US Mint Coin Sales YTD: Gold Weaker and Silver Stronger

Sales of gold Eagle and Buffalo coins by the US Mint have been very slow this year.  Year to date sales are down 58% from 2013 and 7% from 2012.  Gold coin sales in April 2013 we exceptional.  Sales have not been this slow since 2008.  Is demand weak or supply constrained?  Sales have been increasing each month since January.  

Silver Eagle sales on the other hand have been very strong.  Year to date sales of 18.5 million coins are 1% more than in 2013 and a record.  2014 sales were off to a slow start in January because 2014 silver Eagles were released in smaller allotments over a longer time than in previous years.

US Mint Coin Sales YTD: Gold Weak and Silver Strong

Sales of gold Eagle and Buffalo coins by the US Mint are off to a very slow start in 2014.  Year to date sales are down 46% from 2013.  Gold coin sales have not been this slow to start a year since 2008.  Is demand weak or supply constrained?  Sales are off to a strong start in April.  Only 4 days in, April sales are already more than half of March sales.

Silver on the other hand is off to a very strong year.  Year to date sales are only 2% less than 2013, which was a record year.  2014 sales were off to a slow start in January because 2014 silver Eagles were released in smaller allotments over a longer time than in previous years.

http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&type=bullion

US Mint Sales Jump, Really? - just like every January! Misleading headlines.

US Mint monthly sales of gold (Eagle and Buffalo) and silver Eagle coins are presented in the graphs below.  Even with my limited knowledge of the coin industry, I can see that dealers' purchases are seasonal.  Sales always jump up in January compared to prior month of December.  The more relevant comparison is to last year, where sales are actually down significantly.  Check out the misleading headlines below.

Also, be careful not to use January sales as an unbiased indicator of demand because supply may have been constrained.  The Mint may have started shipping 2014 coins later in January this year than last.  And, allocations of the new coins may have been smaller at the beginning of this year than in previous years.

This blogger seems to know the US coin business: http://news.coinupdate.com/us-mint-gold-and-silver-bullion-sales-fall-short-of-prior-year-3135/


U.S. Mint Gold-Coin Sales Jump 63% in January; Silver Triples
http://www.bloomberg.com/news/2014-02-01/u-s-mint-gold-coin-sales-jump-63-in-january-silver-triples.html

US Mint Bullion Coins Soar to Highs in January Sales

http://www.coinnews.net/2014/02/03/us-mint-bullion-coins-soar-to-highs-in-january-sales/

US Mint Coin Sales: Record Silver up 26%. Gold up 24% from 2012.

US Mint sales of Gold Eagle and Buffalo coins in 2013 were 24% more than 2012 and less than sales in 2009, 2010 and 2011.  

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.

US Mint Gold Coin Sales Steady in November. Silver Eagle Sales Drop.

Sales of gold Eagle and Buffalo coins by the US Mint were 62,000 ounces in November, compared to 66,500 in October and 23,000 in September.  November gold sales were 60% less than in November last year which was an exceptional month.  As of November, year to date gold sales are 1,032,500 ounces which is 29% more than in 2012 and 5% less than in 2011.  The US Mint reported November sales of 14,000 gold Buffalo coins and 48,000 ounces of gold Eagle coins.

Sales of silver Eagles by the US Mint were 2,300,000 in November, compared to 3,087,000 ounces in October.  November sales were by far the lowest month of this year.  Sales in November were 27% less than in November 2012.  Year to date silver Eagle sales are a record 41,475,000 ounces which is 29% more than 2012 and 10% more than in 2011.  The Mint has sold the most silver Eagles in 2013 than in any recent year.

source: http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&type=bullion

The US Mint reduced the retail price for an uncirculated Gold Eagle from $1,625 to $1,525 during November.  And, the US Mint's website currently (Dec 5th) states that uncirculated gold Eagles are sold out.  An uncirculated silver Eagle retails for $43.95 which is unchanged from July, August, September, and October.

