Sales of US Silver Eagles were a mere 1.384 million for the month of November, the lowest monthly total in nearly 4 years. After the mint sold nearly 3/4 million ounces in a single day at the beginning of October during the big silver smash, sales appear to have fallen off of a cliff. The previous monthly low for 2011 was 2.767 million during March- meaning that the October sales total is a mere 50% of the previous monthly low for the year!
The 2011 monthly high of January saw 6.422 million sold, meaning that October saw a sales total of merely 20% of the high month for 2011!
The October total of 1.384 million US Eagles sold was the lowest total since February of 2008 when the mint sold a mere 200,000 Eagles due to a mint shut-down over supply issues, as well as July of 2008 which saw 1.252 million in sales.
While one month does not a trend make, it is clear that sales have slowed considerably since silver's second smash of the year in late September. Personally, we believe this is mostly a symptom of lost enthusiasm for silver among investors, particularly among those who are newer to the precious metals, and have not previously experienced the types of silver smashes the cartel is capable of. When silver breaks out of its consolidation and is making new highs in another 6-18 months, look for sales to be making new bull-market highs as well.
Silver's Open Interest is nearing lows for the entire bull market, trading volume on the COMEX has collapsed in the wake of 2 silver smashes and the MF Global collapse, silver's MACD has recently neared lows for the entire bull market, US Mint sales are at 4-year lows, and the price of silver has corrected nearly 50% from the highs seen in early May. Sounds like a good time to ramp up your buying program, and STACK THE SMACK!
From a long-term supply-demand standpoint, sales totals for all of 2011 have reached 37.86 million, already nearly 10% higher than the previous yearly record of 34.663 million, set in 2010.
| Month | One ( oz. / #coins ) |
| January | 6,422,000 6,422,000 |
| February | 3,240,000 3,240,000 |
| March | 2,767,000 2,767,000 |
| April | 2,819,000 2,819,000 |
| May | 3,653,500 3,653,500 |
| June | 3,402,000 3,402,000 |
| July | 2,968,000 2,968,000 |
| August | 3,679,500 3,679,500 |
| September | 4,460,500 4,460,500 |
| October | 3,064,000 3,064,000 |
| November | 1,384,000 1,384,000 |
| December | 0 0 |
| Total | 37,859,500 37,859,500 |
| Month | One ( oz. / #coins ) |
| January | 2,170,000 2,170,000 |
| February | 200,000 200,000 |
| March | 1,855,000 1,855,000 |
| April | 1,584,000 1,584,000 |
| May | 1,516,000 1,516,000 |
| June | 1,735,500 1,735,500 |
| July | 1,251,500 1,251,500 |
| August | 1,813,000 1,813,000 |
| September | 1,825,000 1,825,000 |
| October | 1,425,000 1,425,000 |
| November | 2,050,000 2,050,000 |
| December | 2,158,500 2,158,500 |
| Total | 19,583,500 19,583,500 |
