U.S. MINT REPORTS ON SILVER EAGLES: Huge Demand & Weekly Rationing
It was reported that the U.S. Mint sold 2 million Silver Eagles on Nov. 5th before they suspended sales. However, we didn’t see a huge increase in sales on their website for that day. So, I decided to contact Michael White, Public Affairs person for the U.S Mint and ask him about this issue as well as some other questions.
Mr. White provided me that actual sales figures from Oct 31st to Nov. 18th. These sales figures can be seen in the chart below:
On Halloween, Oct. 31st when Zombies knocked the price of silver down 4%, the U.S Mint sold 1,425,000 Silver Eagles that day. After the weekend, Silver Eagle sales on Monday, Nov 3rd were a hefty 625,000. As the price of silver trended lower on Tuesday, the U.S. Mint sold another 430,000 on Nov. 4th.
And then on Nov 5th, with the paper price of silver down 5%, demand for Silver Eagles increased to a level that totally wiped out all remaining Silver Eagle inventories at the U.S. Mint. We must remember, there are Authorized Dealers who purchase Silver Eagles directly from the U.S. Mint to sell as retail or to wholesale dealers.