US Mint Reports Highest Monthly Silver Bullion Sales Since 1986

April 3, 2009

As I have in the past, I have compiled the total bullion sales from the US Mint's bullion coin programs. The numbers for March 2009 bullion sales carry a bit of a surprise. The US Mint recorded the highest monthly silver bullion sales since December 1986, which was the second month the silver bullion coins were offered.

During March 2009, the US Mint only sold one ounce American Gold Eagles and one ounce American Silver Eagles. They continue to delay production of the 24 karat Gold Buffalo coins, all Platinum Eagle bullion coins, and fractional versions of the Gold Eagle. The sales totals for the two available bullion coins are presented below.

March 2009 US Mint Bullion Sales
1 oz. 1/2 oz. 1/4 oz. 1/10 oz. Total oz.
Gold Eagle 136,500 - - - 136,500
Gold Buffalo - -
Silver Eagle 3,132,000 3,132,000
Platinum Eagle - - - - -

Total ounces of gold sold during March 2009 was 136,500 ounces. This is an increase from the prior month when 113,500 ounces were sold. It's a big jump from the year ago period of March 2008 when 50,000 ounces were sold.

Total ounce of silver sold in March 2009 was a whopping 3,132,000. This is up from the prior month when 2,125,000 ounces were sold and the year ago period when 1,855,000 ounces were sold. This represents the second highest total since the bullion coins were first offered in 1986. The highest total was attained for the month of December 1986 at 3,696,000.

There are two ways to interpret last month's surge Silver Eagle bullion coin sales. As readers of this blog will know, the US Mint has cut, delayed, or suspended nearly every gold and silver product except for the one ounce Gold Eagle and Silver Eagle coins, which continue to be subject to rationing. That being the case, the level of sales is not really an indicator of demand, but an indicator of how many precious metals blanks the US Mint was able to obtain and mint into coins.

On one hand, the increased amount of sales could suggest that the scarcity for precious metals blanks is finally abating. The US Mint was able to obtain more blanks to produce bullion coins than any other month since the rationing program began in February 2008.

On the other hand, the demand for precious metals has continued in full force even during the month when the stock market supposedly "bottomed" and the world economy supposedly "turned the corner." Beyond the reported sales, there also remains a wall of unmet demand ready, willing, and able to buy more silver when and if the rationing programs are ever removed.

Comments

By Bradley H. Werrell on April 4th, 2009 at 11:15 am

1. “Rationing” indicates that the mint is failing to meed customer demand, as required by the law regarding the production of the Silver Eagles

2. That this has gone on for over one year demonstrates an alarming disregard for the will of Congress.

When is the “rationing” going to end?

By Bradley H. Werrell on April 4th, 2009 at 11:24 am

see the law:

Public Law 99-61
produce these coins “in quantities sufficient to meet public demand . . . .”

By Karl Young on April 4th, 2009 at 8:32 pm

Here in Australia The Perth Mint has also limited production with many supply lines now unavailble indefinitely. I have also found the many coin dealers are unable to secure new stock especially bullion coins and bars as they are unwilling to sell what they know thay cannot replace. The Perth Mint is rationing what gold and silver they have left and they are extremely short of platinum and palladium and are now charging very high premiums for any stock they sell.

By Bill Jones on April 5th, 2009 at 5:27 pm

“in quantities sufficient to meet public demand ”
the price mechanism normally ensures that. Unfortunately the silver market is so rigged that it can’t operate.

By Bradley H. Werrell on April 5th, 2009 at 9:21 pm

I am seeking legal action vs. the U.S.Mint by such means as necessary to ensure that they meet their legal obligations.

By Brad Griffeth on April 6th, 2009 at 2:59 am

My local coin dealer is completely out of silver rounds, 10 oz silver bullion and any fractional oz gold bullion and only has gold and silver eagles left to sell. I believe this is why US mint items are seeing any even higher rate of sales, because in many cases, there is no other choice to be had. I don’t like paying 3.50 over spot for what is essentially bullion, since the face value is way below the silver content value. Before, he was selling bullion for about .75-1.00 over spot price, but I had to pay 15.50/oz for silver eagles the last two times I bought, even though spot was around 12/OZ at the time.

By Brad Griffeth on April 6th, 2009 at 3:03 am

Check out what silver eagle rolls are going for on Ebay…about $19-20/OZ.(US) Even this is too low, and as I reckon it, silver should already be near 25 and climbing, based on the 20 price last spring and the worldwide financial calamity since then. Looks like the bankers are winning again, as they can de-leverage into gold and silver at greatly (artifically) depressed prices now, then finally allow the prices to rise to the levels the market says they should be and make another killing, after being bailed out to the tune of trillions here in the USA.

By messianicdruid on April 6th, 2009 at 4:17 pm

Gold is a sapling, silver is an acorn.

By Greg Reid on April 8th, 2009 at 2:27 am

FYI people the mint decided last year (2008) that they would NOT mint any gold or platinum Bullion coins smaller than one ounce anymore.

2008 was the last year for 1/10, 1/4, 1/2 ounce sizes.

