Another week and another 1 million Silver Eagles were sold by the U.S. Mint. In the first ten days of November, sales of Silver Eagles are nearly six times higher than the total for November 2019. With premiums now down in the $4-$6 range, investors continue to acquire Silver Eagles more than any other official silver coin.
While Canadian Maple Leaf sales are also strong, they will not surpass the estimated 28-30 million Silver Eagles sold this year. The U.S. Mint updated its figures yesterday to show 2,701,500 Silver Eagles, up from the 1,653,000 sold on November 3rd.
That turns out to be 1,048,500 sold in a week. It will be interesting to see what the sales will reach for the remainder of the year as the markets continue to be volatile with Presidential election politics, the global pandemic, and economic uncertainty. As I mentioned, sales of Silver Eagles in the first ten days in November are nearly six times greater than last year.
If Silver Eagle sales continue to be strong for the rest of November, I wouldn’t be surprised to see 3,500,000-4,000,000 for the month. Furthermore, if we see another 1-2 million Silver Eagle sold in December, that would put the total very close to 30 million for 2020, double the 14.8 million sold in 2019.
As for Gold Eagle sales, they also continue to be very strong. Gold Eagle sales for November 9th are 35,000 oz and have reached a total of 744,000 oz so far in 2020. This is nearly five times higher than the 152,000 oz of the Gold Eagles sold in 2019.
I will provide an update towards the end of the month or sooner if the U.S. Mint shows a substantial increase in Eagle sales over the next week.