Record Silver Eagle Sales – SocGen Say Silver “Cheaper Alternative To Gold”
Tuesday, 5 March 2013
Silver eagle bullion coin sales soared to a record amount in February 2013 – totaling 3,368,500 ounces.
February’s record sales followed record coin sales in January. Year-to-date silver sales for the U.S. Mint are 10.8 million ounces, which is over 10% higher than the next best period from 2011. The record sales in that period may have contributed to silver’s surge to over $49/oz on the 28th of April 2011.
Silver support is at the $26/oz level and with silver’s supply demand fundamentals remaining even more compelling than gold, investors are diversifying their precious metal holding by going long on silver.
Gold remains nearly double its nominal high of $850/oz in January 1980. Silver is close to half of its nominal high in 1980 and its recent high in April 2011 – both close to $50/oz.