Sales of American Silver Eagles Set Record
American Silver Eagle coins sales top 2013 record of 42,675,000
Year to date sales of American Silver Eagle coins at 42,864,000
2014 American Silver Eagles Still Available
Update December 9, 2014: U.S. Mint sells 187,000 American Silver Eagles, bringing year to date total to 43,051,000
Update December 11, 2014: U.S. Mint sells 118,500 American Silver Eagles bringing year to date total to 43,169,500
Update December 12, 2014: U.S. Mint sells 100,000 American Silver Eagles bringing year to date total to 43,269,500
Strong October, November and December sales of American Silver Eagle coins at the U.S. Mint help pass the sales record set in 2013.
The United States Mint announced that it sold 495,500 American Silver Eagles today. With today’s sales the total number of American Silver Eagles sold in 2014 is 42,864,000, passing the record of 42,675,000 set in 2013.
Sales of American Silver Eagles set a record in 2014
In “Silver Supply and Demand,” we noted that higher silver demand was having a reverse impact on the price of silver. The price of silver has dropped steadily throughout 2013 and 2014, while silver demand has increased and supply decreased relative to demand.
The lower price of silver, however, in both years has produced record silver demand in each. In 2013, over all silver demand hit a record, led by a 76% increase in demand for silver coins and bars.
The current price of silver is now lower than the average price of silver in 1980*.
Silver Supply and Demand 1994-2014
Silver demand continues to rise as the price of silver falls.
The low silver price has ignited sales. The gold silver ratio in December has been about 72:1 as illustrated below:
The gold silver ratio illustrated with seven one ounce American Silver Eagle coins, two 1/10 ounce silver rounds and one 1/10 ounce American Gold Eagle coin
Despite silver sales out pacing gold sales by a wide margin in 2014, the total dollar amount spent on gold coins is still greater than that spent on silver coins.
The total dollar amount of gold coins sold at the U.S. Mint in November was greater than the total dollar amount spent on silver coins.
*while gold and silver had been rising sharply at the end of the 1970’s due to double digit inflation, the price of silver got a boost from the Hunt Brothers who were purchasing massive amounts of silver in the small silver market. That two brothers could impact the price of silver highlights how small the silver market was (and still is) and how price sensitive it can be.
The U.S. Mint sold 43,505,000 American Silver Eagles in 2014.