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US Mint Suspends Silver Eagle Sales Due to High Demand

ZZZZZ

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#1
US Mint Suspends Silver Eagle Sales Due to High Demand

FEBRUARY 26, 2019 BY SCHIFFGOLD 0 1
Investors are gobbling up American Silver Eagle coins. Sales were so brisk last week that the US Mint temporarily suspended orders when its inventory ran out.

February sales this year have already doubled 2018 levels. As of Feb. 26. the mint had sold 2,157,500 Silver Eagles this month. That compares with 942,500 coins in February 2018. This represents a whopping 118% year-on-year sales increase.

January sales were also brisk. The mint sold 4,017,400 ounces of American Silver Eagles last month compared with 3,235,000 ounces in January 2018. On the year, 2019 sales are running about 45% higher than in the first two months of last year.



According to SRSrocco, authorized purchases of Silver Eagles jumped by 775,000 oz this past Thursday, prompting the temporary sales suspension. The mint issued the following statement on Feb. 21.

This is to inform you that we have temporarily sold out of our inventories of 2019-dated American Eagle Silver Bullion Coins. In addition, all remaining 2018-dated inventories have been sold too. The West Point Mint is busy producing additional 2019-dated American Eagle Silver Bullion Coins. We hope to be able to re-launch the 2019-dated coins in a few weeks.”​
The mint has suspended sales before, but this is more common in the fourth quarter as inventories decrease and the mint winds down production for the year.

SRSrocco indicated strong Silver Eagle sales will likely continue in the near future.

I believe demand for Silver Eagles will remain strong this year, but it will take another financial and economic crisis to push the annual purchases back up to the 35-40+ million range. And, I believe we may likely see that type of demand in the next few years as the global financial system starts to unwind due to the massive amount of unsustainable debt.”​
Sales for American Gold Eagle Coins have also been strong. So far, sales for January and February of this year are at 77,500 ounces. This compares to 64,000 ounces through the first two months of 2018 – a 21.1% increase. Year-over-year sales in February are up 109.1%.

The silver-gold ratio remains historically high. At the time of this report, it was running at 83.55-1. As we’ve been reporting for the last year, this is essentially silver on sale. The ratio hit a quarter-century high last November, peaking at 86-1.

Historically, the silver-gold ratio has been much lower. Geologists estimate that there are approximately 19 ounces of silver for every ounce of gold in the earth’s crust, with a ratio of approximately 11.2 ounces of silver to each ounce of gold that has ever been mined.

In 1792, the gold/silver price ratio was fixed by law in the United States at 15:1. France mandated a ratio of 15.5:1 in 1803. Faced with the challenges of a bi-metallic monetary system with fixed exchange rates and the aftermath of a worldwide financial crisis, the US Congress passed the Coinage Act of 1873. Following the lead of other Western nations, including England, Portugal, Canada, and Germany, this act formally demonetized silver and established a gold standard for the United States.

With silver playing a smaller role as a monetary metal, the silver-gold ratio gradually spread. The modern average over the last century is around 40:1.

Silver is much more volatile than gold due to its industrial role, but at its core, it is still a monetary metal and it tends to track relatively consistently with gold over time. In a recent It’s Your Dime interview, Silver Institute executive director Michael DiRienzo said he expects that ratio will eventually return closer to historical levels.

Silver has hit an all-time high of $49 per ounce twice – in January 1980 and then again in April 2011. If you adjust that $49 high for inflation, you’re looking at a price of around $150 per ounce. In other words, silver has a long way to run up. As one analyst put it, “With the long-term downside potential of silver very low versus its current valuation, the risk/reward is one of the best investments on the planet.”

https://schiffgold.com/key-gold-news/us-mint-suspends-silver-eagle-sales-due-to-high-demand/
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Mujahideen

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#3
Yeah, that makes sense. Demand for something goes up - stop production!

LOL. This is why its always a bad idea to allow government to "solve" problems.
I always assumed it was because they didn’t have enough blanks to make coins.
 

Son of Gloin

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#4
I always assumed it was because they didn’t have enough blanks to make coins.
That was my understanding, too. They smash through all their blanks and just run out of inventory.
 

ZZZZZ

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#5
But the law requires the Mint to make enough to meet demand.

If someone knows the exact law, please post here. Or I'll look for it when I have some time later.
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hernancortes

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#6
I'm too lazy to look it up, but the wording of the law was changed a few years ago to give the mint a legal out if they couldn't meet demand.
 