A quick survey of 3 internet coin dealers currently shows premiums of about $4.00 for silver Eagles.  Unlike last month the coin dealers are now quoting prices that are very close to each other.  The premium for gold Eagles is about $60, which is slightly less than last month.  These price premiums are based on purchasing one coin.  All dealers offer volume discounts for larger purchases.  Spot gold and silver market prices are currently $1,233 and $19.70, respectively.

Coin dealers are currently offering to pay about $20.00 and $1.90 over spot to purchase gold and silver Eagles, respectively.  This seems reasonable because the US Mint charges dealers 3% for gold and $2.00 per coin for silver.  Dealer purchase premiums are not hinting at supply constraints as they were in April and May.

US Mint Sales of Gold Coins Recovered in October. Silver Sales Steady.

Sales of gold Eagle and Buffalo coins by the US Mint were 66,500 ounces in October, compared to 23,000 in September and 21,500 in August.  October gold sales were 5% less than in October last year.  As of October, year to date gold sales are 970,500 ounces which is 50% more than in 2012 and 7% less than in 2011.  The US Mint reported October sales of 18,000 gold Buffalo coins and 48,500 ounces of gold Eagle coins.

Sales of silver Eagles by the US Mint were 3,087,000 in October, compared to 3,013,000 ounces in September.  October sales were slightly higher than September which was the lowest month of this year.  Sales in October were 2% less than in October 2012.  Year to date silver Eagle sales are a record 39,175,000 ounces which is 39% more than 2012 and 7% more than in 2011.  Silver is on track for a record year.

source: http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&type=bullion

The US Mint maintained the retail price for an uncirculated Gold Eagle at $1,625 during October.  An uncirculated silver Eagle retails for $43.95 which is unchanged from July, August, and September.

A quick survey of 3 internet coin dealers currently shows premiums of about $3.00 to $4.50 for silver Eagles.  This is a wide spread.  Dealer prices are usually closer.   The premium for gold Eagles is about $65.  The premium for gold and silver Eagles is about the same as last month.  These price premiums are based on purchasing one coin.  All dealers offer volume discounts for larger purchases.  Spot gold and silver market prices are currently $1,320 and $21.84, respectively.

Coin dealers are currently offering to pay about $25 and $1.75 over spot to purchase gold and silver Eagles, respectively.  This seems reasonable because the US Mint charges dealers 3% for gold and $2.00 per coin for silver.  Dealer purchase premiums are not hinting at supply constraints as they were in April and May.

US Mint Sales of Gold Coins slow in September. Silver sales decelerating.

Sales of gold Eagle and Buffalo coins by the US Mint were 23,000 ounces in September, compared to 21,500 in August and 69,000 in July.  September gold sales were 7% more than in August, which was the lowest month since June 2008.  As of September, year to date gold sales are 904,000 ounces which is 56% more than in 2012 and significantly less than in 2009, 2010, and 2011.  The US Mint reported September sales of 10,000 gold Buffalo coins and 13,000 ounces of gold Eagle coins.

Sales of silver Eagles by the US Mint were 3,013,000 in September, compared to 3,625,000 ounces in August.  September sales were the lowest month of this year and 7% less than in September 2012.  Year to date silver Eagle sales are a record 36,088,000 ounces which is 40% more than 2012 and significantly more than in earlier years.  

http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&type=bullion

The US Mint decreased the retail price for an uncirculated Gold Eagle by $50 to $1,625 during September.  An uncirculated silver Eagle retails for $43.95 which is unchanged from July and August.

A quick survey of 3 internet coin dealers shows that pricing for gold and silver Eagles is about $65 and $3.00 over spot respectively.  The premium for gold Eagles is the same as last month while the premium for silver Eagles has decreased about $1.00.  These price premiums are based on purchasing one coin.  All dealers offer volume discounts for larger purchases.  Spot gold and silver market prices are currently $1,318 and $21.88, respectively.

Coin dealers are currently offering to pay about $25 and $1.75 over spot to purchase gold and silver Eagles, respectively.  This seems reasonable because the US Mint charges dealers 3% for gold and $2.00 per coin for silver premiums.  Dealer purchase premiums are not hinting at supply constraints as they were in April and May.

