The U.S. Mint announced that sales of American Eagle silver coins climbed to a three month high as worries over a slumping European economy drove investors towards safe haven and precious metals investments. Investors and rare coin collectors purchased well over five million of the coveted silver coins so far this month, the largest sales figure since October of last year and well over the 4.8 million American Eagles from January 2014.
Silver is up almost 20% this year and gold reached the $1300 an ounce price level for the first time since last summer. This increase in price combined with economic instability that has infected Europe, Asia and the United States has led private and institutional investors to continue to flock to precious metals.
Silver remains on a bullish path as we progress through a solid month of consistent gains that has taken it north of $18 an ounce. That strength is reflected in the staggering sales figures for the American Eagle silver coins.
Meanwhile, Russia is once again adding to the rise in precious metals prices as President Vladimir Putin saw to it that Russia increased its gold holdings for the ninth consecutive month. Russia now holds nearly 39 million ounces of gold bullion, making it the world’s fifth largest holder of gold.
The country has tripled its gold reserves in the last decade as it it continues to offset the drastic economic effects of sanctions as a result of the Ukraine invasion and sliding oil prices that have gutted Russia’s economy. As Russia and other foreign countries continue their pattern of accumulating gold, demand will eventually outpace supply and we should see the spike in price that we have been waiting for.
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