Our friend, Andy Hoffman sent me the following Email complete with his comments :
Can only imagine how many were sold in the East and India and Middle East on this pure bullshit takedown.
US Mint Sells Nearly 3/4 MILLION SILVER EAGLES 1st Day of October!
Yesterday 10/3, the US Mint sold a whopping 737,000 Silver Eagle 1 oz. coins in a single day!
To put this number in perspective, in Dec of 2010 with silver in the mid $20’s, the US Mint sold a total of 1,772,000 Silver Eagles FOR THE ENTIRE MONTH OF DECEMBER! Yesterday, on 10/3, with the spot price of silver approximately $31/oz., the US Mint sold 737k Eagles, or 42% of sales for ALL of December 2010!
Sales totals for September are now in as well, at a massive 4,460,500 ounces for the month, the highest monthly sales total since January 2011 (during a massive take-down…seeing the connection here) by nearly 50%!!
If the yesterday’s sales pace is continued throughout the rest of 2011 (not to mention the increase we would see with any further sell-off), the US Mint Silver Eagle sales would be nearly 50 Million ounces for the LAST QUARTER OF 2011!
In 2010, the US Mint sold a record 34.662 Million Silver Eagle 1 oz. coins.
Jim Sinclair’s Commentary
QE to infinity.
Bernanke Says Economic Recovery Close to Faltering
By MARTIN CRUTSINGER AP Economics Writer
WASHINGTON October 4, 2011 (AP)
Federal Reserve Chairman Ben Bernanke says the economic recovery “is close to faltering” and the central bank is prepared to take further steps to support it.
The economy is growing more slowly than the Federal Reserve had expected, Bernanke said Tuesday before the congressional Joint Economic Committee. He said the biggest factor depressing consumer confidence is poor job growth.
“We need to make sure that the recovery continues and doesn’t drop back and that the unemployment rate continues to fall downward,” Bernanke said.
Stocks came off their morning lows after Bernanke inferred that the Fed could adopt additional stimulus measures in the coming months. The Dow Jones industrial average had fallen more than 200 points but recovered most of those losses to be down only 64 points at midday.
Bernanke offered his grim assessment after the economy barely grew in the first half of the year and it created no net jobs in August. Consumer confidence fell this summer to the lowest point since the recession. Europe’s debt crisis has also intensified.