Coin sales by the Austrian and Australian mints have followed the same trend as US Mint sales.
http://www.bloomberg.com/news/2013-08-28/austrian-mint-increases-gold-sales-as-price-slump-spurs-demand.html
http://www.bloomberg.com/news/2013-07-04/gold-sales-slump-at-australia-s-perth-mint-as-rout-deters-buyers.html

US Mint Sales of Gold Coins Tanked in August. Sales of Silver Eagles Remained Strong.

Sales of gold Eagle and Buffalo coins by the US Mint were 21,500 ounces in August, compared to 69,000 ounces in July and 48,000 ounces in August 2012.  August gold sales were the lowest month since June 2008.  As of August, year to date gold sales are 881,000 ounces which is 76% more than in 2012 and 1% more than in 2011.  The US Mint reported that in August 10,000 gold Buffalo coins and 11,500 ounces of gold Eagle coins were sold.

Sales of silver Eagles by the US Mint were 3,625,000 in August, compared to 4,406,500 ounces in July.  Silver sales are still strong despite the drop from July's exceptional performance.  August silver Eagle sales were 26% more than in August 2012.  And, sales in August exceeded sales in May and in June.  Year to date silver Eagle sales are a record 33,075,000 ounces which is 47% more than 2012.  Silver sales are well on track for a record year.

http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&type=bullion

The US Mint increased the retail price for an uncirculated Gold Eagle by $50 to $1,675 during August.  An uncirculated silver Eagle retails for $43.95 which is unchanged from July.

A quick survey of 3 internet coin dealers shows that pricing for gold and silver Eagles is about $65 and $4.00 over spot respectively.  The premium for gold Eagles decreased slightly and for silver has increased over the last month.  These price premiums are based on purchasing one coin.  The dealers all offer volume discounts for larger purchases.  Spot gold and silver market prices are currently $1,392 and $23.40, respectively.

Coin dealers are currently offering to pay about $25 and $1.75 over spot to purchase gold and silver Eagles, respectively.  This seems reasonable because the US Mint charges dealers 3% for gold and $2.00 per coin for silver premiums.  Dealer purchase premiums are not hinting at supply constraints as they were in April and May.

Physical Gold News Headlines

Mine workers in South Africa are striking which will reduce supply and increase cost of gold.
http://beforeitsnews.com/financial-markets/2013/08/all-eyes-on-south-africa-2595944.html

Gold jewelry demand in Indonesia is set to hit 40 metric tons this year a 30% increase from 2012.
http://www.bloomberg.com/news/2013-08-22/gold-s-rout-spurs-surge-in-indonesian-demand-southeast-asia.html

The Shanghai Gold exchange continues to trade a tremendous amount of gold bullion.  Lately, weekly trading volumes have been almost as much as annual global gold production.  Also note that price premiums, the difference between prices paid on the Shanghai exchange and international gold prices are about 1.5%.
http://koosjansen.blogspot.nl/2013/08/week-32-sge-chart.html

A good review of recent restrictions on gold imports to India, as well as some history and speculation on what is to come.
http://www.kitco.com/ind/AuthenticMoney/2013-08-21-Is-India-Preparing-To-Confiscate-Its-Citizens-Gold.html

US Mint sales of gold and silver eagles has fallen dramatically in August after a torid pace through July http://www.maxkeiser.com/2013/08/u-s-mint-american-eagles-sales-fall-in-august-but-robust-for-2013/

My attention has been increasing focused on news about physical gold and silver because manipulation of the precious metals markets will be short term as long as demand for physical is strong.  Understanding the bullion funds GLD and SLV is central to understanding the market.  Many pundits proclaimed that when prices were falling in April and May the funds were forced to sell bullion which perpetuated the price decline.  In reality, the GLD and SLV funds do not work that way.  Bullion may only be sold through Authorized Participants (AP) in the fund in baskets of 100,000 shares.  The APs are the bullion banks, including Goldman Sachs, HSBC, and JP Morgan.

