From the Trading Desk
US Mint sales figures for the month of March confirm the dismal state of the fabricated gold and silver markets right now. The US Mint sold 21,000 toz of gold eagles (1 oz and fractional sizes) and 1,615,000 toz of 1 oz silver eagles this past month. This compares to 38,000 toz of gold eagles and 4,106,000 silver eagles sold in March of 2016, a drop of 45% and 61%, respectively. The figures from this March in gold look even worse considering that March 2016 gold figures were the second lowest monthly sales of the entire year. The average of US Mint sales for a given month in 2016 was approximately 82,000 ounces of gold eagle coins. Versus this figure, gold eagle sales in March of 2017 were down over 75%. Despite the bleak physical demand statistics from the US Mint as well as a dearth of physical demand out of Asia over the past two days with China on holiday, gold and silver have managed to press steadily higher this week. Gold has tested and failed, yet again, at its 200 day moving average at $1,260. Silver has formed a steady base above $18 and will look to challenge the $18.50 area if gold breaks cleanly above $1,260.
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.