The U.S. Mint just updated their Silver Eagle sales figures for May, and it was a whopper.  Since the beginning of last week, the U.S. Mint sold 1.939,500 million Silver Eagles.  This is a big number.  Total for the month of May is already at 3,262,000 oz.
It took one week for the U.S. Mint to sell more Silver Eagles (1,939,500 oz) than all the Gold Eagles sold in 2012, 2013 and 2014 (1,808,000 oz).
Just think about that for a minute.  The market purchased more Silver Eagles in one week than all the Gold Eagles since January 2012.

 

 

570x400 SDWC Slider_3 (1)

 

From The SRSRocco Report:

 

Silver Eagles 51314 pm

At this rate, May could turn out to be the highest sales month, beating the record set in March at 5,354,000 oz. 

At first, I thought the U.S. Mint sold 1.8 million Silver Eagles over the weekend, including Monday.  However, I received a response from Michael White, Public Affairs at the U.S. Mint letting me know that there was a glitch in the figures.

Even though the U.S. Mint updated their end of the week tally of Silver Eagles at 19.7 million, the total for May remained at 1,322,500 on Friday.  By adding up the monthly figures, the total amount should have been 18.7 million, not 19.7 million.  All the sales figures are now up to date.

That being said, the U.S. Mint sold 1,939,500 Silver Eagles as of Monday-Tuesday last week.  Again, this is a huge amount when we compare it to Gold Eagle sales.

Silver Eagle vs Gold Eagle Sales (Week - 3 years)

It took one week for the U.S. Mint to sell more Silver Eagles (1,939,500 oz) than all the Gold Eagles sold in 2012, 2013 and 2014 (1,808,000 oz).  As the chart shows, there were 753,000 oz of Gold Eagles sold in 2012, 856,500 oz in 2013, and 198,500 so far in 2014.

Just think about that for a minute.  The market purchased more Silver Eagles in one week than all the Gold Eagles since January 2012.

One more thing.  Mr White stated that the weekly allocated figure for Silver Eagles is 1,808,000.  I don’t know how many folks out there are into NUMEROLOGY, but this weeks Silver Eagle allotment is the exact same amount to the TEE, of all the Gold Eagles sold since 2012.

Just a mere coincidence?

Official Silver Coin Sales:  A Trend For Bigger Things To Come…

As I mentioned in my previous article, Official Coin Sales totaled 136 million ounces, according to data from CPM Group’s 2014 Silver Yearbook.  Even though this is only 17% of total mine supply, it is nearly 3 times the growth rate compared to 39.7 million oz official coin sales in 2003 at 6% of world mine supply.

There is a reason the public is currently buying 100 times more Silver Eagles than Gold Eagles… and it has to do with affordability and leverage.  We must remember, only a fraction of Americans are purchasing Silver Eagles.

I believe peak oil is putting a KIBOSH on silver consumption in the industrial sector.  GFMS put out a Report for the Silver Institute in 2011 forecasting industrial silver demand until 2015.

GFMS Industrial Applications

GFMS forecasted industrial silver demand would reach 600 million ounces by 2013.  However, Thomson Reuters GFMS estimates industrial demand to increase 7 million ounces in 2013 for a total of 473 million oz.  This is 125 million less than their 2011 forecast.

I don’t believe industrial silver demand will increase all that much by 2020.  On the other hand,investment demand will probably be the leading driver of the silver market due to the continued problems in the U.S. and Global financial markets.

Lastly, we are only seeing the beginning stages of silver investment demand.  I would imagine things are going to get a lot more interesting in the silver market as Americans wake up to the realization that the U.S. Dollar is not a store of value, rather a massive warehouse of debt.

Please check back for updates at the SRSrocco Report and you can also follow us at Twitter:


  1. I can see why people would buy silver over gold. Gold is hoarded whereas silver has many uses especially in industry where the silver once used is gone. When the price of silver goes up you can play the GSR to buy gold if one so desires.
     
    Changing subject for a minute. Can someone please direct me to a site where I can get reliable information on the supply and demand of silver? I’ve looked at the Silver Institute figures for 2013 and they claimed that the supply of silver in 2013 was 1,048 billion ounces and demand was 1,048 billion ounces. I’m just not buying those figures.

  2. A bit random to look at (obsess over) Eagles only. What about Buffalos? Superior in gold through price and purity I believe. Aren’t those US Mint issued as well?
    To make a fairer comparison, add the Buffalo gold sales on that side, and find figures from the private mints doing to the silvers. 
    With Buffalos now often sold for $0.65-69 over spot, numbers much be pretty high. Same for the OPM Rounds which seem to have joined the low premium shoot-out.
    Off-topic thought : could we obtain silver blanks easily? I’d like Eagle blanks actually, and even rather LUNAR II blanks. Large and flat. 