By admin on April 8th, 2009 at 7:02 am

@Greg Reid

The US Mint announced that these would have a “delayed release” for 2009. Although this delay is now into its fourth month, I haven’t seen them officially announce the end of these coins.

Do you have any new info on this? I last covered the “delay” here:
http://goldandsilverblog.com/actions-of-the-us-mint-discourage-gold-ownership/

By SilverPerOunce on April 8th, 2009 at 5:08 pm

I like how you put quotes around the economy is “turning the corner” and has “bottomed out”. I agree totally. The IMF and government have been creating artificial markets for some time. It is only a matter of time before the markets reflect what is really going on with buying and selling of silver and gold as seen on eBay, pawn shops, coin shops etc. I too can’t buy silver locally unless I pay double spot price, and even then the silver is scarce. Time will tell, but silver may just make a good investment. I believe so.

By Craig on April 8th, 2009 at 10:19 pm

The mint did indeed say that the fractional gold and platinum bullion coins would no longer be minted. I have a subscription for the silver eagles, but haven’t seen any indication they it will be filled despited the mintages for the past two months.

By RINZING RAND on April 22nd, 2009 at 11:17 pm

“NONE ARE AS BLIND AS THOSE THAT CANNOT SEE..” MY FECKLESS MONETARY MIDGETS…YOUR BELOVED UNITED STATES AND WORLD ILLUMUNATISTS ARE ABOUT TO SEW A DISTRESSING BLOW…THEY SEEK TO CAPTURE AND CONTROL ALL PRECIOUS METALS, ARTIFICIALLY INFLATE THE PRICES( silver/ 100dollars per ounce; gold/ 2000 dollars per ounce ) AND SEIZE PUBLIC QUANTITY HOLDINGS-IN-HOARD TO SQUEEZE WORTH BACK INTO THE DEVALUED DOLLAR. NOT EXACTLY SURE I’D WANT TO BE RISKING ALL EGGS IN ONE BASKET, AS YOU SEE WHAT HAPPENED TO YOUR PAPER STOCKS AND YOUR PIGGY-BANK HOUSES..JUST A WORD OF CAUTION/ I’D CASH OUT MY PERIPHERAL PROFITS ON PRECIOUS METALS NOW AND LEAVE MINOR AMOUNTS IN METALS (10-18 percent )ENJOY YOUR COINS..THEY MAY VALUATE AS NOVELTY ITEMS..BUT NEVER AS DEFINED CURRENCY

By RINZING RAND on April 22nd, 2009 at 11:30 pm

IT HAPPENED ONCE BEFORE IN AMERICA/ THE GOLD SEIZURE ENABLING LEGISLATION OF EARLY 1930′S… AND MONETARY POLICY HAS NOT ADVANCED MUCH IN RESPECT TO PROP-UP OF SAGGING DOLLARS SINCE THEN!THIS WILL MAKE HOLDERS OF PRECIOUS METALS FIAT RICH, SMALL HOLDERS NULLIFIED BY RECALL LAWS, AND INFLATION PERAMETERS CONTROLLED BY A VERY FEW FACELESS ENTITIES. I FEAR WE’LL BE “FOOLED AGAIN” IN ANOTHER GODFATHER WALTZ. THE CRASHING PLANES, THE ENDLESS WARS..ARE A TIRING DIVERSION OF THE ENDLESS MARCH OF A FEW VERY DANGEROUS ENTITIES TO CONTROL ALL WORTH, LABOR AND DEFINE WHAT HUMANS DO WHAT ON THIS PLANET..JUST PAUSE AND CONSIDER; THE RESULTS OF WHAT HAS ALREADY TRANSPIRED, AND NO PUBLIC OUTCRY OR REBELLION; ISN’T THIS THE CYCLE OF HITLER AND THE SUBTLE BUND CREEPING INTO OUR LIVES AGAIN? WHEN THAT “FAT LADY SINGS”; THE OPERA IS OVER!!!!!

By RINZING RAND on April 22nd, 2009 at 11:47 pm

I SAY THESE THINGS AS A STUDENT OF HISTORY, AND A KEEN OBSERVER OF OUR TIMES IN RELATION TO PAST CIVILIZATIONS; YES, EVEN THE ROMAN EMPIRE THOUGHT, IN VANITY, THEY “WERE TO BIG TO FAIL”!ALL IS VANITY…ALAS! AS A FORMER STETSON UNIVERSITY GRADUATE, I PROFESS NO EXPERTISE IN ECONOMICS ( in short, i was a dullard in those subjects! );HOWEVER; BY INTUITIVE ASPECTS OF HAVING BEEN RIGHT IN A NUMBER OF FUTURE INSIGHTS…I’D OFFER UP THE ADVICE TO ERR-ON-THE-SIDE-OF-CAUTION. TO MUCH GUNS LEAVES YOU WITH NO BUTTER FOR THE BREAD..AND VICE-VERSA!GOLD AND SILVER ARE HEAVY, THEY REQUIRE SECURITY, AND BANK VAULTS ARE JUST NOT WHERE IT WOULD BE SAFE. YOU NEED NOT BUY ARSENALS OF FIREARMS, NOR ACRES OF “DENSE FOOD(FOOL )RICH GENETICALLY PURE SEEDS( WOULD YOU LIKE TO BUY SWAMPLAND IN FLORIDA? )).HOWEVER, WE HERE IN MIAMI KNOW WHAT SUPPLIES TO BUY BEFORE A CATASTROPHIC HURRICANE..JUST USE COMMON INVESTOR SENSE..WHAT YOU MIGHT NEED NEAR-TERM, AND WHAT WORTHY THINGS YOU MIGHT LIKE TO LEAVE FOR YOUR CHILDREN; ‘NUFF SAID!

