US Mint Reports Unprecedented Buying Spree Of Physical Silver

Posted: January 14, 2011 in Current Events, Precious Metals, Silver

Demand for physical silver is going parabolic.  It is clear Americans are starting to wake up that our US Dollar is a doomed currency.  In the first week of January the US Mint reported 2,221,000, at that pace silver sales would destroy any previous record.  Well now we see that number has surged 50% to  3,407,000 ounces of silver!!

From CoinNews.net

An increase in 2010 Silver Proof Eagles and record-approaching 2011 Silver Bullion Eagles are the most interesting aspects in the latest US Mint sales report.

The Proof Eagle coins have seen two weekly adjustments since they sold out in late December. The latest brings them up 3,644 to 860,000, which would seem like a natural stopping point. Collectors will have to wait until the July time frame for the 2011 Silver Proof Eagles to make their appearance, according to the US Mint.

2011 bullion eagles launched  on January 3, 2011. Silver Eagles already have last year’s January record in their sight. The coins have raced to 3,407,000 in less than two weeks after their latest weekly pick-up of 1,322,000. Until January 2009, the silver coins had never topped the 3 million mark during the first month of a year. Those record sales totaling 3,592,500 may get clobbered in mere days. The all-time monthly high of 4,260,000 which was just set in November could be the next victim. As a side note, the 3,407,000 sold this month includes 469,500 of the 2010-dated issues. The US Mint had buyers order one 2010 Silver Eagle for every five of the 2011′s.

Bullion one-ounce 2011 Gold Eagles are running, but not sprinting like their silver counterparts. US Mint sales has their tally at 42,500 for a weekly increase of 29,000. As a comparison, buyers ordered 85,000 in January 2009. Inventory of the 2010-dated coins also remains. There were 53,000 at the start of the year. US Mint Authorized Purchasers must order one old for every four of the new ones.

Mike Krieger said the following from Zerohedge:  “In the first 12 days of January 3.4 million silver eagles have been sold.  I have never seen anything like this.  The amount of physical being taken off the market on this paper sell off is EXTRAORDINARY.  We must be VERY close to the end.”

Do you need anymore evidence?  Physical demand will only increase, until there is no more physical to buy.  Continue to accumulate every month.  Full Article Here

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Comments
  1. […] The COMEX is now in complete panic mode!! The COMEX is now buying every ounce of physical they can, expecting more massive withdrawals!!  This explains why US Mint sales are going parabolic!!!  See my previous post US Mint Reports Unprecedented Buying Spree Of Physical Silver. […]

  2. […] February"Massive Silver Withdrawals from the COMEXPorter Stansberry Research – The End of America US Mint Reports Unprecedented Buying Spree Of Physical Silver Silver Manipulation ExplainedAusterity In America: 22 Signs That It Is Already Here And That It Is […]

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