What is even more interesting is that Gold Eagle sales in August haven’t increased that much compared to Silver Eagles even though the gold price fell to the lowest level in more than a year-and-a-half. Actually, Gold Eagle sales this month are more than 50% less than they were last month. So, for whatever reason, Silver Eagle sales are responding more positively to the lower silver price than Gold Eagles.

According to the most recently released data, the U.S. Mint sold 1,180,000 Silver Eagles in August, already up 33% versus last month, and we still have another week to go. Of course, this jump is nothing compared to the 3-4,000,000 sales per month we saw on average between 2010 and 2016, but it most certainly is a good sign.

As we can see in the chart above, Silver Eagle sales jumped off their lows in May of 380,000 to nearly 1.2 million in August. If we see another 200,000-300,000 in the last week of the month, that would be a good sign that “PRICES STILL MATTER” to some in the market.