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A massive 7.4 million Silver Eagles were purchased from the U.S. Mint in January, considerably higher than the previous record from early 2011.
After halting Silver coin production/sales for over a week, the Mint re-opened yesterday and demand once again surged.
Having almost doubled from the first week in January, there remains two more days before the book is closed on January’s sales.
At 140,000 ounces, the Mint has also sold the most ounces of gold in January in almost three years, suggesting the rising ‘currency wars’ are stoking people’s ongoing rotation from paper-to-physical assets as their ‘wealth’ slowing loses its value.
What’s equally as interesting, and perhaps a harbinger of the coming chaos, is that the People’s Republic of China is also shifting a large amount of its cash reserves into physical resource based investments that include agriculture, energy, and precious metals, a move that has caused confusion among experts at the United Nations.
Of course the Silver market is manipulated
Nelson Bunker Hunt and William Herbert Hunt, the sons of Texas oil billionaire Haroldson Lafayette Hunt, Jr., had for some time been attempting to corner the market in silver. In 1979, the price for silver jumped from $6 per troy ounce ($0.193/g) to a record high of $48.70 per troy ounce ($1.566/g), which represents an increase of 712%. The brothers were estimated to hold one third of the entire world supply of silver (other than that held by governments). The situation for other prospective purchasers of silver was so dire that the jeweller Tiffany's took out a full page ad in the New York Times, condemning the Hunt Brothers and stating "We think it is unconscionable for anyone to hoard several billion, yes billion, dollars worth of silver and thus drive the price up so high that others must pay artificially high prices for articles made of silver".[1]
Originally posted by BABYBULL24
I've read that about 1% of the population hold physical PM's - make that 2 or 5% and it will get interesting on the paper side.
Seems like some Americans are waking up to "a bird in the hand is worth 2 in the Bank of America".
Keep stacking!
A massive 7.4 million Silver Eagles were purchased from the U.S. Mint in January, considerably higher than the previous record from early 2011.
After halting Silver coin production/sales for over a week, the Mint re-opened yesterday and demand once again surged.
Having almost doubled from the first week in January, there remains two more days before the book is closed on January’s sales.
At 140,000 ounces, the Mint has also sold the most ounces of gold in January in almost three years, suggesting the rising ‘currency wars’ are stoking people’s ongoing rotation from paper-to-physical assets as their ‘wealth’ slowing loses its value.
Americans Buy Nearly Half a Billion Dollars Of Gold and Silver In January
Those holding their money at bailed out financial institutions are understandably concerned because the government’s $250,000 deposit insurance guarantee program, originally implemented to restore confidence in the wake of the 2008 financial crisis, expired at the end of 2012.