US Mint Reports January Silver Sales Hit 26 Year High

Zero Hedge reports:

When we had last checked on the total silver sales by the US Mint earlier today, the amount given was 3,407,000 ounces, a number which we had earlier speculated would be a monthly record if sales were maintained at the current pace. And as the number had not been updated we assumed that "either buying interest has ceased overnight (unlikely), that the mint is not updating its numbers (likely), or, worse, that the Mint has now stopped selling any form of silver for reasons unknown." Indeed, the result was the likely one, and following a quick check today on US Mint sales confirms that sales have once again surged following the Mint's delayed update. As of today they stood at a whopping 4,588,000, or nearly 1.2 million ounces sold in a few short days. This represents the biggest monthly total sold by the US Mint going back to 1986 when the Mint disclosed its first monthly sales record... And the month is not even over yet. In other words in just the first three weeks of January, the mint has sold more silver than in any month in its history according to its public records going back 26 years.

Let's let that sink in a little.

In other words in just the first three weeks of January, the mint has sold more silver than in any month in its history according to its public records going back 26 years.

If you couple the insane silver sales with this:

According to Bloomberg, in the week ended January 14 S&P 500 insiders sold $163 million worth of stock in 54 separate transactions. They bought exactly $0. That's right, in the last week, there was no insider purchasing. This is the first time in years (and possibly for ever) in which we have seen a week during which there was not one purchase by an insider. Surely, there is no need to comment on this result.

It makes one wonder if the rich and powerful are bailing from the markets and hording physical silver.

The disconnect between paper and physical silver cannot be more obvious, not to mention the flagrent manipulation. Very interesting is the sudden stop of information from the US Mint showing current sales figures. Continued heavy sales of Eagles shines a bad light on the dollar . Worse, a production stop at the US Mint because of a lack of supply of physical silver to press fresh Eagles with would attract unwanted attention to the paper silver farce. And you know the Ben Bernank will stop at nothing to keep the silver price smashed down. So, Ben is using the UFO strategy...NO DISCLOSURE!

reply to post by fockewulf190


The 190 is my favorite virtual plane to fly.

Real men fly German.

i was waiting to buy more silver tomorrow but with this news im going to have to buy some tonight.

its all going to hell in a hand basket. a nice decorated, media altered hand basket of hope, change, and lies

reply to post by camaro68ss


Some are predicting silver could be at $50 per ounce

by the end of this year. Could be a good investment.

reply to post by mnemeth1


Id say that its going to be a wild ride from here.

When insiders are out what does that tell us?

I dare think they can prop it up till November 2012.

Originally posted by manta78
reply to post by camaro68ss

 

Some are predicting silver could be at $50 per ounce

by the end of this year. Could be a good investment.

As a hedge against inflation, it's a great investment. Sure, the rub is that it won't grow your money, but it sure as hell makes for a great backstop against your FRN shrinkage. Turning paper into physical metal makes a lot more sense than letting it sit in a bank earning "interest" that doesn't even come close to inflation devaluation.

Originally posted by mnemeth1It makes one wonder if the rich and powerful are bailing from the markets and hording physical silver.

The word around the news and metals boards is that the rich and powerful are buying and hoarding gold by the ton. Silver is the only thing left for the little guys, and the mint is doing quite well bottlenecking the process and sliding on their generous mark-up.

How are they managing to manipulate the price so well? Will they be able to for long?

I'm a silver/gold bug and it amazes me how they manage to hammer it down so neatly with above-ground supplies running out.

Originally posted by GirlGenius
How are they managing to manipulate the price so well? Will they be able to for long?

I'm a silver/gold bug and it amazes me how they manage to hammer it down so neatly with above-ground supplies running out.

It's due mainly to the manipulation of the paper price, which we all know has zero relation to actual physical holdings. The buzz is that this might be falling away, but I think that the PTB have a much stronger trump card against any actual truth, logic, or reality. The manipulation will only stop once they find that it becomes unprofitable. If the wealth keeps flowing in, it won't go anywhere.

reply to post by larphillips


Lindsay Williams (Sunday) reported that big players have taken 90% of the remaining silver out of the COMEX. I was surprised to see the price still down on Monday. He will be on AJ again today. Hope he discusses it more, although listening to him is like watching paint dry.

Originally posted by GirlGenius
reply to post by larphillips

 

Lindsay Williams (Sunday) reported that big players have taken 90% of the remaining silver out of the COMEX. I was surprised to see the price still down on Monday. He will be on AJ again today. Hope he discusses it more, although listening to him is like watching paint dry.

Yeah, it has been interesting to watch the silver price this week take big falls in spite of all the current news. In fact, today alone was strange. Silver was like a rocket, up to $29.44/oz; then when the US markets opened, the thing fell like a lead balloon (currently at $28.78). They seem to keep punching the hell out of it to keep it below $29-$30/oz.

reply to post by larphillips


i dont get it eather. just keep buying! once the mint runs out of silver blanks then there will be no way of hiding the truth. Silver is not what it use to be back in the 80's. now its used in the tech indistry. its being used up on a daily bases. not like gold. gold is horded and not really used for anything else but to sit on

Originally posted by camaro68ss
reply to post by larphillips

 

i dont get it eather. just keep buying! once the mint runs out of silver blanks then there will be no way of hiding the truth. Silver is not what it use to be back in the 80's. now its used in the tech indistry. its being used up on a daily bases. not like gold. gold is horded and not really used for anything else but to sit on

Yes, exactly, Silver is an interesting metal as it has always been used as currency, yet is consumed by industry. Very little gold is consumed, so it's supply remains relatively constant, yet silver continues to decrease in availability. They have said that the advent of digital photography has impacted the use of silver (used in film stock), but with that has come the massive expansion of electronics. In addition, silver use will see rapid growth for it's uses in medicine and solar panel technology. Silver consumption will continue to grow, as will it's demand as an investment metal. There can only be good things in the future for those who are holding physical silver.

reply to post by mnemeth1


Gold and silver will continue to rise as long as the dollar remains as weak as it has been. When the dollar is weak, the world jumps to something that has intrinsic value, for example, metals. how high can the price go? as long as people are buying, the price will continue to rise....basic supply and demand

Originally posted by larphillips
The manipulation will only stop once they find that it becomes unprofitable. If the wealth keeps flowing in, it won't go anywhere.

Well said larphillips

The issue of [legal] profitability is one of the main pillars supporting the manipulation theory. For example no-one would dump 1MM shares of thinly traded stock on the market in one fell-swoop if they were looking to maximize profits. They'd disguise their intention by scaling into the "bid" in increments to avoid collapsing the share price. When JPM dumps 1500 Silver contracts on bids sitting at a skimpy 5 - 10 contracts per, they're able to initiate a wave of panic spec long liquidation....price goes into free fall....the Boyz cover on the cheap.

This is hardly how a normal trader gets the best price when selling a commodity - This kind of "not-for-profit selling" will end badly and risks the integrity of the COMEX and OTC markets. - CFTC whistleblower Andrew Maguire

If anyone is going to buy metals, always take delivery.

Do not buy EFTs or futures.

Buy the physical metal and have it shipped to your house.

The EFTs are all a fraud.

I wonder if we are not heading for a speculative bubble. One of the characteristics of a bubble if that few people anticipate the buble bursting before it does. With hindsight most people could have predicted the bubble bursting. perhaps now is not the righ time to buy.

My 2 cts

Buyers now allegedly being offered bribes to settle in cash rather than taking physical delivery of metals:
www.stockhouse.com...

A must view.