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Wow, 2021 was a very good year for the U.S. Mint. Gold coin sales reached over 1.25 million ounces, making it the best year since 2009 and a 48% increase year over year. January was their best month with 220,500 ounces sold of various denominations of the American Eagle gold coin. Things slowed down in August after gold dropped below $1700 but started to pick up again in the fall as the word 'inflation' began gaining momentum.
Gold has recovered nicely since but just yesterday was hammered down again as the US dollar index gained. The two usually move inversely to each other. While the dollar has stabilized at about 96.25, gold has regained more than 50% of yesterday's loss. The 1 year chart shows gold on an upward trend since the first week of December.
Looks like the average for gold in the last year has been a very healthy $1800 per ounce. With 1970s style inflation bearing down on us, we should expect steadily rising gold prices over the next few years and increased sales from the mint, if they can keep up. They've been known to shut down for lack of supplies, just when people want gold the most.
Sales of silver coins from the US Mint were down slightly in 2021 by 6% compared to 2020. The Mint reports 28.275 million ounces of silver coins sold. 30,000,000 ounces were sold the previous year. Almost 59 million ounces in just two years. Those are impressive numbers. I'm a big proponent for the ownership of silver. I expect the Mint to post impressive silver coin sales next year as well.
As gold got hammered yesterday, so did silver with almost 50 cent drop. Silver is well known to be more volatile than gold. Yet, look at how well it responded to the smackdown. The BTFDers jumped in as soon as the market opened this morning in New York.
Silver took a nice hit starting around November 15 and bottomed out just below $22 per ounce and is now on an upward trend, at $23.04 as of writing. Considering silver bottomed to just $13 in March / April 2020. Fast forward to today and we are seeing an increase of $10 per ounce.
Not bad, I think.
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Will 2022 be the year silver breaks out?
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