The early September production numbers of Gold (and Silver) Eagles started out low, leading one to believe it would be another ho-hum month for these popular bullion coins. And then things started happening and the numbers came out fairly decent. Silver Eagles had their second highest month of the year at 4,460,500. Gold Eagle numbers were about in the middle of the pack for the year so far. Final September numbers for Gold Eagles...
one-ounce gold eagles - 87,500 (just 17,500 reported thru 9/10);
half-ounce gold eagles - 1,000 (0 reported thru 9/10);
quarter-ounce gold eagles - 2,000 (0 reported thru 9/10);
tenth-ounce gold eagles - 25,000 (5,000 reported thru 9/10).
So far in 2011, 852,000 ounces of gold have been "used" in support of the Gold Eagle program and another 132,500 ounces in their 24K Gold Buffalo program.
Some gold investors are getting nervous after the price of gold had its worst week since 1983. Not Richard Russell who recently stated "I look at gold and silver, not as a play for profits, but as an accumulation of hard assets, in a world that it drowning in fiat money, and a world that will probably print trillions more of irredeemable paper." You can read the entire post here.
One last article to share with you regarding the price of gold and if it's time to bail. "The recent selling of gold was related to panic from hedge funds needing to raise money for redemptions as well as a tightening of margin requirements. This was not selling pressure based on any fundamental change in conditions or outlook."This short article appeared on MarketWatch.com and you will find it here.
At the time of this post, spot gold sits at $1,666.30 and spot silver is at $30.77.
Thanks for reading.
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