The United States Mint temporarily suspended production at the West Point Mint facility, in order to reduce employee risk of getting COVID-19.
Posts tagged as “American Silver Eagle”
With a one-year lapse in availability, the United States Mint is returning in roaring fashion with its annual 2016 Limited Edition Silver Proof Set, which went on sale at noon today.
Silver prices have fallen since 2011, when it neared record prices. A strong dollar and rebounding economy, according to experts, has undermined that silver bull run.
US Mint sales of bullion coins increased across most selections. Overall sales of gold coins rose 3,000 while silver coins increased 399,000, underscoring how silver’s reasonable price spurs silver buying among wider swathes of the population than gold.
Sales of American Silver Eagle coins topped 17.3 million in year-to-date sales. The coin has been around since 1986 and has never sold as much as during the January through April 22 period. Tuesday marks the first time that the Silver Eagle sales surpassed those from last year which were at 17,291,000 on April 22, 2013.
2013 was a year in which the US Mint saw American Silver Eagle coin sales break record after record. Ultimately, the US Mint sold 42,675,000 coins, 26% more than it had sold in 2012, marking a new yearly record.
Soft precious metals prices have stifled some demand, although March did see the Mint sell 5,354,000 silver American Eagles, which is 30% more than it sold in February and 59.5 percent more than buyers purchased in March 2013, according to CoinNews. Marking the MInt’s fourth biggest sales month in history, it trails only:
On Tuesday silver prices were dragged down to $20.60, leading many precious metals investors to wonder where their complex would head next. The only metal which showed any strength was platinum. The soft prices in 2013 for silver did not stifle demand, as sales of the American Silver Eagle one-ounce bullion coin hit an annual record Tuesday.
The total sales to date as of Tuesday, November 12, 2013, were 40.175 million ounces, according to the Mint.
The previous annual record was set in 2011 at 39.869 million ounces.
It makes sense that American Silver Eagles are seeing a spike in demand. This week alone, the US government has almost defaulted. This week alone, one-in-seven Americans were told they might starve this winter. This week alone, JP Morgan has signaled they will institute their own capital controls.
Tuesday saw the negative credit watch decision by Fitch lead to a single day jump in the sales of American Silver Eagles of 749,500, thusly approaching 38 million on the way towards a new annual record.
[heading]American Gold Eagle Bullion Sales Decline[/heading]
September is the second month in a row in which American Gold Eagle coins sold much fewer compared to one year ago. At the beginning of August, one month sales of the Gold Eagle reached a six year nadir.
Despite weakness in gold coin sales, the American Silver Eagle bullion coin has continued to sell and remains on pace for record annual sales.
[heading]Visa/MasterCard Will Prevail In US Over Bitcoin Despite “Swipe Fees”…For Now[/heading]
I spend a lot of time thinking about in which frontier markets Bitcoin is going to explode and really change the game of value. What grand equation can I concoct in favor of Bitcoin’s success somewhere? Not that I am trying to make things up as I go, I am just trying to be hip. But, I thought about something Wendy McElroy from The Dollar Vigilante wrote recently:
“Simplify, simplify.” — Henry David Thoreau