U.S. MINT NEARLY SELLS OUT OF ITS WEEKLY SILVER EAGLE ALLOCATION IN TWO DAYS!

After a slower than average sales month in January due to the US Mint’s shutdown, Silver Eagle sales have picked up significantly in February. In the first eleven days of the month, the U.S. Mint has sold nearly 1.7 million Silver Eagles.

On Tuesday, US Mint official Michael White confirmed that demand for Silver Eagles remains so strong that the Mint nearly entirely sold out of its weekly 900,000 sales allocation of ASEs in the first 48 hours of the week.

From The SRSRocco Report:

In a recent article, I mentioned that I spoke with Michael White, Public Affairs person for the U.S. Mint. I recently received a reply from Mr. White and continue to get updates and information from his office on Eagle Sales.

Mr. White stated that the reason the U.S. Mint took more time to roll out the 2014 Silver Eagles this year was due to the exceptionally high volume of sales in 2013.

On Monday, the U.S. Mint updated their Silver Eagle sales figures to 1,442,000 oz. Mr. White sent me an email stating that they sold 592,000 Silver Eagles on Monday and the total allocation for the week was 900,000 oz.

As you can see from the U.S. Mint figures below, they sold an additional 249,500 Silver Eagles today (Tuesday) for a total of 841,500 coins.

Total Silver Eagle sales for Monday & Tuesday hit 841,500 oz. Thus, the U.S. Mint only has 58,500 Silver Eagles to sell to its Authorized Dealers for the rest of the week.

Furthermore, Silver Eagle sales continue to outpace Gold Eagle sales in a big way. For the month of February, here are the total sales of Gold & Silver Eagles to date:

Gold Eagles = 11,000 oz

Silver Eagles = 1,691,000 oz

Silver to Gold Eagle Ratio = 154/1

While Gold & Silver Eagle sales are a small part of the overall huge global precious metal market, they provide a good indicator of what is taking place in the retail industry.

As the Eastern Central Banks and large investors continue to focus on purchasing tremendous quantities of wholesale gold, retail investors are buying a great deal more silver.

At some point, a physical shortage in one will create huge demand for the other. Gold & Silver are excellent stores of value because they store “Economic Energy.” The majority of paper assets that the world has invested its hard-earned fiat currency are not stores of value but rather, “Economic Energy IOU’s”

Thus, energy needs to be burned to allow these ASSETS, LIABILITIES to be settled or paid back in the future. This wasn’t too much of a problem when the world was able to increase its global oil supply, but now that the world is experiencing a Peak Oil Plateau and soon decline… it will rain death on these supposed paper assets.

(Image: stacks of American Silver Eagle coins at San Fransisco Mint/ courtesy of CoinNews.net)