First Time Ever: Silver Sales Surpass Domestic Production
BY STEVE ST. ANGELO
[UPDATE: Since the completion of this article, the U.S. Mint has updated its 2011 American Silver Eagle sales. The grand total for 2011 turns out to be 39.8 million Silver Eagles sales while the month of January 2012 starts off with a whopping 3,197,000 sales on the first business day of the year. This is speculation on my part, but instead of updating the Silver Eagle figures during the last few days of 2011 (as it normally does on a more regular basis), the U.S. Mint decided to dump all the remaining sales onto January 2012.]
For the first time in history, Silver Eagle & Maple Leaf sales will surpass domestic silver production in the U.S. and Canada in 2011
The demand for American Silver Eagles and Canadian Maple Leaf coins has increased tremendously over the past several years. 2011 will be the first year in which official coin sales will surpass domestic silver production in both countries.
Even though each country has seen declines in their domestic silver production over the past decade, U.S. silver production declined a whopping 30% yoy (year over year) in October. According to the USGS in their most recent Silver Mineral Industry Survey, silver production fell to 81,400 kilograms in October—compared to 117,000 kilograms the same time last year.