US Mint Reports Unprecedented Buying Spree Of Physical Silver - Ultra Record Breaking

Holy Sheet

Zero Hedge reports

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.

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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.

Everything that I see says this...

We are screwed.

reply to post by mnemeth1


Did they say WHO the mint is making the sales to? Is it the State of Virgina (I hope)

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Things are getting interesting. I bought at $10 through $25. If it goes to $25 again ill buy more. Lots of everyday joes that i know are buying at $29 without second thought.

All this and silver has crashed by $1/oz in just the last few hours, down from around $29.60 to $28.60- this combined with the mini-gold crash so far this year (gold down around $50 dollars an ounce so far), seems like something untoward is going on, as per usual.

A source in mergers and acquisitions out of Europe has alerted King World News that Carlos Slim may be looking to enter the silver market in a big way. Gold and silver are in big bull markets and this is attracting the attention of some of the smartest money around the globe. James Turk commented, “If this deal does happen Eric, this is going to make the silver shorts choke.” Fresnillo has a current market cap of roughly $19 billion.

The European source commented, “This deal has been floating around for a while, but I think this time it is going to happen. It’s in his backyard. This is the world’s richest man wanting to get into silver.”

www.zerohedge.com...

There is alot going on with silver. JPM has a lot to loose.

could also be an investement based on the price of silver rising to coincide with Valentines Day. I've heard that gold and silver prices tend to rise this time of year as a result of the holiday.

silver is being sold like hot cakes on E-bay! i bought a few eagles for around $33-35. Thats low. people are buying them for $40-45 each. its crazy

Good catch OP, you beat me to it...was just headed over here to toss up this topic. One of the more eyebrow-arching items from Durden and friends in recent days.

I wonder how many larger players who usually trade paper metals are now getting rattled enough to start taking delivery. Well, if you aren't prepared get prepared sez I.

Incredible news. Surprised it isn't getting more attention.

How are they keeping the price down? It peeped over $31 and they banged it down hard. How much longer will they be able to do that?