Silver American Eagle sales reach beyond 23 million level

(June 1, 2016 - by Paul Gilkes, Coin World)

No slowdown forecast in precious metal demand

Sales of silver American Eagle bullion coins during the first five months of 2016 climbed over 23.4 million coins.

With five calendar months of 2016 completed, the U.S. Mint has recorded total sales of 23,413,000 American Eagle 1-ounce silver bullion coins

That’s an average of 4,682,600 coins per month. Sales began Jan. 11. The Mint’s weekly allocation for the business week starting May 31 is 1,166,500 coins.

During the first five months of 2015, the Mint sold 16,946,000 silver American Eagles to its authorized purchasers, a then monthly average of 3,389,200 coins. The sales pace picked up for the remaining seven months in 2015 en route to a record sales year of 47 million coins.

The May 2016 sales total of 4,682,500 coins is more than double the 2,023,500 coins recorded sold in May 2015.

The U.S. Mint does not sell the American Eagle bullion coins directly to the public. The Mint instead sells the bullion coins to a network of approved authorized purchasers who buy the coins at the closing London PM spot price of silver on a given day plus a premium of $2 per coin. The coins are then resold to collectors, investors and dealers at further small markups.