These are two excellent articles about the GLD and SLV funds.  I wish I had discovered them sooner.  
http://victorthecleaner.wordpress.com/2012/06/01/gld-the-central-bank-of-the-bullion-banks/
http://fofoa.blogspot.com/2011/01/who-is-draining-gld.html
The authors show graphs of inventory levels and share prices at GLD.  Inventory and price are correlated, but not perfectly which proves to me that share demand does not directly translate to sales or purchases of physical.  The authors conclude that the bullion banks move gold in and out of GLD with share redemptions as they need the physical.  Thus declining inventory at GLD implies that the bullion banks need physical and is bullish for gold.  

US Mint Sales of Gold and Silver Coins: July YTD Update. Record Silver Eagle Sales.

Sales of gold Eagle and Buffalo coins by the US Mint were 69,000 ounces in July, compared to 74,000 ounces in June.  As of July, year to date gold sales are 859,500 ounces which is 90% more than in 2012 and 17% more than in 2011.

Sales of silver Eagles by the US Mint were 4,406,500 in July, compared to 3,275,000 ounces in June.  Year to date silver Eagle sales are a record 29,450,000 ounces and up 50% from 2012.

The US Mint reduced their retail price for an uncirculated Gold Eagle to $1,625 from $1,725 at the beginning June.  An uncirculated silver Eagle retails for $43.95.  

A quick survey of 3 internet coin dealers shows that pricing for gold and silver Eagles is about $70 and $2.50 over spot respectively.  These price premiums are based on purchasing one coin.  The dealers all offer volume discounts for larger purchases.  Spot market prices are currently $1,312 and $19.92, respectively.

The supply chain has absorbed the spike in gold demand in mid-April due to the price smack-down.  There has been no evidence of shortages or delivery delay from the US internet coin dealers.  There continue to be reports that market dynamics are much tighter in India, China, and Dubai.  Buyers completely absorbed the April spike in demand and continued to buy at historically strong levels in May, June, and July.  The large demand in April was not simply a 'pull forward' of future months' demand.  

US Mint Sales of Gold and Silver Coins Slow From April

Sales of gold Eagle and Buffalo coins by the US Mint were 82,500 ounces in May, compared to 246,500 ounces in April and 62,500 ounces in May 2012.  As of May, year to date gold sales are a record 716,500 ounces and up 106% from 2012.

Sales of silver Eagles by the US Mint were 3,458,500 in May, compared to 4,087,000 ounces in April and 2,875,000 in May 2012.  Year to date silver sales are a record 21,768,500 ounces and up 50% from 2012.

Gold and silver sales in May were significantly below April.  Toward the end of April the US Mint announced that they were stocked out of 1/10 ounce gold eagles which is their most popular gold coin.  Also during April and May many internet coin dealers announced shipment delays as they could not quickly replenish their inventory from the US Mint.  This suggests that supply by the US Mint constrained sales in May, while demand remained high.  

The US Mint also seems to have raised prices for direct or retail business.  Currently an uncirculated one ounce gold eagle is $1,725 from the US Mint website.  This is a $345 or 25% premium to the current spot price of about $1,380.  A quick review of 3 internet coin dealer shows that they are currently selling gold eagles for $1,435 or a premium of $55 over spot.  Dealer pricing from the US Mint for one ounce gold eagles is 3% over spot, which is currently $41.  So the dealers are currently asking a $14 per coin margin over their cost.  A couple of months ago I did an analysis that showed dealers were charging a margin of about $30 per 1 ounce gold eagle.

When the US Mint started shipping 1/10 ounce gold eagles again in mid-May I saw several articles about how the pricing showed that physical gold was really valued at $1950 per ounce.  The US Mint price for 1/10 eagles was (and still is) $195 per coin and the spot price of paper gold at the time was below $1,400.  This assertion missed the fact that the 1/10 eagles for sale by the US Mint for $195 are proofs.  I am learning about coin collecting.  Proofs certainly carry a much larger premium over melt value than circulated, and even uncirculated coins.  The internet coin dealers currently have uncirculated 1/10 eagles for sale in the $160 per coin range, while higher quality pressing go for up to $200 per coin.  Already in June the US Mint reports sales of 45,000 1/10 gold eagles, so their pricing is not out of line.

