US Mint Silver Sales Double in September to 4.14 Million Ounces

Data from the US Mint showed that sales of American Eagle silver coins reached nearly 4.14 million ounces in September, more than double August's sales of 2,007,500 ounces, which was highlighted in the daily USA Gold report issued on October 1 as evidence of strong physical demand for silver.

The spot gold price in the same report was recorded at $4,167.00 per ounce, up $10.80 or 0.26%, while silver reached $60.48. The doubling of silver coin sales means that demand for physical metal rose in the same month that high yields pressured prices in the market.

This rise in demand came amid a high-pressure environment, as the 10-year US Treasury yield approached 5.34%, its highest level since 2002, and the US Dollar Index recorded its year-to-date high at around 101.85. Higher yields mean that the opportunity cost of holding gold and silver increases, as neither metal yields periodic income.

Sales of Eagle gold coins reached around 58,000 ounces in the same month, a much smaller figure than silver sales because the price per gold ounce is higher. Investors follow this type of data because it measures physical demand for both metals—a component distinct from financial flows into ETFs that shows its impact on prices over a longer period.

What do these terms mean?

Mint: The government entity that issues coins and produces investment bullion. Ounce: A unit of weight used to measure precious metals. Dollar Index: A measure of the strength of the US currency against a basket of major currencies. Bond Yield: The interest earned by the bondholder; the higher it rises, the more attractive yield-bearing assets become compared to gold.