It surely isn’t news by now for most investors, but COVID-19 has roiled stock markets around the globe and erased trillions in wealth in the span of a week. As markets tumbled, investors turned to the relative safety of gold and silver precious metals. As the price of metals dipped over the past week, demand skyrocketed and pressured supplies across the country. On March 16th, the US Mint announced that its available stores of 2020 American Eagle Silver Coins sold out entirely.
Coronavirus Drives Demand
For the week ending March 13th, sales of American Eagle Silver Coins jumped to 1.57 million pieces. That was a greater sales tally for the second week of March than the US Mint saw through all of February in the American Eagle Series. In February, just 650,000 American Eagle Silver Coins were sold by the Mint. After two weeks of March, sales for the coins hit 2.32 million. As of the week ending March 20, sales for the month have hit 3.182 million. The resulting surge in demand has created a lack of availability with authorized dealers and also resulted in a temporary sellout at the US Mint. As such, the US Mint has announced that coining of 2020 American Eagle Silver Coins and subsequent allocation will resume shortly.
4-Year High for March
The total sales of American Eagle Silver Coins in March 2020 is already the highest since March 2016. The increase in sales in March 2020 not only reached its highest point for this month since 2016, it drastically outpaced March 2019 which saw sales of just 850,000 American Eagle Silver Coins. The demand for physical silver has also pushed the American Eagle Silver Coin far beyond the Q1 results from 2019. Through the end of Q1 2019, the American Eagle Silver Coin had sales of 6.925 million pieces. As of this writing, sales for Q1 2020 stand at 7,678,500 coins.
Gold Benefits As Well
Silver isn’t the only metal investors are flocking to in this time of financial crisis. Sales of the American Eagle Gold Coins are also up significantly through the first three weeks of March. After selling just 7,000 ounces of gold in February 2020 (27,500 coins in total), the US Mint has already recorded sales of 83,500 ounces of gold in March 2020 (152,500 coins in all). That is the best month of 2020 so far, ahead of the 60,000 ounces/139,000 coins sold in January 2020. American Buffalo Gold Coins are also on the rise at the moment. After sales of 21,000 in January sunk to just 1,000 in February, the Buffalo Gold bullion coins surged in March with 45,500 coins sold to date.
Keep Up with Provident Metals for More Information
Provident Metals is working hard to ensure we keep accurate track of what is in-stock at any given moment as the rush to silver and gold continues. We are doing our best to make sure that any product you see on our site listed as “in-stock” has available items for you to purchase. If you have any questions about available silver, please feel free to contact us. Our customer service team is available on the phone at 800-313-3315, on the web using our live chat, and via our email address.