The internet coin dealers are now quoting US eagles for immediate delivery, so they seem to have re-stocked their inventory.  I have not heard of any shipment delays or stock outs from the US mint, so they seem to have caught up with wholesale demand, as well.  The real action is in India, Dubai, and China, where demand seems to still be outstripping supply and historically high premiums to melt continue to be reported.

Silver Eagles in stock at some dealers - $5 premiums

This internet coin dealer has 2013 silver eagles back in stock.  The premium to current metal value is about $5 per coin.  The US Mint charges authorized partners a $2 per coin commission.  The dealer's up-charge is therefore currently about $3, which is about $2 more than early this year before the mid-April price smack down.  

SilverBid: 23.83Ask: 23.93Change:  -0.09Updated: 5/8/2013 7:40:11 PM

2013 1 oz Silver American Eagle
	In stock and ready to ship! With 1 oz of pure Silver and a beautiful patriotic design, the Silver American Eagle has become th... view more Average Rating         Availability: Now APMEX Buy Price - $26.58	Volume Pricing: Qty Check or Wire Credit Card 1 - 19 $30.42 $31.33 20 - 99 $29.92 $30.82 100 - 499 $29.42 $30.30 500 or more $28.92 $29.79
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Another internet coin dealer has silver eagles available at about the same premium.  Although it is not clear which year of silver eagle they are offering.  And a third dealer has orders for silver eagles on a 2-3 week delay.

The buy price at this dealer is $26.58 which is $0.65 more than the current spot ask price as reported by this same dealer.  Presumably this dealer can purchase silver eagles from the US Mint for $2.00 over spot, so why are they offering $0.65 more?  

Current Premiums for Silver Eagles $5-$8 per coin. Interview with an precious metals dealer.

This link is to an interesting interview by Chris Martenson at PeakProsperity of Robert Mish who is a precious metals dealer in Menlo Park, CA.  Robert describes current premiums and lead times that dealers are paying for gold and silver.  He also says that dealers are now charging their customers $5-$8 premiums for silver eagles and maples with delivery 3-8 weeks out.  This is consistent with my survey of 3 internet coin dealers.  

They discuss why retail customers are currently willing to pay a 20+% premiums and accept the risk of promised future delivery.  Clearly customer believe that silver prices are going up and if they wait to order they will have to pay even more.  When will the refineries and mints be able to catch up with demand for silver?  Will they be able to secure enough raw silver?

Robert also mentions that he believes the mining companies will eventually be forced in to bankruptcy and taken over by governments and bullion banks.  Chris doesn't have time to follow up on this, so Robert's thinking about how is not clear: gold price manipulation? taxes? regulation?  If precious metals prices continue to be suppressed the miners could arrange to pay dividends and interest in bullion.  Bullion would be worth much more than paper prices especially with continued paper price suppression.

Robert Mish: Front-Line Observations from a Seasoned Gold & Silver Bullion Dealer

US Mint Sales of Gold up 122% and Silver up 57% in April YTD

Sales of gold Eagle and Buffalo coins by the US Mint were 246,500 ounces in April, compared to 73,000 ounces in March and 29,000 ounces in April 2012.  Year to date gold sales are a record 634,000 ounces and up 122% from 2012.

Sales of silver Eagles by the US Mint were 4,087,000 ounces in April, compared to 3,356,500 ounces in March and 1,520,000 in April 2012.  Year to date silver sales are a record 18,310,000 ounces and up 57% from 2012.

Sales really jumped in April, presumably with the drop in prices that occurred in mid-April.  Sales are well on track for a record year, but growth is not as fantastic as the year over year rates suggest because 2012 was a slow year.  

