Silver Bullion Sales Surpass Gold

Forget about a potential gold rush, it’s silver that investors are pining for these days.

Last month bullion buyers purchased 68 times more silver in ounce terms than gold, going from 4.14 million ounces of American Silver Eagle coins sold in September,to over 4.12 million ounces in October.

That’s impressive, especially considering gold bullion coin sales had a good month too. In fact, according to Resource Investor:

“The gold bullion coin sales from the U.S. Mint are the highest monthly sales since January and are higher than the 58,000 that were sold in September.”

Higher bullion sales can be attributed to a large number of factors, but several specific factors seem to be the common denominator – namely global tensions and unrest.

“(Islamic State), Ebola, Putin and Ukraine… There is a litany of these things which have risen in the last year or so which have provided a negative backdrop,” Scott Spitzer of MTB told Reuters.

Sales of American Eagle silver coins, in particular, jumped by an astounding 40% in October, to its highest in almost 2 years, according to a Bloomberg report.

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