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Sales of 2016 Silver Eagles remained strong this week, but at 545,000 coins was down substantially from the 1,405,000 coins sold by the US Mint last week, bringing Year to Date Sales to 32,525,500.
This week’s decline is likely due to the fact that the Mint’s AP’s were able to order substantially more coins last week than their normal allocation allotments due to the Mint’s stock-pile built up throughout the summer. The Sunshine Mint remains sold out of SD Bullion’s most popular silver round, the Sunshine 1 oz Walking Liberty rounds , and most private mints are still reporting 1 -2 week delays on new orders for ALL private mint silver bullion products.
Whether a true retail shortage begins to develop and appear will likely be determined by the market action over the next several weeks.
If silver remains at a $17 handle (let alone is hit again to a $16 handle), we expect retail tightness to emerge at some point over the next week. If the metals bounce strongly early next week, physical bullion demand is expected to cool off enough to keep metal reasonably available.