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U.S. Mint Sells More Than 44 Million American Eagle Silver Coins In 2014

By Kitco News
Wednesday December 24, 2014 2:16 PM

(Kitco News) - The U.S. Mint announced Wednesday it has officially sold out of its 2014 American Eagle one-ounce silver coins. In a one-line email the mint said it has sold more than 44 million ounces of silver bullion this year, setting a new record for silver coin sales.

The old sales record, which was set in 2013 at 42.675 million coins, was officially broken on Dec. 8 and silver sales have remained strong through the entire month. According to the mint’s sales data, October saw the biggest demand as almost 5.8 million coins were sold.

Analysts have pointed out demand for physical silver has been strong as prices have dropped significantly this year. The decline in silver started in early July. This year Comex Silver futures opened 2014 at $19.440 an ounce and closed Wednesday at $15.680, a decline of more than 19% on the year.

Although 2014-denominated silver coins have sold out, the mint is planning to sell 2015 coins starting the week of Jan. 12.

Although silver demand has been strong, gold demand, by comparison, has been lackluster. Sales data show the mint has sold a total of 702,000 ounces of gold – from American Eagle and American Buffalo coins - this year, down almost 36% compared to 1.095 million ounces sold in 2013.

The mint will start selling 2015 gold bullion coins the week of Jan. 5.


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By Neils Christensen of Kitco News nchristensen@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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