Gold Coin Sales “Explosive”; “Record High” Silver Demand
All it took was the closing of a few banks and another bailout of the cronies to trigger a gold and silver rush!
March saw the biggest monthly sales of American Eagle gold coins in over two years while the Buffalo gold coins hit the highest sales level since 2009.
Coin News reports:
Sales of American Eagle and Buffalo gold bullion coins from the U.S. Mint experienced an incredible rally in March, rocketing from the prior month, and far beyond last year’s sales figures from the same month. This resulted in a remarkable improvement in their first quarter totals, bringing them in line with last year’s performance…
In March, sales of American Eagle gold bullion coins surged significantly, with a total of 215,000 ounces sold — the highest monthly sales since January 2021. This marks a 277.2% increase fom February’s sales of 57,000 ounces and a 38.3% increase from March 2022’s sales of 155,500 ounces. First-quarter sales for this year totaled 435,500 ounces, a 2.1% increase from the 426,500 ounces sold during the same period last year.
Meanwhile, the Silver Institute reports record high silver demand for the year 2022:
All major silver demand categories achieved record highs in 2022, pushing total silver demand to a new high of 1.242 billion ounces (Boz) last year. Silver industrial demand rose by 5 percent, physical investment increased by 22 percent, and jewelry and silverware rose by 29 and 80 percent, respectively, leading to the total global silver demand milestone. Since 2020, the global total has increased by 38 percent as world economies recover from the pandemic…
Along with record silver demand and lower mine production, the silver market achieved its second consecutive annual structural deficit, at a significant 237.7 million ounces (Moz) last year.
The bullish conditions in both the gold and silver markets are the natural consequence of high inflation and an unbacked, irredeemable paper and digital money system. And it looks like we are in the early and accelerating stages of long-term dollar decay.