The U.S. Mint’s authorized buyers depleted last week’s entire 1,036,000-ounce inventory of American Eagle Silver bullion coins in just three days and a new allocation of one million coins was made available today. Demand for these issues remains high; the Mint has reported that 676,500 pieces of this week’s Silver Eagle allocation have already been sold.
The Mint also began selling the new Cumberland Gap 5 oz. silver ATB coins to authorized buyers today, posting 48,000 units sold by this afternoon. This means that after one day the Cumberland Gap issue has already gained the seventh-highest mintage ever for an ATB 5 oz. silver bullion coin.
Gold has dropped by $20.45 an ounce since this time last week, and is currently listed at $1,234.30, 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 64 cents last week; it’s currently valued at $16.20 an ounce, which marks a 10-month high.
One-ounce Silver Eagles have sold 17,676,500 million pieces so far this year, while American Eagle Gold bullion coins have sold a total of 310,500 ounces across 1-ounce, 1/2-ounce, 1/4-ounce, and 1/10-ounce options. American Buffalo 1-ounce gold bullion coins have sold 74,000 pieces. Combined sales for the Shawnee and Cumberland Gap 5 oz. bullion coins have hit 153,000 units for a total of 765,000 ounces of silver.
The Mint remains on pace to have its biggest sales year ever for silver bullion, and has already exceeded 37.6% of last year’s record-breaking total of 47 million ounces of Silver Eagles sold. As a point of reference, 801,500 ounces of Gold Eagles were sold in 2015, along with 220,500 Gold Buffalo bullion coins. 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 72% 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.