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Silver Demand Fading As Metals Consolidate At Lull Of Trading Range

Trading action since Friday has resulted in depressed metals prices as the $15 gold increased on Friday was wiped out and then some by Monday.

Investors for much of the week focused on riskier bets.

“The perception that the stock-market rally will continue and is sustainable through year’s end and perhaps into [the first quarter] of 2014 is creating the exodus out of gold, causing this price decline,” MarketWatch quoted John Person, president of NationalFutures.com.

Gold forecasts weigh bearish.

“In the Kitco News Gold Survey, out of 34 participants, 25 responded this week. Of these, six see prices up, while 14 see prices down and five see prices sideways or are neutral,” reports Kitco.

“For participants who see weaker prices, they said the technical charts and fundamental news for the market remains bearish… Yet a few other participants said while they think that gold might have some further downside, they don’t expect selling to intensify next week, especially after the market fell sharply this week.”

Bloomberg News reports that investors are the most bearish since June.


After having recorded lower monthly sales for American Gold and Silver Eagle bullion coins compared to the prior year period, gold and silver continued bearish trends. Despite a robust year of sales throughout 2013 heretofore, the American Silver Eagle decrease in sales not only indicates lower demand but also the end of production by the US Mint.

In the month of November 2013, Gold Eagle bullion sales were 48,000 troy ounces across all Mint products. November 2012 saw sales fall significantly, by 64.8%. November 2012, to be sure, was a month of staunch demand.

November 2013 US Mint Bullion Coin Sales

Nov 2013 YTD 2013
American Gold Eagle 1 oz 44,000 690,000
American Gold Eagle 1/2 oz 2,000 58,000
American Gold Eagle 1/4 oz 4,000 118,000
American Gold Eagle 1/10 oz 20,000 520,000
American Gold Buffalo 1 oz 14,000 232,000
American Silver Eagle 1 oz 2,300,000 41,475,000
America the Beautiful Silver 5 oz 6,600 179,700

One troy ounce Silver Eagle sales reached 2,300,000 pieces during November 2013.  This is the lowest monthly sales figure of the year and the only monthly total for this year under the 3 million mark. This is down 27.2% from the year prior.

The final allocation of American Silver Eagles will be on December 9, and orders will be accepted beginning January 13, 2014. The Mint has reduced the weekly Silver Eagle bullion coin allocations available to authorized purchasers, most likely because they are using available blanks for the production of 2014-dated coins.

Silver Eagle sales have reached 41,475,000. This exceeds by no small margin the previous sales record of 40,175,000 ounces achieved in 2011.


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