Gotta love this report on US bullion sales out of Kitco yesterday, “U.S. Mint Posts 181% Jump In Gold Coin Sales, Silver Sales Hit 29-Year Record High In Q3“. All gushing pumpy stuff of course (these people have merch to shift) but after a while the math kind of…well…it gets a little fuzzy. Included is the line…
According to its latest data, the mint sold 14,268,500 ounces of its
American Eagle silver coin in Q3, almost double the 9,715,000 ounces
sold in the second quarter of the year.
…and that’s just wonderful guys, just the type of thing you want to see from a company that works with numbers for a living. Apparently, according to Kitco, selling 9,715,000 troy ounces of silver in one period of time, then selling an extra 4,553,500 troy ounces of silver in the comparative period, is “almost double” the quantity.
Or if you prefer percentages 46.87% is almost, nearly, not-quite-but-we’re-soooo-close to 100%. Darned close, guys.
Last year 854m ounces of silver were produced and mined. , a rise of 3.8% on 2013 (around 32 m oz). How far selling an extra 18m oz of coinage per annum to gringos will affect that supply/demand/Adam Smith thingy is up for debate.