Silver Eagle Bullion Coin Sales Head For Annual Record Over 40 Million
Wednesday, 30 October 2013
Gold prices in China closed lower than global prices yesterday for the first time this year. This may be due to a slight decrease in demand in recent days. There was also speculation that this was due to fears of a credit tightening and the possibility of a credit crisis in China.
Indian premiums stayed near record highs at $130 per ounce due to a supply crunch and supply shortages.
Hedge funds and money managers raised bullish bets in futures and options of U.S. gold and silver markets for the week ended October 8, the latest report by the Commodity Futures Trading Commission (CFTC) showed.
More savvy trend following speculators are getting long gold again in anticipation of higher prices.
The Fed will make a statement later on Wednesday at the end of its two-day policy meeting. The bank is widely expected to say it will stay on course with its ultra loose monetary policies and will not reduce its money printing, debt monetisation programme.
U.S. stocks closed at historic highs on hopes that the Fed will continue supporting and indeed creating another liquidity driven bubble.
U.S. Mint sales advanced across all bullion products in October. In total ounces, U.S. Mint distributors bought 5,000 ounces of gold coins and 197,500 ounces of silver coins.
Silver Eagle bullion coins advanced 194,500 for a year-to-date total of 39,175,000. This means they are on track for a new annual record – surpassing the record seen in 2011.
When the annual record for the Silver Eagles happened in 2011 at 39,868,500, it took until December 13, for sales to reach the levels reached this year.