Posted on March 20, 2020
As the COVID-19 virus rapidly spread around the globe and across the United States in March, stock markets ran into a brick wall that sent values plummeting. Amidst the volatility of global markets, the demand for physical silver bullion skyrocketed over the course of the last week. On Thursday, March 12, the United States Mint announced that its supply of 2020 American Silver Eagles had been temporarily depleted, indicating coining would have to resume to meet intense demand.
Following the first week of March 2020, the onset of the market dip and increase in demand for physical silver bullion saw the sale of 2020 American Silver Eagles jump 1.57 million pieces during the second week of the month. That pushed the monthly total for Silver Eagles in March to a total of 2.32 million coins. In the process, the US Mint’s supply of 2020 Silver Eagles on-hand was depleted. That one week sales increase was nearly three times as many 2020 Silver Eagles as were sold in the whole month of February.
As of March 19, 2020, sales of 2020 American Silver Eagle Coins reached 3,182,500 for the month of March and 7,678,500 coins in total for the calendar year. With the demand for Silver Eagles continuing, if the US Mint can get more coins out on allocation to authorized dealers, sales of the 2020 Silver Eagle could surpass January 2020 when 3,846,000 coins were sold. Whether or not the US Mint can get more coins out, March 2020 will go down as the best month of March since 2016.
With an unknown timetable for government’s combating the COVID-19 pandemic, markets remain extremely volatile. Available stocks of silver bullion are under pressure beyond the American Silver Eagle, but the sell-out of existing supplies of the most popular coin in the world points to the intense demand for silver right now, as well as gold. For the record, the United States Mint has reported the best sales to date for the American Gold Eagle coins. After selling 60,000 ounces in January and just 7,000 ounces in February (139,000 and 27,500 coins, respectively), the Gold Eagle surged in March as well. To date in March, 83,500 ounces of gold in the American Eagle Series have been sold for a total of 152,500 gold coins.
JM Bullion is working diligently to meet the demands of our investors for silver bullion. We’re constantly checking our stock to ensure the coins, bars, and rounds you are shopping in our catalog are accurately marked in stock for you to purchase. If you have questions about what is available, please contact JM Bullion at 800-276-6508. We are also available online through our live chat and email address features.