An insatiable thirst for silver amid falling precious metals prices pushed U.S. Mint sales, on Sept. 30 alone, of 1-ounce silver American Eagle bullion coins to 766,000 pieces.
The Mint’s authorized purchasers followed that up Oct. 1 by ordering 1.15 million more silver American Eagles.
Increased investment demand triggered by dropping silver and gold spot prices drove American Eagle silver and gold bullion coin sales in September to levels more than double the previous month’s sales.
Similarly, platinum American Eagle 1-ounce coin sales for September — 2,700 ounces — are nearly four times the number recorded sold by the Mint in August.
Silver closed at $17.11 per troy ounce on the London markets on Sept. 30, compared to the year’s high, so far, at $21.85, achieved Feb. 26. At this time last year, silver was hovering at the $22 an ounce level.
American Eagle silver 1-ounce bullion coin sales in September reached 4.14 million coins, more than double the 2,007,500 coins recorded sold in August.
However, March’s monthly sales total, with 5,354,000 silver coins recorded sold, remains the highest in 2014.
Cumulative 2014 sales of the American Eagle .999 fine silver bullion coins through Sept. 30 totaled 32,251,000 coins.
In 2013, cumulative sales of silver American Eagle coins through Sept. 30 reached just over 36 million, toward a yearend total of 42,675,000 coins.
Despite the surge of orders at the end of September and on Oct. 1, the Mint may produce fewer American Eagle silver bullion coins in 2014 than in 2013. For the past few years, sales of the coins in November and December have been weak compared to the prior 10 months.