U.s. Mint continues to sell 50 times more silver than gold

[Ponce]

Go to link for "pretty" charts.......
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The US Mint’s frantic silver sales pace continued over the weekend, as the Mint reported 430,000 ounces of silver sales over the weekend on Monday. Perhaps more importantly, the US Mint Silver eagle to US Gold eagle sales ratio continues to exceed 50 to 1, a pace that is simply unsustainable with a current mine ratio of 9 to 1.


Friday was the last day the U.S. Mint updated its figures. At last count there were 2,014,000 Silver Eagle sales for October. They just released the new total:

http://www.silverdoctors.com/u-s-mint-racks-up-another-400000-silver-eagle-sales-over-the-weekend/

[JohnQPublic]

50:1 has been a pretty typical G/S ratio recently. This just verifies the ratio.

[Neuro]

50:1 has been a pretty typical G/S ratio recently. This just verifies the ratio.
Actually it doesn't, since proportionally far less silver is being mined 9/1, and about half that silver is being used industrially (and most won't be recovered easily). Yes, when the G/S ratio is 9/1, and almost all industrial silver is recovered, then the ratio will be confirmed.

[gunDriller]

it's as if the US Mint & the US gov. were made of "Thelma & Louise" molecules, and this is the part where they step on the accelerator and head for the cliff.


the US gov & JP Morgue are SO vulnerable to a teeny increase in the demand for silver - for example, instead of .1% of the investing public buying physical, what if it were 1%.

it would be GAME OVER.


from a recent Zero Hedge or KWN article, $3 Billion is all it takes to buy the entire above ground "available today" silver supply - according to the books. That would be about 31 Million ounces.

[palani]

the Mint reported 430,000 ounces of silver sales over the weekend

Pawn Stars episode just had a guy bring in 30,000 ounces of silver with a payout of around $112,000. He seemed happy but I was wondering where he was going to find another investment this good.

This single transaction was 15% of the total weekend sales reported by the Mint.

The large bar they ended up drilling, melting and treating with nitric acid to make sure it was real.

[Down1]

If you can't buy a gold plated state quarter buy some wilver instead.

Jan and Sept seem to be big months.
Is some fund/funds buying these ?

[JohnQPublic]

Actually it doesn't, since proportionally far less silver is being mined 9/1, and about half that silver is being used industrially (and most won't be recovered easily). Yes, when the G/S ratio is 9/1, and almost all industrial silver is recovered, then the ratio will be confirmed.

If the ratio were true, and gold and silver were intrinsically of the same value, I would expect a G/S extraction of 1:50 on a constant basis. Since it is 1:9, then that means either the ratio is wrong (as you suggest) or silver is 1/5-1/6 as intrinsically valuable as gold (i.e., 9*5 = 45, 9*6 = 54, 45<G/S<54). It looks like in 2010, it is more like 5.5 silver : 1 gold (extracted in the US).

[Sparky]

Pawn Stars episode just had a guy bring in 30,000 ounces of silver with a payout of around $112,000. He seemed happy but I was wondering where he was going to find another investment this good.

This single transaction was 15% of the total weekend sales reported by the Mint.

The large bar they ended up drilling, melting and treating with nitric acid to make sure it was real.

That's only $3.73 per ounce. Did you mean 3,000 ounces? That would be $37.30/ounce, which seems high unless he sold near the peak. There was really only about a 3-week period in April 2011 where you could sell silver to a retailer for that kind of price.

[palani]

That's only $3.73 per ounce. Did you mean 3,000 ounces? That would be $37.30/ounce, which seems high unless he sold near the peak. There was really only about a 3-week period in April 2011 where you could sell silver to a retailer for that kind of price.
You are right. My bad. I know the total came to $112k so was probably somewhat in excess of 3,000 oz. I think the price they offered was around $32 an oz. They had one huge bar that they melted down to make PAWN STAR 1 oz coins planning on selling them at $60 each ... good luck with that.