US Mint Reports January Silver Sales Hit 26 Year High

Zero Hedge reports:

When we had last checked on the total silver sales by the US Mint earlier today, the amount given was 3,407,000 ounces, a number which we had earlier speculated would be a monthly record if sales were maintained at the current pace. And as the number had not been updated we assumed that “either buying interest has ceased overnight (unlikely), that the mint is not updating its numbers (likely), or, worse, that the Mint has now stopped selling any form of silver for reasons unknown.” Indeed, the result was the likely one, and following a quick check today on US Mint sales confirms that sales have once again surged following the Mint’s delayed update. As of today they stood at a whopping 4,588,000, or nearly 1.2 million ounces sold in a few short days. This represents the biggest monthly total sold by the US Mint going back to 1986 when the Mint disclosed its first monthly sales record… And the month is not even over yet. In other words in just the first three weeks of January, the mint has sold more silver than in any month in its history according to its public records going back 26 years.

Let’s let that sink in a little.

In other words in just the first three weeks of January, the mint has sold more silver than in any month in its history according to its public records going back 26 years.

If you couple the insane silver sales with this:

According to Bloomberg, in the week ended January 14 S&P 500 insiders sold $163 million worth of stock in 54 separate transactions. They bought exactly $0. That’s right, in the last week, there was no insider purchasing. This is the first time in years (and possibly for ever) in which we have seen a week during which there was not one purchase by an insider. Surely, there is no need to comment on this result.

It makes one wonder if the rich and powerful are bailing from the markets and hording physical silver.