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Bullion.Directory precious metals analysis 12, January 2016
By Christopher Lemieux
Marco Strategist; Twitter @Lemieux_26
The U.S. Mint is seeing a large jump in gold coin demand, selling nearly 75 percent of 2015’s total demand in just the first day of January – that’s over 60,000 ounces in one day!
The last several years, we saw lackluster gold sales and, almost, routine silver outages as prices declined. That is likely to change as ongoing global turmoil seems to be steadily increasing, and investors look to turn fiat money into a more sensible substitute.
Silver eagle sales remain strong, too, selling 2.76 million ounces in the first day of January. That’s roughly 50 percent of 2015’s total demand.
According to Reuters, the U.S. Mint has allocated four million ounces of silver for the first week of 2016. That is almost the same amount rationed in the last five months of 2015. The mint ran out of Silver eagle coins in July due to a jump in demand, and if this year’s demand remains strong, a squeeze in supply is probable.
The U.S. Mint is not the only one to see such demand, as the Royal Canadian Mint and Australia’s Perth Mint has also seen a large increase in demand and subsequent shortages.
Although gold and silver have bounced from multi-year lows, the precious metals still remain significantly lower from their 2011 peak.
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