Low 2014 Silver Prices Brought New Investors to Coins

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The U.S. Mint sold just over 44 million ounces of American Eagle silver coins last year, more than any year on record, reflecting investors’ eagerness to take advantage of a drop in the precious metal’s price. In fact, the mint said it had completely sold out of American Eagle silver bullion coins by Dec. 24.

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Silver prices fell more sharply than gold prices in 2014, increasing the gray metal’s attractiveness to bargain-hunting investors said Peter Hug, director of metals at Kitco.com, to the Wall Street Journal.

Uncertainty may have spurred some investors to seek silver coins. In September, when silver coin sales began to pick up, a Wall Street Journal/NBC News poll found 47% of those surveyed believed the country was less safe than it was before the Sept. 11, 2001 terrorist attacks, up from 28% the previous year. The survey was taken Sept. 3-7, just after an Islamic militant group beheaded a second US journalist.

Japanese silver saw a 2.0% increase on Tuesday, January 6, reaching JPY 615.00 ($5.15) per 10 grams and making it the biggest upwards shift of the day. Indian silver prices rose 1.6% to INR 37,852 ($596.91) per kilogram. After a 0.4% increase, Chinese silver finished the day at CNY 3,455 ($555.39) per kilogram. At $16.05 per ounce, the price of US silver was essentially unchanged.

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The price of Indian gold bullion increased 1.3% to INR 27,372 ($431.65) per 10 grams. Chinese gold bullion finished the day up 0.9% to CNY 241.90 ($38.89) per gram. Japanese gold bullion gained 0.8% to finish at JPY 4,625 ($38.72) per gram. US gold bullion stayed flat at around $1,198 per ounce.

Japanese platinum bar prices inched up 0.6% to JPY 4,693 ($39.29) per gram. Chinese platinum bar held its value yesterday at CNY 258.00 ($41.47) per gram. The price of US platinum bar held steady at $1,207 per ounce.

Chinese palladium bar prices saw a 0.6% decline to CNY 177.00 ($28.45) per gram. The price of Japanese palladium bar remained steady at JPY 3,152 ($26.39) per gram. US palladium bar held its value on Tuesday at $796.00 per ounce.

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