BigJim#1-8

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#7
I seem to remember that only Ag mined or from the U.S.A. could be used???
 

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#8

Buck

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#10
it would seem any shortage has ended...

I just bought 20 of the 2019's for less than 16.12 each
(of course i coulda had them at 8 each but i had to buy that usb microscope/camera with the stand and a few other things for a few other dollars...ebay bucks come in handy when you're done buying what you gotta buy)



Ain't you happy for me
:2 thumbs up:



shortage my ass, chumps...
 

Strawboss

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#11
it would seem any shortage has ended...

I just bought 20 of the 2019's for less than 16.12 each
(of course i coulda had them at 8 each but i had to buy that usb microscope/camera with the stand and a few other things for a few other dollars...ebay bucks come in handy when you're done buying what you gotta buy)



Ain't you happy for me
:2 thumbs up:



shortage my ass, chumps...
A smart decision...very smart.

But you already knew that....
 

Buck

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#12
You Guys Are The Smart Ones...I learned Lots Here...
:2 thumbs up:


A poor consumer market, manipulated silver spot prices, stock market stuck in neutral, a soaring (historically speaking) GSR ratio, "worlds denominated fiat valuations for actual spot price", etc, lots of opportunities to go along...i was waiting for a $50 offer to be approved by ebay and their new CC, but they said to wait for the denial in the mail, not exactly how it was said, but for a nearly non-existent person, it was an honor for them to receive my request (they just don't know it)...but, after the smoke cleared, I still got, for the entire quarter, nearly all of what I wanted, for nearly the price I wanted to pay, which for the numismatic market is not really that special these days, but for the long term buyer, read that, the "some-day-to-be dealer-in-inventory-acquirement-phase", shopping harder than usual, I'll still declare, it's a buyers market, so, I'm a Buyer...and i got rewarded again...
 

SongSungAU

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#13
2015 is the year to beat.

In the 34 years that Silver American Eagles have been sold (a total of 530,058,000 through June 2019), nearly 9% were sold in 2015 (a total of 47,000,000 in 2015).

21,786,000 <== total for the first six months of 2015.
10,022,000 <== total for the first six months of 2019.

SAEthruJune2019.jpg


The months highlighted in red are the records for that month. Four monthly records were made in 2015.
The record for the month of December is still held by 1986 (3,696,000).
 

Zed

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#14
Hmmmmmmm, mebe, just mebe they are being viewed as too cheap ATM.
 

Zed

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#15
I seem to remember that only Ag mined or from the U.S.A. could be used???
I doubt it, I've been told that Perth Mint often makes planchets for ASEs. I dunno but 999 fine is 999 fine!

Leach Garner and Gold Corporation (aka Perth Mint) are the two external planchet suppliers to the US mint.

She worked closely with our two existing suppliers, Leach Garner and Gold Corporation, to acquire more planchets. LeachGarner (known as Stern-Leach during the Financial Crisis) was a supplier of precious metals to the jewelry industry, industrial manufacturers, and governments. They made 24- and 22-karat gold planchets as well as some silver planchets. Gold Corporation supplies precious-metal products like London good delivery bars, ingots, and precious-metal blanks. The parent company of the Perth Mint, Gold Corporation supplied 24- and 22-karat gold planchets and platinum planchets to the U.S. Mint. Both suppliers could produce large volumes at the quality required to back the U.S. Mint guarantee.
https://mintnewsblog.com/mint-in-crisis-the-inside-story-of-the-bullion-crisis-of-2008-part-3/
 
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Densus

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#16
2015 is the year to beat.

In the 34 years that Silver American Eagles have been sold (a total of 530,058,000 through June 2019), nearly 9% were sold in 2015 (a total of 47,000,000 in 2015).

21,786,000 <== total for the first six months of 2015.
10,022,000 <== total for the first six months of 2019.

View attachment 135842

The months highlighted in red are the records for that month. Four monthly records were made in 2015.
The record for the month of December is still held by 1986 (3,696,000).
The Trump effect.
 

oldgaranddad

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#17
I seem to remember that only Ag mined or from the U.S.A. could be used???
The blanks have to be made in the US but there are exceptions. About a decade ago the division of Olin that made the gold coin blanks was able to shift production to Canada temporarily while the US facilities were upgraded.
 

