Silver Eagle Sales Explode During First Two Weeks In January
With the continued disintegration of the economic and financial system in 2021, investment demand for physical precious metals continues to be strong. After the U.S. Mint posted a stunning 2.7 million Silver Eagles sold during the first week in January, they just posted another update, which already blew past last year’s figure by a wide margin.
Remarkably, just the U.S. Mint Silver Eagle sales for the first two weeks in January accounts for 7% of the average monthly global silver mine supply. That’s a lot of silver demand, considering the U.S. Silver Eagle sales are only a small segment of the total global silver market. As I have mentioned in several articles, if we see another record year of physical and ETF silver demand this year like we had last year, the silver price will likely surpass the $35 level.
Now, according to the U.S. Mint’s most recent update, they sold almost 2 million more Silver Eagles this week to the Authorized Dealers. Total Silver Eagle sales as of Jan 12th, are 4,646,000. Already, for the first half of the month, the U.S. Mint sold 800,000 more Silver Eagles than during the entire month last year.
What’s interesting about Silver Eagles, even though the quality of .999 silver is less than its closest competitor, the Canadian Silver Maple coin at .9999 silver, the premium is higher. Silver Eagle premiums can run $1+ more than a Canadian Silver Maple. But, for whatever reason, Americans continue to buy a lot more Silver Eagles than Silver Maples.
With demand for silver investment reaching a record last year, Silver Eagle sales surpassed 30 million in 2020.
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