Silver – THE Monetary Safety Net, Louis Cammarosano
by Rory, The Daily Coin Over the past several months Louis Cammarosano, Smaulgld, and myself have been conducting bi-weekly precious metals market updates alternating between what the mints report and what sovereign nations are reporting. It seems you all are enjoying this series and this weeks is no different. We dive into the numbers reported by the mints, mainly the top four to six, and liven it up the conversation with other information as well. During this particular show Louis has taken the top six mints, combined their monthly total and deliver some numbers that are mind-blowing. In light of two aspects these numbers are even more amazing. The U.S. Mint has been rationing sales since June 2015 and during 2016 the sales of American Silver Eagles have been rationed to 200,000 coins per day/1million per week. On the surface it appears the U.S. Mint will set a new record for Silver Eagle sales. I am willing to bet if they set a new record it will be a very, very shallow mark. Personally, I don’t think it’s going to happen. I believe the year will end with a number that is so close to last year it keep the alternative news to a whisper – which is the goal. Combine the rationed sales of the U.S. Mint and the fact that silver mines, in some situations, will either be slowing down their production while other mines have shut down, you can see the numbers for these combined mints is off the charts. Here is what Louis reported
When the Mexican Mint one ounce Silver Libertad and estimated Chinese Silver Panda coin sales are added to the silver sales of the Austrian, Canadian, Perth and United States Mints, the total ounces of silver sold at the six top sovereign mints rises close to 110 million ounces or approximately 12.5% of 2015 global silver mining production.