The U.S. Mint’s authorized purchasers bought just 468,000 of last week’s 1,672,500-ounce allocation of American Eagle silver bullion coins, leaving 1,204,500 unsold. This is by far the most unsold Silver Eagles we’ve seen so far this year, and the relative softening of demand means the Mint is increasingly finding itself with plenty of the inventory on hand to fulfill orders.
The unsold pieces have been added to this week’s new million-coin inventory, bringing the available total for this period to 2,204,500 ounces.
One-ounce Silver Eagles have sold 24,795,500 million pieces so far this year. The Mint remains on pace to have its biggest sales year ever for silver bullion, and has already exceeded 52.7% of last year’s record-breaking total of 47 million ounces of Silver Eagles sold.
Despite a short-lived spike that brought the value of an ounce of gold as high as $1,310.75 on June 16, the commodity is now valued at $1,283.25 — an decrease of 85 cents since this time last week according to the London Bullion Market Association. The value of an ounce of silver has also increased by 2 cents to $17.34.
American Eagle Gold bullion coins have sold a total of 468,500 ounces across 1-ounce, 1/2-ounce, 1/4-ounce, and 1/10-ounce options. American Buffalo 1-ounce gold bullion coins have sold 107,000 pieces. In 2015, the Mint sold 801,500 ounces of Gold Eagles and 220,500 Gold Buffalo bullion coins.
The Harpers Ferry 5 oz. silver bullion coin sold 1,200 pieces last week, bringing its total to 34,200. Combined sales for the 2016’s three 5 oz. bullion coins have hit 214,200 units for a total of 1,071,000 ounces of silver. Combined production of 2016’s issues has officially surpassed the total for all of 2015, which wrapped up at 212,000 units. 2016 now has the second-largest annual mintage ever for 5 oz. America the Beautiful bullion coins behind 2011, which had the extremely high total of 465,100.
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.