Ebie

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#18
Silver price is down today.
I don't understand.
Why not buy more silver and make more blanks?
And then make more coins?
 

oldgaranddad

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#19
Silver price is down today.
I don't understand.
Why not buy more silver and make more blanks?
And then make more coins?
Projections, orders and fulfillment are usually 180+ days out... or at least it was when I worked with Anthony Swiatek on his book about Modern Commemoratives. That tidbit came from John Mercanti (the guy's initials are on a lot of US coins).
 

Zed

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#20
The blanks have to be made in the US but there are exceptions. About a decade ago the division of Olin that made the gold coin blanks was able to shift production to Canada temporarily while the US facilities were upgraded.
Not so, Perth Mint supplies planchets to the US Mint.
 

Mujahideen

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#21
Not so, Perth Mint supplies planchets to the US Mint.
The sunshine mint does, idk about Perth. Logistically that doesn’t even make sense.
 

Zed

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#22
The sunshine mint does, idk about Perth. Logistically that doesn’t even make sense.
See article posted above. We have one of the world's largest silver mines and one of the most trusted mints. We supply planchets globally.

Leach Garner and Gold Corporation (aka Perth Mint) are the two external planchet suppliers to the US mint.
 

Aurumag

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#23
See article posted above. We have one of the world's largest silver mines and one of the most trusted mints. We supply planchets globally.

Leach Garner and Gold Corporation (aka Perth Mint) are the two external planchet suppliers to the US mint.
Good morning Zed!

I know that Sunshine Mint is the primary supplier of Ag planchets for the US Mint.

Do you have a link/article to verify that the US Mint is obtaining planchets from Down Under?

Thanks!
 

Cigarlover

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#24
Good morning Zed!

I know that Sunshine Mint is the primary supplier of Ag planchets for the US Mint.

Do you have a link/article to verify that the US Mint is obtaining planchets from Down Under?

Thanks!
Post 15 has the link.
 

Zed

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#25
Do you have a link/article to verify that the US Mint is obtaining planchets from Down Under?
Post 15...

I doubt it, I've been told that Perth Mint often makes planchets for ASEs. I dunno but 999 fine is 999 fine!

Leach Garner and Gold Corporation (aka Perth Mint) are the two external planchet suppliers to the US mint.

She worked closely with our two existing suppliers, Leach Garner and Gold Corporation, to acquire more planchets. LeachGarner (known as Stern-Leach during the Financial Crisis) was a supplier of precious metals to the jewelry industry, industrial manufacturers, and governments. They made 24- and 22-karat gold planchets as well as some silver planchets. Gold Corporation supplies precious-metal products like London good delivery bars, ingots, and precious-metal blanks. The parent company of the Perth Mint, Gold Corporation supplied 24- and 22-karat gold planchets and platinum planchets to the U.S. Mint. Both suppliers could produce large volumes at the quality required to back the U.S. Mint guarantee.
https://mintnewsblog.com/mint-in-crisis-the-inside-story-of-the-bullion-crisis-of-2008-part-3/
GCubed pointed it out to me many years ago. Perth Mint supply globally, apparently they are one of the best in terms of quality. So I have been told, I have no idea personally.
 

Joe King

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#26

SongSungAU

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#27
got a link to part 4?
Here are all four parts.

Mint in Crisis: The Inside Story of the Bullion Shortage of 2008, Part 1
OCTOBER 24, 2016 BY EDMUND MOY
https://mintnewsblog.com/mint-in-crisis-the-inside-story-of-the-bullion-shortage-of-2008-part-1/

Mint in Crisis: The Inside Story of the Bullion Shortage of 2008, Part 2
OCTOBER 26, 2016 BY EDMUND MOY
https://mintnewsblog.com/mint-in-crisis-the-inside-story-of-the-bullion-shortage-of-2008-part-2/

Mint in Crisis: The Inside Story of the Bullion Crisis of 2008, Part 3
OCTOBER 28, 2016 BY EDMUND MOY
https://mintnewsblog.com/mint-in-crisis-the-inside-story-of-the-bullion-crisis-of-2008-part-3/

Mint in Crisis: The Inside Story of the Bullion Crisis of 2008, Part 4
OCTOBER 29, 2016 BY EDMUND MOY
https://mintnewsblog.com/14565-2/
 

SilverBuyer

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#28
Retail demand is still really low. 90% silver which I think is a great indicator of U.S. silver demand is trading at very low premiums. Provident has had a couple sales at $0.29 over spot in the last couple months. Silver eagle sales also still low compared to the bull run.

Overall seems to be a good sign for the market. Poor retail demand with increasing prices is usually a positive indicator.
 
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GOLDBRIX

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#30