The Phaserl


Sales Surge After U.S. Mint Quadruples Silver Eagles Allocation

by Mark O’Byrne, Gold Core:

American Eagle silver coin sales jumped on Monday after the U.S. Mint said it set the first weekly allocation of 2016 at 4 million ounces, roughly four times the amount rationed in the last five months of 2015, after a surge in demand.

More than half of the week’s allocation sold on Monday, the first day of 2016 sales, the mint said, a sign that demand remains strong as spot silver prices hovered above a 6-1/2-year low of $13.60 per ounce hit in December.

The mint said nearly 2.76 million ounces of American Eagle silver bullion coins sold, about half of the 5.53 million ounces that sold in all of January 2015.

First-day sales of American Eagle gold bullion coins were also strong at 60,000 ounces, compared with the 81,000 ounces that sold in the entire month of January 2015, mint data showed.

On Monday, spot gold prices traded just below $1,100 an ounce, which is up about 5 percent from the near six-year-low of $1,045.85 reached in early December.

The mint ran out of American Eagle silver coins in July because of a “significant” increase in demand as spot silver prices fell to a six-year low.

The bullion coins are bought by authorized dealers who then sell to the general public at a premium, which changes according to supply and demand. The coins are viewed as a more affordable form of investment in physical bullion than the much larger bars.

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2 comments to Sales Surge After U.S. Mint Quadruples Silver Eagles Allocation

  • rich

    ‘The Big Wink:’ How $1.8 billion loan boosted company’s founder

    Fraud, say Department of Justice prosecutors, made James Slattery a rich man.

    But while the 64-year-old founder of Millennium Laboratories coughed up tens of millions to settle civil charges linked to his drug screening company’s practices, he stands to walk away with hundreds of millions more.

    That’s because Millennium didn’t just bilk Medicare and Florida Medicaid, as DOJ charged in October.

    Some of Wall Street’s biggest players collectively loaned the company $1.8 billion in 2014, money that was going to be repaid in part with the proceeds of the company’s illicit schemes.

    The lion’s share of the cash, $1.2 billion, went to Millennium’s true owners:

    Because investment bankers, money managers and pension fund advisers all joined to loan Millennium the money, bits and pieces of the loan — and its fallout — have trickled down into such unexpected places as the retirement portfolios of California firefighters and New Mexico’s state investment fund.

    Google got a slice of the bad loan. So did Cornell University and Kaiser Foundation. Pension funds for FedEx and Coca-Cola took a hit, along with retirement accounts for teachers in Maryland and government employees in Illinois and Oregon.

    No one is getting their money back from Slattery. Although he was on the hook for part of the $256 million settlement, the bankruptcy court plan protects Slattery, TA Associates and others from civil suits brought by burned investors.
    As a result, Slattery stands to keep hundreds of millions of dollars he collected from the defunct loan. He keeps his Fort Lauderdale mansion, properties in two other states and a near-priceless collection of vintage aircraft. He and Millennium declined comment for this story.

    “For the little steal they throw you in jail, but for the big steal, they give you a slap on the hand and send you back to the country club,” said Patrick Burns co-director of Washington, D.C.-based Taxpayers Against Fraud, which advocates on behalf of whistleblowers.

    “I refer to this as the Big Wink.”
    Bad debts all around with no recourse.

  • Rob

    That is quite a large Jump in sales !
    Just on Eagles Gold & Silver…wow nice job people.

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