By RINZING RAND on April 23rd, 2009 at 12:00 am

“PARA LAMBADO, PARA DIDAME” AS I HAVE RECEIVED THE SPIRIT OF WISDOM, SO I BESTOW IT UPON YOU THAT YOU MAY RENDER GREAT JUDGEMENTS AND WISDOMS UNTO THE FUTURE GENERATIONS. WE ALSO HAVE THE OBLIGATION OF CRAFT. PASSING THE TIME-HONORED SKILLS OF OUR HANDS, AND SOCIAL WISDOMS TO THE YOUNG GENERATIONS. WITHOUT PRIORITIZING EDUCATION AND SELF-SATISFACTION OF CREATING FINE THINGS, WE RUN THE RISK OF CULTURAL ANNIHILATION. ALWAYS REMEMBER, THE SACRIFICES FOR THE FUTURE START WITH THIS GENERATION; HARD TIMES ARE NOT FOREVER;; WISDOM STANDS THE TEST OF ALL WORTH AND TIMES. BE WISE, THINK AHEAD, AND CHERISH THE MOMENTS OF LOVE AND JOY…A TIME SUCH AS THIS MAY DEFINE DESTINY ITSELF. BE WELL; LOVE TRULY!

By PB on May 27th, 2009 at 1:17 am

Check out what silver eagle rolls are going for on Ebay…about $19-20/OZ.(US) Even this is too low, and as I reckon it, silver should already be near 25 and climbing, based on the 20 price last spring and the worldwide financial calamity since then. Looks like the bankers are winning again, as they can de-leverage into gold and silver at greatly (artifically) depressed prices now, then finally allow the prices to rise to the levels the market says they should be and make another killing, after being bailed out to the tune of trillions here in the USA.

By The Eagle Empire on November 2nd, 2010 at 8:45 am

My 2 cents as a concerned American single parent..As a single female raising 2 children, owning a home, and working full time plus, I feel that I have to share my story of how investing in silver and gold has empowered my life. As every single parent knows, budgeting and going without are very common occurrences in the household. Working and working some more are the norm. I never thought about having money for my future let alone my children. Everyone I know told me to work on a 401, set up bonds and IRA’s, start a savings account and let my money grow. In 2007 the economy took a major turn and my dollar was steadily getting me less and less. In 2008 I lost my job and not long after that, lost my home. The government bailed out everyone but me. Every dime I had went to starting over. I started working for myself doing what I knew would bail me out since no one else would. During this process, I noticed the little bit of money I had put in a savings had made such a small amount of interest, if any, and I was becoming concerned with how much I could actually trust a bank holding my money. I wanted something “solid” I could control. I met someone who opened my eyes and made me realize how fast the dollar was dying. I couldn’t trust the banks anymore, they could crash and close their doors and I’m out of luck, not something I was willing to take a chance at. I knew the world was in trouble, I was a product of that trouble. During numerous conversations with someone who saw the world’s troubles like I did, I had to listen to other takes on the dollar and what it wasn’t doing for me anymore. So I listened about gold and silver and I thought “why not”, I could give it a try. I bought my first silver eagle in 2008, from TheEagleEmpire.net 1 oz of pure silver! I paid about $17.00 for it. I handle my silver, not a bank. It is 2 yrs later and that one silver eagle is now worth about $25 in silver content alone, and growing. That’s some interest!! Multiply that by 100 Silver Eagles. That’s a gain of $800 on a $1700 investment! Silver and gold are a constant as far as I’m concerned. I have educated myself and learned as much as I can about silver and gold and I am glad I did. I’m not an avid collector of rare coins as much as I am of bullion, that’s my savings I can turn to when I need to. We’re now approaching 2011. The economy is still struggling. People are still losing their jobs and their homes. I have cut the things out of my life that I don’t need. You would be surprised what you can live without, but I can’t live without knowing my children’s futures have a future. I’m still a single mom and we still have struggles but I don’t wait on the government to ”bail” me out. My bail out is in my silver and gold bullion. Even my kids are storing silver away now! Buy 1 oz. of silver and put it away, then go to your bank and do the same with one dollar. See which has grown in value in one year. Need I say more!!

By Price of silver on June 20th, 2011 at 7:18 pm

As governments continue to debase their currencies, more and more people will demand an asset with some real value behind it such as gold or silver. In addition to public demand, the growing industrial use of silver in electronic devices continues to outpace the supply entering the market. I wouldn’t be at all surprised to see precious metals climb 20-30% from current levels over the next 1-3 years.

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