Silver Coin Category Led by 2013-W American Silver Eagle

Official data from the U.S. Mint released concerning the first week of sales in February indicate the 2013-W American Silver Eagle Proof Coins registered 21,592 new purchases, making the collector strikes the most popular for the silver coin category.

The 2013-W American Silver Eagle Proof Coins are minted at the West Point Mint, as denote by the W mintmark. The currently dated proof coins have been reported at sales of 280,452 since their release on January 28, 2013.

No other silver product experienced the same type of demand, though the 2013-dated American Silver Eagle Coins were temporarily suspended at the Mint after just ten days of availability. The physical investment demand for silver coin has been truly striking in the fourth quarter of 2012 and since the New Year with multiple records for one-day and one-month sales being set.

Total sales of silver ounces reached 7,498,000 in the month of January at the U.S. Mint. This includes the silver contained in multi-sized coins. For the month of February so far, the U.S. Mint has moved 2,098,000 ounces of silver, bringing the year’s totals to 9,596,000 ounces of silver.

The America the Beautiful Quarters Silver Proof Sets consist of 90 percent pure silver and the 2013-dated coins have been available since January 8, making the coins some of the most popular at the mint with a recent jump of 2,330 bringing totals up to 64,532.

James Steel, an analyst with HSBC, recently spoke with Bloomberg about his outlook for the gold and silver markets, saying that some of the influences that had driven markets have been removed, including the fiscal cliff, concerns about China, and economic trouble in the EU. Steel notes he is moderately bullish on precious metals, raising his price forecast for silver this year from $32 to $33 per troy ounce based on electronic strength.

Investor demand at the U.S. Mint appears to be more bullish. January is typically a very strong month for sales of silver at the U.S., but this January broke all prior records for orders. The 2012-dated American Silver Eagle sold out at the U.S. Mint on December 18, 2012, leaving three entire weeks before the 2013-dated American Silver Eagle was released on January 7, 2013.

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