Well that didn’t take long. The U.S. Mint sold the entire 2017 American Palladium Eagle mintage after launching the coin just days ago. Silver, on the other hand, just reached a new milestone bottom in sales. Here’s a breakdown…
The American Palladium Eagle coin has sold out at the U.S. Mint just days after the release of the first ever palladium coin:
So much for the whole “sufficient quantity to meet demand” clause.
Here’s the chart we threw up in today’s Monday Outlook:
We have asked if palladium is making a pivot, which will help support the prices of gold and silver. We shall see.
Reuters is reporting, however, that this is the worst quarter for American Silver Eagle sales in ten years:
Third-quarter sales of American Eagle silver coins fell to the lowest in 10 years, U.S. Mint data showed on Friday, as the spot price of white metal rebounded above a 15-month low.
Sales reached nearly 3.7 million ounces in the third quarter, the lowest quarterly sales since 2007. On a monthly basis, they were at 320,000 ounces in September, the lowest since December 2016 and down 81 percent from September 2016.
If there was ever a bullish indicator for silver, this may have been just it. Sure enough, silver, according to US Mint sales, is about as unwanted as it gets right now, and that just may be exactly the news we need to hear…