The U.S. Mint’s authorized purchasers (AP’S) bought 912,500 ounces of American Eagle Silver bullion coins last week, leaving 87,500 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 1,087,500 Silver Eagles.
The slight dip in Silver Eagle sales was possibly the result of competition from the Cumberland Gap 5 oz. silver bullion coin, which opened strong last week with 64,000 units sold. This means that the Cumberland Gap issue has already gained the fifth-highest mintage ever for an ATB 5 oz. silver bullion coin.
Gold has dropped by $3.45 an ounce since this time last week, and is currently listed at $1,230.85, according to the London Bullion Market Association. The commodity has been relatively stable in recent weeks, and has not threatened to dip below $1,200 an ounce since it climbed to $1,190 on February 10. Silver has shown signs of strength lately and gained another 66 cents last week; it’s currently valued at $16.86 an ounce.
One-ounce Silver Eagles have sold 17,912,500 million pieces so far this year, while American Eagle Gold bullion coins have sold a total of 333,000 ounces across 1-ounce, 1/2-ounce, 1/4-ounce, and 1/10-ounce options. American Buffalo 1-ounce gold bullion coins have sold 76,000 pieces. 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 38% 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.