The market reacted to the big drop in the paper price of silver by a huge increase in Silver Eagle purchases. September was turning out to be a much stronger month compared to July and August even before the last update of the month.
On Monday, the U.S. Mint reported 3,375,000 sales for the month. Then this evening, I checked to see if they had updated their figures.. which they did in A BIG WAY.
In one day, the U.S. Mint sold 766,000 Silver Eagles, more than all the Gold Eagles sold to date. Actually, is was more than double the 379,000 oz of Gold Eagles sold this year.
If we look at the chart below, sales of Silver Eagles in September, were double that of July and August:
Silver Eagle sales were quite strong in the beginning of the year and started to slow down in June. However, the manipulated lower price of silver motivated investors to ramp up the purchases making September one of the three strongest months of the year.
Only January and March were stronger than the 4,140,000 Silver Eagle sales in September. The total for the first three-quarters of the year is 32,251,000.
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