After the U.S. Mint logged a record-breaking year for silver American Eagle coin sales and also saw impressive demand for its gold American Eagle and gold Buffalo bullion, 2016 is off to a blistering start as well.
On the very first day of sales to its authorized network of wholesale purchasers, American Eagle silver coin sales jumped on Monday, Reuters reported. The high demand was pretty much expected given the turbulence in the Chinese stock market that has spilled over into U.S. and other markets worldwide.
2.75 million purchased: The Mint announced a weekly allocation of 4 million of the 1-oz. bullion coins, only to sell more than half of them on the first day of availability. The single-day sales tally of 2,756,500 ounces was higher than the entire January total for every year from 1987 to 2009. For proper perspective, the silver Eagle product was introduced in 1986, and the years after the 2008-09 financial crisis saw the Federal Reserve launch massive money-printing programs that helped drive bullion prices to all-time highs.
This past Mondays pace fell just short of last years 2015 kickoff day, when 2,958,000 ounces were sold. Now, just 1,243,500 coins remain for the remaining four days of this week. The almost 3 million sold Monday compare favorably with the 5.53 million ounces that sold in the entirety of January 2015.
Meanwhile, gold sales also are off to a great start, with 60,000 ounces of the 2016 gold Eagles being sold and 21,000 ounces of gold Buffalos being purchased. Those figures have bested 2015s opening-day performance, which saw 42,000 American Eagles and 16,500 Buffalos sold.
Call Blanchard for 2016 coins availability: Its too early to say whether the Mint in particular and the world in general will see a repeat of the unprecedented supply squeeze that swept the silver bullion market last year, or whether some or all of the gold Eagle products will sell out, as occurred in late 2015.
However, should the epic demand for precious metals from the first day of sales persist, we are confident that the Mint will run out of gold and silver within a few days, Zero Hedge noted.
Please get in touch with Blanchard and Company for updates on the availability of both the 2016 silver and gold American Eagle coins as well as the 2016 gold Buffalos!