I have just received word that American Silver Eagles, as reported by the U.S. Mint, sold exactly zero coins on Friday July 8, 2016. The Mint did manage to sell paltry 2,000 American Gold Eagles. If the Mint isn’t moving silver into the Authorized Purchasers (AP), that means the AP’s shelves are still full even though premiums are dropping.
Where is all the silver going?
From Rory Hall, The Daily Coin:
We are still receiving reports that sales of Eagles, both silver and gold, are still very strong. Keep in mind the strength that is being referenced is from a point of elevated sales through the first six months of 2016 when compared to 2015. So, the sales are in fact, very strong.
The pace of 2016 American Silver Eagle sales in July 2016 is a whole other story. Louis Cammarosano, whom I speak with regarding these number each month on The Daily Coin YouTube channel, has shown reaching a new record would be difficult and this was the motivation for saying there would be no new record in 2016. In the first eight days of July the U.S. Mint has only managed to sale 250k ounces!! This is a staggering drop in sales when compared to each of the first six months of 2016. The volume drop in sales is an extreme on a magnitude. 75% drop in sales when compared to January through May 2016 where we witnessed over 4 million ounces of American Silver Eagles sold in each month.
I have been on record for several months stating the U.S. Mint would not breach the 50 million American Silver Eagles sold this year. It does them no favors to have a number floating around in the world showing “50 MILLION Silver Eagles sold in 2016!” Not going to happen. I stated during several of the shows I have conducted on my YouTube channel, The Daily Coin and my co hosted channel, Shadow of Truth. As of today it appears the numbers don’t add up. With only four months remaining, the month of December the Mint has been closed to “change the dies” for the last three years running, so, why would the Mint stay open in December this year?
The final numbers for American Silver Eagle coins sold during 2016, barring a major event and huge rush into the market (at which point all bets would be off anyway) I am predicting the Mint will be at or just below the 47 million ounces as they sold in 2015. I had previously called for a number at or just above 47 million.
In order to breach 50 million ounces the Mint would have to sale far in excess of 23 million Silver Eagles in the next five months (counting July). That equates to 4.5 million ounces per month, every month, through the end of November. If the Mint sales 1 million ounces of Eagles this month it will be more of a function of habit than AP’s demanding product.
If the Mint sales only 1 million Silver Eagles in July this would make the task of reaching 50 million quiet a chore. It would also place in full view a number less than 47 million, so no new record in 2016.
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