At first glance it is surprising that the US Mint had this much gold and silver on hand to sell.  However, the US Mint did stock out of 1/10 ounce gold Eagle coins in April.  http://www.reuters.com/article/2013/04/23/usmint-gold-suspension-idUSL2N0DA22N20130423

Authorized buyers were able to respond to the mid-April price drop quickly so pricing from the US Mint must be consistent with paper market benchmarks and updated frequently.  I would expect the US Mint to have some sort of delay or rolling average pricing mechanism.  Apparently not: the US Mint's website is not entirely clear about its pricing mechanisms.  However, from the US Mint website:

Prices for American Eagles are based on the prevailing price of platinum, gold, and silver, plus a modest premium. Prices may change on a daily basis, as the platinum, gold, and silver markets fluctuate. The United States Mint does not sell its bullion coins directly to the public. Instead, the United States Mint distributes the coins in bulk, through a network of official distributors called Authorized Purchasers who, in turn, sell them to secondary retailers.
The United States Mint charges a modest premium above the current market price of platinum, gold, and silver to cover minting, distribution and marketing costs.

• For the Silver Eagle, we charge the United States Mint's Authorized Purchasers the price of silver plus $2.00 per coin premium. Minimum ordering requirement is 25,000 coins.

• For the Gold Eagles, we charge 3%, 5%, 7% and 9% premiums for the one, one-half, one-quarter and one-tenth ounce coins respectively. Minimum ordering requirements are 1000 ounces.

• For the Platinum Eagles, we charge 4%, 6%, 10% and 15% premiums for the one, one-half, one-quarter and one-tenth ounces coins respectively. Minimum ordering requirements are 1000 ounces.

So prices change on a daily basis and prices are apparently based on the London Fix since that is the market benchmark that the US Mint uses for Numismatic and Commemorative products.

2013 Pricing of Numismatic and Commemorative Gold and Platinum Products
Pricing could vary weekly dependent upon the London Fix weekly average gold price.  Pricing is evaluated every Wednesday and is modified if necessary. See next page for
price grid.

Can anyone can help me with the exact pricing mechanism and order lead times at the US Mint for Authorized Purchasers?

US Mint Sales at Record for April already.

US Mint sales of Silver Eagles and gold bullion (Eagles and Buffalos) are brisk.  With only 2/3 of April included, sales are accelerating and continue to be significantly more than in 2012.  It's easy to believe that the US Mint may be running out of inventory.

http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=sales&year=2013

Coin Dealers Paying More for Silver Eagles than the US Mint Charges!?

From the US Mint's website, the cost of Silver Eagles is $2.00 over the price of silver.  The method for determining the price of silver is not presented.

http://www.usmint.gov/consumer/index.cfm?action=AmericanEagles

Premiums and Minimums
The United States Mint charges a modest premium above the current market price of platinum, gold, and silver to cover minting, distribution and marketing costs.

• For the Silver Eagle, we charge the United States Mint's Authorized Purchasers the price of silver plus $2.00 per coin premium. Minimum ordering requirement is 25,000 coins.

• For the Gold Eagles, we charge 3%, 5%, 7% and 9% premiums for the one, one-half, one-quarter and one-tenth ounce coins respectively. Minimum ordering requirements are 1000 ounces.

• For the Platinum Eagles, we charge 4%, 6%, 10% and 15% premiums for the one, one-half, one-quarter and one-tenth ounces coins respectively. Minimum ordering requirements are 1000 ounces.

There are currently at least 3 internet coin dealers who are currently advertising 'buy' prices for Silver Eagles of about $26.00 per coin.  The market spot price yesterday for silver was $23.29 per ounce.  

There appears to be an arbitrage opportunity of $0.71 per coin.  The arbitrageur must pay for shipping from the US Mint and to the coin dealer.  The rest is pure profit.  For silver, the US Mint has a minimum order quantity of 25,000 ounces.  The coin dealers charge more for sales of 'Mint Direct' coins so they would probably pay more than $26 for them which would increase the arbitrageurs profit.  

Coin dealer are not likely to pay more for something that they could purchase directly.  After all purchasing coins from the US Mint is their 'bag baby'.  So why the apparent premium?  A couple theories:
- the US Mint is sold out of Silver Eagles and has none to sell.  
- the US Mints method for pricing does not or has not yet been affected by recent market price declines.
- the coin dealers will not really purchase at their advertised price.  The instructions for selling to the dealer includes calling, which probably includes obtaining a current 'live' bid price.

This is all very bullish for physical silver.  It will be interesting to see how these premiums behave over the coming weeks.