would think that any number of the miners have been financially hurt by this.  Some may go out of business, if they haven’t already.  Forming a partnership with them would make perfect sense for the Chinese… and they do not miss very many bets.  They could provide the miners with a steady income at a price that is high enough to keep them profitable while the Chinese get substantial additions to their gold and silver hoards.

  9. righto EdB   Chinese are investing billions in Canadian, Indonesian and  Australian mining ventures.
    There was a pic showing a chinese miner with an Abo miner.
    Maybe—but they are putting $25 billion into Africa and more than a dozen countries in that continent.

  10. Eagle sales are still a very small part of the overall silver market (less than 5%),  if industrial demand drops off even slightly, that adds plenty of silver to the market, thus canceling out the eagle sales.

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