An Inflection Point for Silver
Whiplash in the Gold and Silver Markets As Yellen Yaps At Jackson Hole:
- Good Cop, Bad Cop: Fed Gooses, Then SMASHES Gold & Silver
- Flying By the Seat of Their Pants – How Much Longer Can The Fed Keep the Markets in the Air?
- After 6 Months of Falling Premiums, This Silver Indicator Just Experienced An Inflection Point…The Doc and Dubin Break Down Jackson Hole & Friday’s Crazy Market Action Below:
After slow retail gold demand for most of the month, gold bullion sales were strong across the industry this week as gold prices dipped as low as $1317.
SD Bullion saw strong demand for gold bars in particular, followed by Gold Maples & Gold Eagles.
In Silver:
While SD Bullion’s sales remained relatively strong this week, the slowdown in silver bullion sales overall has been even more pronounced.
Wholesale premiums on 90% Junk Silver Coins jumped .20 the second half of the week, the first time in over 6 months wholesale premiums have risen on 90%.
As 90% is a leading indicator of physical silver supplies and premiums, we will keep an eye on this to see whether the trend continues or accelerates in the weeks to come, particularly as the market enters the typically strong fall season.
After tremendous amounts of inventory flooded the market over the past 3 months, secondary silver rounds have all but dried up on the wholesale market over the past 48 hours, another indicator that an inflection point has occurred in the physical silver market. Customers continue to buy silver bars, but bar premiums remain steady with ample supplies.
2016 Silver Eagle sales at the US Mint jumped over 4-fold this week as the Mint report 630,000 coins sold, after several consecutive weeks of only 150,000 coins sold.
This brings total August sales numbers to 1,010,00 coins, after looking like the Mint would struggle to reach 1 million coins sold for August.
The US Mint is set to release the 30th Anniversary 2016 Silver Eagle Proof in mid-September, which will likely be one of the most highly sought after Silver Eagle proofs in recent years.
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