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Silver coins were in high demand last year, as evidenced by the Annual report of the Royal Canadian Mint. The mint sold a total of 34.3 million silver Maple Leaf coins last year, setting a new record for the third year in a row. Compared to 2014, the Canadian mint sold almost 18% more investment coins.
Investors took advantage of a decline in silver price by buying more silver coins. Last year, the price of the precious metal fell by almost 18% to its lowest level since the summer of 2009. This price drop was seized as a moment to get in or to buy more silver.
Investors bought in addition to the silver Maple Leaf coins of the Royal Canadian Mint also silver Eagle coins from the US Mint and silver Philharmonikers from the Austrian Mint. All these coins have a purity of at least 99.9% silver and a weight of 1 troy ounce.
The Canadian Mint writes in its annual report that the demand for silver was exceptionally high last year, also compared to the demand for investment gold. Normally, there is a clear correlation in the sales of gold and Silver Coins, but in 2015, many more investors preferred the cheaper precious metal.
Silver had become relatively cheap compared to gold. At the beginning of this year, you got more than 80 troy ounces of silver for a troy ounce of gold, while the average over the past decades is around 50 troy ounces of silver per troy ounce of gold. The price of silver has been catching up this year, as the price of the precious metal has already increased by 24% since the beginning of this year.
The Royal Canadian Mint sold not only more silver last year, but also more gold. A total of 953,000 troy ounces rolled Gold Maple Leaf coins of the band, up 34.8% from the 707,000 troy ounces of gold in 2014. The gold Maple Leaf coins are traded worldwide and are popular because of the high level of finish and the relatively low premium to the gold price.
