COLLAPSE! American Silver Eagle Sales Continue To Crumble in August

U.S. Mint August 2016 American Silver Eagle Sales Report.

Sales of American Silver Eagles in August Drop 74% From 4,935,000 sold in August 2015 to 1,280,000 sold in August 2016.

American Silver Eagles sales decline three months in a row sequentially and year over year.

August’s ASE sales lowest since December 2013 sales of 1,200,000.

Year to Date American Silver Eagle Coin Sales at 28,900,500 in 2016.

Through August 2016, sales of American Silver Eagles are 10.4% lower than 2015’s record sales pace of 32,250,000 through August 2015.

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american silver eagle sales by month in 2016 through August

American Silver Eagle sales fell for the third month in a row in August.

U.S. Mint American Silver Eagle August Sales

The U.S. Mint sold just 1,280,000 one ounce American Silver Eagle coins (ASE’s) in August 2016. It was the lowest sales month this year in a year during which the U.S. Mint was averaging more than 4 million ASE’s a month. It was also the lowest single month sales total since December 2013 sales of 1.2 million and the lowest single full month of ASE sales since July 2008 when 1,251,500 ASE were sold. (The U.S. Mint normally stops sales of ASE’s in the first week or two of December each year.)

August sales of American Silver Eagles were 6.6% lower than the 1,370,000 sold in July.

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The U.S. Mint has rationed ASE sales all year to its Authorized Purchasers at approximately one million a week. Sales had remained at an elevated level after surging in June 2015. In July, the U.S. Mint lifted rationed sales, but Authorized Purchasers appearing to be well stocked from purchases earlier in the year, did not step up their buying in July.

Indeed, their purchases came to a crashing halt.

This means, perhaps, ASE retail sales were not ‘skyrocketing’ earlier in the year, but rather sales to the U.S.Mint’s Authorized Purchasers were elevated. Authorized Purchasers appear to still be working off their previously purchased inventory and did not buy nearly as many silver eagles in July and August as they purchased earlier in the year.

July 2016 sales of 1,370,000 ASE’s and August sales of 1,280,000 (combined 2,650,000) were more typical of pre-financial crisis monthly sales and were down 75% from July (5,529,000) and August (4,935,000) 2015 sales of 10,464,000.

august sales of american silver eagles 1987 - 2016

August sales of American Silver Eagles of 1.28 million were the lowest monthly sales in August since 2007.

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2015’s Record For Sales of American Silver Eagles Appears to be Unassailable in 2016.

After setting a sales recordfor the most American Silver Eagle coins sold in a quarter from January – March 2016, April and May sales accelerated from that record pace. June sales of ASE cooled slightly. The 2,837,500 ASE’s sold in June were down 41% from the 4,940,000 ASEs sold in June 2015. Sales of ASE’s fell off the table in July and fell further in August..

In 2015, sales of American Silver Eagles set a record for the third year in a row. Total American Silver Eagle sales in 2015 were 47,000,000.

Through August 2015, the U.S. Mint had sold 32,250,000 American Silver Eagles. Through August 2016, the U.S Mint has sold 28,900,500 American Silver Eagles, 3,349,500 or 10.4% fewer.

american silver eagle sales 1986 - 2016 august

Despite relatively weak July and August sales, 2016 American Eagle sales through August 2016 are already higher than entire year mintages from 1986-2009.

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American Silver Eagle Premiums

American Silver Eagle premiums have fallen as the price of silver has risen. The U.S. Mint charges $2 per coin to its Authorized Purchasers no matter the price of silver, so a lower silver price means the U.S. Mint fabrication charge and dealer mark ups result in a higher premium. All things equal, a higher price, lowers the premium percentage.

american silver eagle premiums august 31, 2016

Premiums on American Silver Eagles have come down and levelled off since their dramatic rise during the Great Silver Shortage of 2015.

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Compare American Silver Eagles for sale at:
Golden Eagle Coins
JM Bullion
Money Metals Exchange

The Silver To Gold Sales Ratio

Sales of silver have been proportionally far higher than sales of gold coins at the U.S. Mint in recent years. That trend continued in 2016 and was becoming less pronounced. With the drop off in silver sales in July and August and the firming gold sales the silver to gold sales ratio has fallen. The silver to gold sales ratio in 2014 was over 100:1 in 2014 and in 2015 it was 75:1. American Silver Eagle sales were on record pace in 2016 but fell sharply in July and August, while American Gold Eagle sales increased, resulting in a lower silver to gold sales ratio.

Silver To Gold Sales Ratio 2008 – Mid Year 2016

american silver eagle to gold eagle sales ratio 2008 - june 2016

American Silver Eagle sales set records in 2013-2015, while American Gold Eagle sales languished. American Gold Eagle sales have increased in 2016.

In August the U.S. Mint sold 1,280,000 American Silver Eagles and 50,000 one ounce American Gold Eagles for a silver to gold sales ratio of 25.6 to 1

In July the U.S. Mint sold 1,370,000 American Silver Eagles and 30,000 one ounce American Gold Eagles for a silver to gold sales ratio of 45.66 to 1

In June, the U.S. Mint sold 2,837,500 American Silver Eagles and 62,500 one ounce American Gold Eagles for a silver to gold sales ratio of 45.4 to 1

In May, the U.S. Mint sold 4,498,500 American Silver Eagles and 64,500 one ounce American Gold Eagles for a silver to gold sales ratio of 69.74 to 1.

In April, the U.S. Mint sold 4,072,000 American Silver Eagles and 93,000 one ounce American Gold Eagles for a silver to gold sales ratio of 43.78 to 1.

Through June 2016

Sales of one ounce American Silver Eagles to sales of one ounce American Gold Eagles – (26,250,500 ounces vs. 406,000 ounces) – 64.66:1

Sales of one ounce American Silver Eagles to sales of all American Gold Eagles and American Gold Buffalo coins (26,250,500 ounces vs. 613,500 ounces) – 42.79:1

Gold Silver Ratio

Gold was the best performing asset of the first quarter of 2016, rising over 15%. Silver was the second best performer rising over 10%. In April, silver tacked on further gains, surpassing gold as 2016’s best performing asset. As a result the gold silver ratio has fallen from an all time high of over 80 to 1 to closer to 70:1. In June the price of silver rose as did gold but the rise in silver was greater resulting in the gold silver ratio falling towards 70 to 1. In July the gold silver ratio fell into the 60’s. In August both metals experienced declines, but silver’s was larger resulting in the gold silver ratio rising to over 70:1.

gold silver ratio august 31 2016

At the end of Augusty the gold silver ratio was 70.19:1

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U.S. Mint sales data:

Further Reading:

US Mint Sales (monthly archive)

Canadian Mint Sales (quarterly and annual archives)

Perth Mint Sales (monthly archive)

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