The US Mint on pace to break 2013’s record demand.
Bullion.Directory precious metals analysis 4 December, 2014
By Christopher Lemieux
Senior FX and Commodities Analyst at FX Analytics
Some call it the Devil’s metal for its volatility or poor man’s gold due to its favorable price to its yellow metal cousin. In early November, the US Mint reported that due to exploding demand, the 2014 American silver eagle out be temporarily sold out.
Since November 17, the minted silver bullion coins would resume production and distrusted on an allocated basis. Even with a two week gap of no sales, November silver eagle sales approached 3,426,000 ounces, a 49 percent gain verses the same month a year ago. The year-to-date sales have topped 41,547,000 ounces. According to latest figures from the US Mint, December has already added another half-million ounces of silver eagles. The yearly record is 42,675,000 ounces.
Gold American eagle sales for November increased 25 percent when compared to the previous year. However, total gold coin sales dramatically trail last year’s demand. Gold eagle demand reached 506,500 ounces versus the 800,500 ounces sold last year.
Nevertheless, this shows that demand for minted bullion still remains strong. The longer spot prices remain suppressed, the higher the demand should become.
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