Wednesday, February 6, 2013

US Mint Sales of American Eagle Silver Soared

Sales of American Eagle silver coins by the U.S. Mint jumped to a record in January 2013 on increased demand.  The US Mint sold 7.42 million ounces in January, the biggest monthly total since 1986.

So-called loose monetary policies and rising industrial consumption will support silver demand, according to Morgan Stanley, which described the metal as a “cheap gold proxy” in a Jan. 24 report. Prices have more than doubled since 2008 as the U.S. Federal Reserve, which concludes a two-day policy meeting today, boosts stimulus to spur a recovery. Investment holdings of silver reached an all-time high this month.

“The quantitative easing has helped boost sales as people are worried about currency debasement and future inflation,” Anthem Blanchard, chief executive officer of Blanchard Vault, a Las Vegas-based online retailer of gold and silver."

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