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Silver Demand Jumps, 2014 Silver Eagles Bullion Coins Sold Out: US Mint

By Commodity Trade Mantra CommoditiesNov 06, 2014 05:50AM ET
www.investing.com/analysis/silver-demand-jumps,-2014-silver-eagles-bullion-coins-sold-out:-us-mint-231612
Silver Demand Jumps, 2014 Silver Eagles Bullion Coins Sold Out: US Mint
By Commodity Trade Mantra   |  Nov 06, 2014 05:50AM ET
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The U.S. Mint has informed their network of “Authorized Purchasers” on Wednesday, that it has temporarily sold out of its American Eagle silver coins following tremendous demand since the start of the month as silver futures slumped to the lowest in more than four years. In a statement sent to its biggest U.S. coin wholesalers, the U.S. Mint says it will continue to produce 2014-dated coins. The Mint will advise when additional inventory will become available for sale without providing further details. Total global silver mine supply was 820 million ounces in 2013.  This amounts to roughly 2.2 million oz per day of global mine supply. Over 2 million Silver Eagles were sold in less than two hours. In other words, investors bought around 90% of the daily global mine supply through Silver Eagles ALONE. 

Will we again see a $9 COMEX silver price, yet none to be had physically at $15?

Sales of American Silver Eagles have exploded in the last two months after easing sharply in the summer, approaching the all time annual sales record of 42,675,000 established last year. September sales more than doubled those in August, and sales in October were the highest since January 2013. That’s within a hair’s breadth of matching the record pace. Produced since 1986, Silver Eagle sales in record year 2013 hit 39,175,000 coins through the same time last year. In October 2014, U.S. Mint American Eagles sales jumped 40 percent to 5.79 million ounces from a month earlier to the highest since the record in January 2013. And yet, silver futures on the COMEX dropped to $15.12 yesterday, the lowest since February 2010. Would like to know & understand if this is possible by anyway else other than plain & simple “Manipulation”?

US Mint Silver Sales

Month

One
( oz. / #coins )

January

4,775,000
4,775,000

February

3,750,000
3,750,000

March

5,354,000
5,354,000

April

3,569,000
3,569,000

May

3,988,500
3,988,500

June

2,692,000
2,692,000

July

1,975,000
1,975,000

August

2,007,500
2,007,500

September

4,140,000
4,140,000

October

5,790,000
5,790,000

November

1,260,000
1,260,000

December

0
0

Total

39,301,000
39,301,000

At a yet unannounced date, the U.S. Mint will stop selling 2014-dated American Silver Eagles as it begins to build 2015-dated inventory for sale in early January. It has already produced some coins for next year but that stopped when demand picked up again for this year’s issues. In 2013, the Mint sold its last batch of 2013 American Silver Eagles on Dec. 9, 2013. It did not offer the 2014-dated versions until Jan. 13. 
Assets in exchange-traded products backed by silver rose to a record last month, defying a slump in gold ETP holdings to the smallest since 2009. Sales of American Silver Eagles have exploded in the last two months after easing sharply in the summer.

According to the Silver Institute (provided by data from Thomson Reuters GFMS), there was a 103 million oz physical silver deficit in 2013.  This was mostly due to the record 245 million oz physical silver coin and bar demand. If physical silver demand remains as is now, let alone rise further, the world could suffer another large deficit in 2014. 

The price of silver is currently around 74 times cheaper than gold – the biggest spread since early 2009. Due to its greater affordability, silver sales tend to outstrip gold in volume terms and attract a lot more retail buyers.

Last year, the U.S. Mint ran out of its smallest American Eagle gold coin in April. Gold futures fell to the lowest level since April 2010 yesterday.

Silver Demand Jumps, 2014 Silver Eagles Bullion Coins Sold Out: US Mint
 

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Silver Demand Jumps, 2014 Silver Eagles Bullion Coins Sold Out: US Mint

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