The U.S. Mint’s authorized purchasers (AP’S) bought 1,002,000 ounces of American Eagle Silver bullion coins last week, leaving 85,500 available ounces unsold. That leftover inventory has now been added to this week’s new million-coin allocation, bringing the available total for this period to 1,085,500 Silver Eagles.
Gold has been coming on strong lately, rising $54.80 an ounce since this time last week to arrive at $1,285.65, according to the London Bullion Market Association. The L.B.M.A. has not updated the figure since Friday, April 29, however, due to the May Day bank holiday in the United Kingdom; the 24-hour New York Gold Spot Price puts the value of the commodity even higher at $1,296.00 at the time of this writing.
Silver is also gaining value; it increased by 99 cents an ounce last week and is now listed by the L.B.M.A. at $17.85. Although this number has not been updated today, the New York Silver Spot Price shows little change.
One-ounce Silver Eagles have sold 18,914,500 million pieces so far this year, while American Eagle Gold bullion coins have sold a total of 351,000 ounces across 1-ounce, 1/2-ounce, 1/4-ounce, and 1/10-ounce options. American Buffalo 1-ounce gold bullion coins have sold 79,500 pieces. Sales for the Cumberland Gap 5 oz. silver bullion coin remain stuck at 64,000 units sold, which is the fifth-highest mintage ever for an ATB 5 oz. silver bullion coin. Combined sales for the Shawnee and Cumberland Gap 5 oz. bullion coins have hit 169,000 units for a total of 845,000 ounces of silver.
The Mint remains on pace to have its biggest sales year ever for silver bullion, and has already exceeded 40% of last year’s record-breaking total of 47 million ounces of Silver Eagles sold. Additionally, 801,500 ounces of Gold Eagles and 220,500 Gold Buffalo bullion coins were sold in 2015. America the Beautiful 5 oz. bullion coins sold a total of 212,000 pieces last year; the 2016 Shawnee and Cumberland Gap issues have already hit 79.7% of that total.
The Mint sells its bullion issues to a network of authorized buyers, who then make the coins available to the public. This year marks the 30th anniversary of American Eagle bullion coins, which were introduced in 1986.