Saturday, June 25, 2011

Silver-Coin Sales Booming at Perth Mint

Australia's Perth Mint sold 10.7 million 1-ounce silver coins since July 1 last year, according to Sales and Marketing Director Ron Currie, reports Bloomberg. That’s 66 percent higher than the previous full fiscal year and about 10-fold more than five years earlier. Sales of 1- ounce gold coins will be close to a record, he said.

“Silver’s still booming and it’s been going strongly for a year,” Currie said in interview.“A lot of the buying is by people new to the market,” with European and U.S. investors the most active international purchasers of the mint’s products, he said.

When I met with Ron Paul earlier this month in Reno, he predicted this would happen. He told me that because the price of gold was so high that many people who can't afford to buy gold would switch to silver.

Nickels won't be far behind, and you can still get then at face value, which means no downside.

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