Precious Metals

Mint sells more than 1 million silver Eagles October 1

The United States Mint sold 1.15 million 1-ounce .999 fine silver American Eagle bullion coins in a single day Oct. 1.

The sales of the bullion coins to its network of authorized purchasers followed Sept. 30 sales of 766,000 of the coins.

The surge in silver American Eagle sales occurs amid falling precious metals prices. Silver closed Oct. 2 on the London markets at $17.09 per troy ounce, as compared to around $22 at the beginning of October last year.

All American Eagle bullion coins are sold to a series of authorized purchasers who purchase the coins from the Mint for the spot price per troy ounce of metal on a given day plus a small premium per coin. The authorized purchasers may then redistribute the coins through wholesale and retail sales.

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