U.S. Mint Sells Record Number of Silver Eagles

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The U.S. Mint has sold a record number of silver coins this year as demand for the physical metal helped futures in New York recover more than 20%  since falling to a 5-year low early this month.

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Purchases of American Eagle silver coins reached 43.051 million ounces in 2014, data on the mint’s website shows. That tops last year’s 42.7 million ounces, the previous all-time high, according to an e-mailed statement yesterday. There are still enough supplies to keep selling 2014-dated coins through the week starting Dec. 15, the mint estimates, Bloomberg News reported.

A surge in demand prompted the mint to suspend sales in November for more than a week because of a lack of inventory. When the coins were again made available for purchase, it was on allocated basis. Buying has increased with prices heading for a second straight annual loss, the longest slump since 1992.

At INR 39,115 ($631.94) per kilogram, Indian silver moved up 4.8% on Wednesday, December 10, the day’s biggest change. The price of Chinese silver rose 4.6% to CNY 3,640 ($588.31) per kilogram after a two-day drop. One of the day’s biggest changes moved US silver ahead by 4.5%, landing at $17.11 per ounce. Japanese silver rose 3.2% to JPY 649.00 ($5.44) per 10 grams.

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Chinese gold bullion prices inched up 2.4% to CNY 245.10 ($39.61) per gram. Indian gold bullion prices rose 2.3% to INR 27,234 ($439.99) per 10 grams. US gold bullion gained 2.3% to finish at $1,232 per ounce. The price of Japanese gold bullion increased 2.0% to JPY 4,727 ($39.62) per gram.

Chinese platinum bar finished the day up 1.2% to CNY 263.00 ($42.51) per gram. Japanese platinum bar prices rose 0.8% to JPY 4,771 ($39.98) per gram. The price of US platinum bar held steady at $1,228 per ounce.

Japanese palladium bar ended the day at JPY 3,107 ($26.04) per gram, after the 1.6% drop on Wednesday. Chinese palladium bar gained 1.1% to finish at CNY 179.00 ($28.93) per gram. After a 1.1% increase, US palladium bar finished the day at $807.00 per ounce.

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