Gold coin sales were much lower in the second half of 2013 than during the first six months of the year. Declining prices during the first half of 2013 stimulated demand.
US Mint sales of Silver Eagles set a record in 2013 and were 26% higher than in 2012.
Gold coin sales in 2013 totaled 1,095,500 ounces which equals 34 tonnes. As comparison, annual global gold mining output is about 2,700 tonnes. Daily COMEX trading volume of gold futures is typically over 150,000 contracts with a value of 100 ounces per contract or 15 million ounces.
Silver Eagle sales in 2013 totaled 42,675,000 ounces which equals 1,327 tonnes. Annual global silver mining production is about 24,000 tonnes. Daily COMEX trading volume of silver futures is about 50,000 contracts with a value of 5,000 ounces per contract or 250 million ounces.
I came to know from one of my friends about today's Commodity Silver Tips. It says Silver trading range for the day is 39826-40606.How far can we trust on this.
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