Articles
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With the White-Hot Demand for Coins, Why Are Silver Prices Falling?
by moneymorning.com/
It’s one of the biggest mysteries in finance right now.
I mean, it’s a real head-scratcher ...
On one hand, demand for silver coins has been off the charts. With so many investors wanting to swap currency for silver, neither the U.S. Mint nor the Royal Canadian Mint has been able to keep up with purchase requests.
In fact, the U.S. Mint actually had to suspend sales of the “Silver Eagles” just a couple of weeks into the New Year - and it still smashed the all-time monthly sales record in January by selling 7.5 million of the hugely popular coins.
And that insane demand carried over into February and March.
After the first two months of 2013, the U.S. Mint had sold nearly 10.9 million American Silver Eagles (ASEs) - a third of its sales total for all of 2012. And on March 18 - the Monday that followed the weekend news about the Cyprus bank-deposit-confiscation plan - the Mint reported a stunning sales total of 638,500 of the silver coins ... for just one day.
But here’s the kicker. Despite this frenetic buying, spot silver prices have actually fallen since the start of the year - a conundrum that’s ignited fears of a silver shortage and investor allegations of market manipulation by Wall Street.
With this scorching demand for silver coins - and reported shortages of silver-based investments - how is it possible for the metal price to be falling?
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