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US Mint Reports Unprecedented Buying Spree Of Physical Silver

Three days ago we noted that in just the first week of January, the US Mint had sold 2,221,000 ounces of silver "a number which if run-rated would be an absolutely all time monthly record," A quick glance at the tally today, shows that something very scary is going on. In the subsequent three days, the number has surged by 50% and has hit 3,407,000 ounces of silver! In just the first 12 days of the month we have already surpassed the total monthly sales of 9 separate months of 2010.

Mike Krieger presents the following disturbing observation on this trend: "In the first 12 days of January 3.4 million silver eagles have been sold. I have never seen anything like this. The amount of physical being taken off the market on this paper sell off is EXTRAORDINARY. We must be VERY close to the end." Whoever has adopted JPM's legacy paper silver short position is in for some very troubling days ahead.


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Thanks for posting.
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Food for thought!

I'm not sure how accurate these figures are, but usdebtclock.org has a precious metals feature that shows expected mining output (for 2011), as well as known reserves. Check it out:


According to this calculation, world output of silver in 2011 should be about 30.3 million ounces.

As a side note... the silver to gold production ratio, and the silver to gold know reserves, are both around 10:1

Anyway, assuming that the number is overstated, as discussed below, even at 3 million ounces a month demand for these coins alone will require more than the entire mining output of 2011.

Bullish? I think so!

"The sinews of war are infinite money" ~ Marcus Tullius Cicero

Don't get too excited

Here's the thing: last month, in December, they were on pace to sell over 3.5 million again, making the year's total over 35 million. But, the pace was so high, the U.S. Mint wanted to understate 2010's numbers to quell the sentiment....

So what they did was they didn't report the last two weeks of sales in December(1.7 million), and instead reported December's last half on January 2nd 2011 as part of January's numbers. Do you honestly think they sold 1.7 million silver eagles in 2 business days? Even without that phoney 1.7 million added, we're on pace for about 3.5 to 3.7 million this month, a new January record. We're getting there gentlemen, but we're nowhere near the "1.7 million eages in two days" stage just yet. Patience. We don't want the opportunities to buy basically 'free' silver to end this soon now, do we?

Source Please

Please provide a source.


The source was Ed Steer(who is a member of GATA) and Harvey Organ. If those credentials aren't good enough, I can't help ya. ;)

I'll ask again

Please provide a source link to a published document backing up your claim.

so the 1.7mil "creative

so the 1.7mil "creative accounting" action caused a panic buy of an aditional 1.7mil in the following 10 days, this could build on itself and get ugly...

“One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors.” Plato

good post




i remember a similar headline in the open of 2010

they said the first month exceeded 6 months of 2009.

ecorob's picture

i thought Americans were going crazy buying silver...

then, i thought, what if the greatest number of these purchases are being initiated outside of the US?


its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
9/11 Truth.

That is true..

we really don't know who is buying it, and what the end effect will be.