With over ten business days remaining for the month, Silver Eagle sales as reported by the US Mint are only 835,000 month-to-date, well off the pace of the February 2011 numbers which saw 3,240,000 ounces sold.
Honestly this is to be somewhat expected, as was discussed yesterday, silver currently remains contained in a somewhat subdued range trade between $32 and $34.50. This is keeping silver investors from backing up the truck to stack the extreme correction lows into the mid $20's we saw at the end of December, and the momentum buyers and price chasers are waiting for silver to get exciting again before re-entering the market. The cartel appears perfectly happy to allow a low $30's range trade at the present time while the commercials build their short position back up.
From a long term perspective, we continue to believe that the low-mid $30's presents a very good opportunity as well as accumulation point to purchase physical silver. The current lull in Silver Eagles purchasing has provided some of the lowest premiums in recent memory- as Eagles can currently be found for as little as $2.50 over spot at many major dealers. We suggest you take advantage of this opportunity and accumulate physical silver professionally into price weakness.
| Month | One ( oz. / #coins ) |
|---|---|
| January | 6,107,000 6,107,000 |
| February | 835,000 835,000 |
| Total | 6,942,000 6,942,000 |