    • SRSRocco does not include the gold buffalos because he is intentionally misleading people. I have brought this up several times. I haven’t seen anyone else call him out on this. The other day I heard Eric Sprott also leave out the gold buffalos when comparing the gold/silver sales ratios from the US Mint. We don’t put up with the lies from the mainstream media, so why would we put up with being intentionally misinformed by those in the precious metals community? 

    • Buff data is only available for 2008 for uncirculated rest of the years were proofs and total sales for uncirculated was  35,213, and for the time period selected 19,715 proofs. Not a huge number

    • HOOKSHOT…I don’t mind being told that I am FOS – FULL OF SH*T, however, you need to have the facts to back it up.  If you are going to publicly ridicule or discredit someone in person, then you best be sure you can provide the data or you could lose respect.

      If we include Gold Buffalos into the mix we get the following figures:

      GOLD BUFFALOS
      2012 = 132,000
      2013 = 239,000
      2014 = 89,000
      TOTAL = 460,000
       
      So, if we add the Gold Buffalos to the Gold Eagles since 2012, we get 1,808,000 + 460,000 = 2,268,000, compared to the 1,939,500 Silver Eagles.  So, yes if we include Gold Buffalos, there were 328,500 more Gold oz sold than Silver Eagles.

      However, this does not include the U.S. Mints America The Beautiful 5 oz Coins that are on the same page as Eagles & Buffalos.  In 2012, there were 800,000 oz of these coins sold and in 2014 to date… 218,500 oz.

      I separate Buffalo’s from Eagles, because I also keep out the American The Beautiful Silver Coins as well.  Either way, the Buffalos don’t change the percentage all that much. 

      For example, 20,710,000 Silver Eagles have been sold in 2014.  If we add Gold Eagles and Buffalos, we get a total of 287,000.  The ratio is still a whopping 72 to 1.  So, its not 100/1… it is still a huge ratio.

      I don’t see where a 72 to 1 ratio of Silver Eagles to Gold Eagles & Buffalos is misleading the public.

      steve

  3. Silver is silver. Paying high premiums for silver when other “generic” coins and bars are availabe for much less results in MORE silver for LESS fiat.  Bogggles the mind to see those not getting this simple “waste” of stacking silver. Remember your stack is measured in OUNCES not DOLLARS!!!!!!

    • Folks are willing to pay the premium for Eagles to get a known product that has a history and comes from a reputable source. IRA acceptable, etc… I have mostly Eagles, but also plenty of generic stuff as well.

    • @Whiskey Zero
      New Maples seem harder to counterfeit than any year Eagle. Sell the Eagle and get the cheaper Maples in return. More ounces for you. And less issues selling off your silver when you feel it’s time to sell.
      Much better still is to get editions like the Peregrine Falcon, Somali Elephant, Saltwater Croc, etc, at similar premium to Eagles higher nominal value for those who care about that, AND huge potential to accumulate collectors value. Eagles at 40 million per year don’t really do that.
      Eagles seem to still exist, and be written about so much, to get people to invest in PREMIUM rather than in ounces taken off the market.
      $0.65 ($2 = 10.x% cheaper) over spot Buffalos and OPM rounds to be had in plenty of places. 10% more silver because you didn’t get Eagles…

  4. “…But regardless of the ongoing manipulation of the silver price, one obvious fact stands out from my comparison of commodity prices — silver is very, very cheap.  Silver is by far the cheapest of the 63 commodities I compared.  That makes silver a tremendously undervalued asset and therefore one of the best buys on the planet today. — James Turk 5/12/2014

  5. What a silly statistic. In actual dollar terms, the gold was worth more than the silver. Did you know that there were more Cocktail sticks sold in America than Silver?

    If silver was being sold more than the Gold/Silver ratio over the period, then I would take some notice, but whats the G/S ratio, oh thats right between 55-65 which means that for every Troy Oz Gold, there would have to be a minimum of 55 troy Oz Silver.

  6. SRSrocco—”Hookshot…I don’t mind being told that I am FOS, however,you need to have the facts to back it up”.  Okay Steve, here are the facts. So far this year the mint has sold 89,000 ozs. gold buffalos and 198,000 ozs. gold eagles. The Buffalos equal 31% of the gold coin ozs. sold by the mint so far this year, and yet you fail to include them in your gold/silver comparisons, like they don’t exist. You say the reason you do this is because the silver “America the Beautiful” coins aren’t included so things balance out. Not exactly. So far this year the silver “America the Beautiful” coins total 218,500 ozs. The silver AEs total 20,710,000. The silver ATB coins are a little over 1% of the total silver ozs. sold by the mint. There’s a big difference between 1% and 31%.  Steve, I agree that the 72-1 ratio of S/G coins sold by the mint is telling us something. It’s telling us that the masses prefer silver to gold, especially at current prices. That number is important to me.  Does it make a difference if the ratio is 102-1 or 72-1??? Yes, because one is the correct ratio and the other is the embellished ratio. Aside from this, I would like to congratulate you on getting the G/S stats from the other govt. mints.  I know they’re not easy to access. 

Leave a Reply