US Mint Silver Coin sales plunge to 10-year low during Q3
NEW YORK (Scrap Register): United States Mint silver coin sales has plunged to 10-year lows during the third quarter of this year on lower silver prices. Silver prices dropped by almost $2 an ounce during the course of September.
According to US Mint, Sales of American Eagle silver coins were almost at 3.7 million ounces during the third quarter of this year, which marked the lowest quarterly numbers since 2007.
In September alone, just 320,000 ounces were sold, the lowest monthly level since December 2016, which is also 81% lower than a year ago.
“Typically, silver coin sales drop when prices are dropping. Silver has not been doing much of anything during the last few weeks. It is possible that sales have been hurt,” said Edward Meir, independent commodity consultant FCM Division of INTL FCStone, to Kitco News.
Also, Meir pointed out that other assets may be taking away from silver’s allure. There is a finite amount of the money. Some of it might be going into gold and other ETFs. Bitcoin is taking money away and palladium ETFs have been hot recently.
Aside from silver sales, the U.S. Mint said that American Eagle gold coin sales were at 38,500 ounces in Q3, up 45% from the previous quarter, but 80% lower than a year ago.
On a monthly basis, gold coin sales reached 11,500 ounces in September, declining 88% from the same time last year.