by Steve St Angelo of SRSrocco Report
During the first three months of the year, Gold and Silver Eagle sales reached new highs as investors, concerned about the U.S. Government’s massive stimulus and debt increases, purchased record numbers of the official coins. Already, sales of Silver Eagles surpassed last year’s figures for the same period, and there are still two weeks remaining in the month.
When the pandemic hit last year, investors wiped out most of the dealers’ inventories of silver bullion. However, even with the economy and global pandemic situation improving, demand for the U.S. Gold and Silver Eagles remains exceptionally strong. How strong?? The U.S. Mint Gold Eagle sales from Jan-Mar 18th 2021 are nearly the same as the total for full-year 2018 & 2019 combined.
Truly amazing change this year when the Gold Eagle sales for Jan-Mar 18th 2021 at 391,000 oz are nearly the same as the total sold for 2018 and 2019 combined (397,500 oz). In just a little more than two months, the U.S. Mint sold the same amount of Gold Eagles as it did for 2 YEARS!!
Furthermore, during the pandemic last year, the U.S. Mint only sold 218,500 oz of Gold Eagles compared to 391,000 oz so far this year. Of course, the U.S. Mint began to shut down operations in late March, but as we can see, demand for Gold Eagles is quite strong.
Silver Eagles’ sales have already surpassed last year’s figures for the first three months at 10.4 million.
I believe Silver Eagle sales will reach 11 million by the end of the month, maybe more. With total Eagle Sales last year surpassing 30 million, the U.S. Mint has already sold more than a third, and it’s been in less than three months.
There continues to be a great deal of demand for silver, as I wrote about in my lasted Silver Member article below.
With the U.S. Government’s massive stimulus to keep the economy from crashing, I believe we may see a PERFECT STORM for the silver market this year or next. We could see the silver price act like Palladium but on steroids.
Also, check out my interview with Craig at TFMetals Report here: Thursday Conversation – Steve St. Angelo of The SRSrocco Report.
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