U.S. Mint Sells Out Of American Eagle Silver Coins But Demand Down 20% From 2015
Wednesday December 07, 2016 10:48
(Kitco News) - Silver coin demand remains solid for 2016 even if it isn’t a record-breaking year for the U.S. Mint, which announced late Tuesday that it sold out of 2016 one-ounce American Eagle silver bullion coins.
According to the latest sales data, the U.S. Mint sold a total of 37.6 million coins this year, ending two years of record-breaking demand. Total demand this year was down 20% from 2015, which saw 47 million ounces sold.
The biggest month for silver sales was seen in January with nearly 6 million ounces sold. The sharp drop in November did not do much for silver bullion demand as slightly more than3 million ounces were sold last month, down 21% from 3.8 million sold in October.
Last month silver declined 8% as prices fell below key support at $17 an ounce. Since hitting a six-month low last month, the silver market is starting to attract some modest buying with prices last trading at $17.20 an ounce, up 2.32% on the day.
The U.S. Mint will start taking orders for 2017-dated American Eagle Silver Bullion Coins on Jan. 9.
While silver coin demand has been sluggish, gold demand has picked up since its significant price drop. Also on Tuesday, the U.S. Mint said that it had sold out of 2016 American Eagle one-ounce, quarter-ounce and tenth-ounce coins.
In total, the U.S. Mint sold 984,500 ounces of gold, in various denominations of American Eagle coins, this year, the highest sales rate since 2011, when 1 million ounces in gold bullion coins were sold.
In total, the U.S. Mint sold 984,500 ounces of gold, in various denominations of American Eagle coins, this year, the highest sales rate since 2011, when 1 million ounces in gold bullion coins were sold.
By Neils Christensen of Kitco News; nchristensen@kitco.com
Follow @Neils_C
