MARKET MAYHEM: Silver Eagle Sales Surge While U.S. Shale Energy Stocks Get Crushed
Black Monday hit Wall Street in a BIG BLOODY WAY today. With oil being the main driver of the economy, U.S shale stocks lost nearly half of their value… IN ONE SINGLE DAY. That’s correct, the average decline from eight of the top U.S. shale companies saw their stock prices decimated by 48%. While the energy stocks lost almost 50% of their value today, the precious metals held up rather nicely.
Gold closed up about 0.4%, while silver declined 1.9%. Of course, not all precious metals investors are happy with the silver price action. I see some people complaining that silver is selling off with the markets, and it isn’t a good investment. I wouldn’t be so pessimistic on silver because it takes time for the fundamentals to kick in.
For example, the U.S. Mint sold another 670,000 Silver Eagles over the past three days since it published its last update showing 675,000 sold. So, the total as of March 9th is 1,345,000 Silver Eagles sold versus 650,000 for February:
It’s been quite a long time since the U.S. Mint sold 1.3 million Silver Eagles in the first week in a month. Thus, this provides an indicator that precious metals investors are concerned with the Global Contagion and are once again buying Silver Eagles in larger volumes. While this increased buying won’t impact the silver price currently, it shows us that investors have ramped up physical silver bullion purchases to protect wealth during a time of extreme market mayhem. And I believe, the worst is yet to come.
Shale Oil & Gas Stocks Destroyed On Bloody Monday
…click on the above link to read the rest of the article…
