This one simple statement has caused both gold and silver to break serious resistance levels in the weeks following.
Most notably hurt by this ambiguous announcement was silver, which is down 7.6% since the her remarks were made. Adding further pressure to the silver market is the ongoing slowdown in China.
Forget the fact that this so called slowdown still leaves the GDP growth of the country at levels in which the United States would be frothing at the mouth to have.
In spite of this push down in paper prices, or possibly because of this push down, bargain hunters of the real physical commodity have been coming out in droves to acquire silver.
The US Mint has once again reported a record breaking number of sales for the month of March.
Full month numbers have yet to be released, but already sales of the US Mint’s Silver Eagles stood at a whopping 4,476,000.
Once the finalized numbers for the month of March come in, it is quite possible that the previous record, which was made in January, could be shattered.
Despite these record breaking numbers for 2014, I repeatedly see a negative number being punted around.
That is, that year over year, sales of Silver Eagles are down 9%.
An important fact that many journalists are choosing to leave out is that sales of silver eagles have been rationed this year by the Mint, due to the incredible demand and reduced supply.
Also, the US Mint did not begin sales this year until the end of the second week in January.
Given these two facts, it is very likely that sales of Silver Eagles would not only be up, but quite substantially.
It comes as no surprise to me and many of my readers that the news is being reported in this manner.
It is just another example of the strategy of choice by those who would like to see the precious metals painted in a negative light.
It is simply more MOPE.
This article is brought to your courtesy of The Silver Bug.