Chart usGOLD   Chart usSILVER  
 
Food for thought
A wise man should have money in his head, but not in his heart.
Jonathan Swift  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1236.891.49
Silver 18.710.01
Platinum 1361.60-0.47
Palladium 837.78-2.47
WORLD MARKETS
DOWJONES 17132105
NASDAQ 455334
NIKKEI 1594130
ASX 5446-29
CAC 40 4409-19
DAX 9633-27
HUI 2201
XAU 921
CURRENCIES (€)
AUS $ 1.4278
CAN $ 1.4215
US $ 1.2951
GBP (£) 0.7959
Sw Fr 1.2083
YEN 138.8030
CURRENCIES ($)
AUS $ 1.1027
CAN $ 1.0976
Euro 0.7722
GBP (£) 0.6146
Sw Fr 0.9329
YEN 107.1900
RATIOS & INDEXES
Gold / Silver66.11
Gold / Oil13.07
Dowjones / Gold13.85
COMMODITIES
Copper 3.160.00
WTI Oil 94.67-0.21
Nat. Gas 3.99-0.01
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Now Royal Canadian Mint rationing silver coin sales
Published : January 25th, 2013
688 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet

Silver demand looks to be running at particularly high levels in January as the Royal Canadian Mint follows US example and begins rationing sales of its Silver Maple Leaf coins. 

Author: Lawrence Williams
Posted: Thursday , 24 Jan 2013
LONDON (Mineweb) -

Is there a shortage of physical silver available, or have the official North American mints which sell silver coins just heavily under-estimated demand – or, as GATA suggests, is this another ploy to make sure demand for bullion is kept under control as a way of helping prevent a physical shortage developing on the commodity markets by putting a choke on demand and thus suppressing the metal price?  While we tend to discount the latter as GATA just finding another factor to support its gold, and now silver, price suppression position, either (or both) the former reasons would seem to fit the current halt or suppression of silver coin sales by two of the world’s largest official mints.
As Mineweb readers will be aware, the U.S. Mint announced that it had suspended sales of its Silver Eagle coins around a week ago following enormous early-year demand (see Over 6 million Silver Eagle bullion coins sold already this year) and would only be able to start supplying authorised dealers again, on an allocation (rationing) basis, from next week.  Now a report by precious metals analyst Jason Hamlin in goldstockbull.com notes that the Royal Canadian Mint announced yesterday that it too was having to ration its sales of its popular Silver Maple Leaf coins.

As the U.S. Mint article we published suggests, demand for silver bullion coins has been virtually unprecedented and, we assume, it had not sourced enough silver blanks to meet new demand for this extremely popular way for the individual investor to hold physical silver on its release of the 2013 coins.  It now looks as though the Royal Canadian Mint too is seeing tremendous demand – perhaps as a knock-on effect of the U.S. Mint’s sales suspension - with dealers in North America looking to source coin supplies from Mints in which its customers have full confidence.  This is not to say that there are not other mints around the world which are perfectly reliable sources of premium silver bullion coins, but the North American investor obviously prefers to stick with their local official coin suppliers and it the U.S. Mint can’t provide enough to meet demand then perhaps the Royal Canadian Mint coins will do as a substitute!

Although some U.S. Silver Eagles and Canadian Maple Leafs may remain available through dealers who had built up their own stocks ahead of the suspension and rationings, naturally the premiums charged on the coins will have been rising, particularly on Silver Eagles.

These should reduce again should the allocation quotas be removed if demand falters, but there are also other indications that silver demand in particular is currently running at very high levels indeed.  Reports suggest particularly strong demand from areas like India and China where precious metals ownership and giving is inbuilt into the psyche and where gold prices are perhaps running too high for many individuals to buy what they see as meaningful weights of metal.  Silver ETF inflows too are also seen to be at exceedingly high levels.

Even so there is, as analyst Ted Butler makes a particular point of reiterating in his commentaries, a huge short position overhang in silver on COMEX, which appears to make the market particularly vulnerable to manipulation by major financial entities with seemingly bottomless pockets.  Whether the burgeoning demand for physical silver can overwhelm the potential mega-losses of the short position holders with a significant price surge remains in doubt unless, and until, these mega short positions are unwound, which doesn’t look to be likely to happen any time soon.
Source

Data and Statistics for these countries : China | India | All
Gold and Silver Prices for these countries : China | India | All
Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
Charleston Voice
All articles by
Charleston Voice
Next article by
Charleston Voice
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
MOST READ
TOP RATED
MOST COMMENTED
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Charleston Voice

All the stuff you don't want to know about, but should. And, when you do know, you realize that for the present you are powerless to change it This article is brought to you by the Charleston Voice E-mail List. To subscribe FREE to the distribution list, send an e-mail to the author with 'SUBSCRIBE' in the subject line.
Charleston Voice ArchiveWebsite
Most recent articles by Charleston Voice
9/14/2014
9/11/2014
9/7/2014
9/6/2014
8/29/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer