Physical silver purchases hit new record as paper price continues slide
According to the U.S. Mint, March sales of Silver Eagle one ounce coins set a new record at the same time paper spot prices for silver fell by more than $2.50 over the past 60 days.
In fact, the rise in gold and silver prices had been the second largest gainer in the overall market until deflation, slowdowns in China and other BRICS economies, and a Federal Reserve taper announcement began a sharp decline from a 19% gain in the first few months of 2014.
According to the recent update by the U.S. Mint,¬†Silver Eagle sales hit a new record in March.¬† Sales of the U.S. Silver Eagle reached 4,476,000 at the end of the week.¬† Even though this surpassed the amount sold last year by over one million, the U.S. mint still has one final update to take place on Monday, March 31st.
If sales of the Silver Eagle top 500,000 on the last reporting day, total sales in March could surpass 5 million and overtake January as the highest monthly total. – Silver Doctors
Much of the recent buying in the U.S. is tied to the geo-political events taking place in Ukraine, and the threats of Russia cutting off oil sales using the Petro-Dollar. ¬†And like guns and ammunition, physical silver has seen record sales month after month as fears of a currency collapse reign in both the West and Eastern economies.
With China buying more than the annual mine production of gold from the markets, many retail buyers have turned to silver as a means of wealth preservation, and to stave off inflationary fears coming from devaluing currencies. ¬†And with India suddenly changing their purchasing agenda from gold accumulation to silver over the past two months, it is very likely that silver shortages globally will occur for the vast majority of investors who never considered precious metals see it as a necessary hedge against the currency wars that threaten the entire global economy.
Kenneth Schortgen Jr¬†is¬†a writer for¬†Secretsofthefed.com,¬†Examiner.com, and hosts¬†the popular¬†web blog,¬†The Daily Economist.¬†Ken can also¬†be heard Friday evenings giving an weekly economic report on the¬†Angel Clark radio show.