GOLD & SILVER: ALERT

The latest verifiable retail physical inflows (sales to public) for gold and silver coins/bars. These are the only hard retail numbers released monthly:
US Mint American Silver Eagles (key retail barometer)
• Sep 2025: 1.28 million oz
• Oct 2025: 1.67 million oz (+30%)
• Nov 2025: 2.41 million oz (+44%)
• Dec 2025 so far (to Dec 24): already 2.18 million oz – on pace for ~2.8 million, biggest month since Feb 2021 squeeze. Source: US Mint official sales data, Dec 26 2025.
American Gold Eagles (1 oz)
• Sep: 84,000 oz
• Oct: 112,500 oz
• Nov: 181,000 oz
• Dec so far: 158,000 oz – heading for ~200k, highest since 2020. Source: US Mint, Dec 26.
Perth Mint (Australia) – biggest retail bar mint
• Gold sales Oct: 78k oz
• Nov: 126k oz (+62%)
• Silver sales Nov alone: 1.82 million oz (highest in 18 months) Source: Perth Mint monthly reports, Dec 2025.
Bottom line retail inflow call: October strong, November massive, December absolutely insane - easily the three biggest consecutive retail buying months since the 2021 squeeze. We’re in peak FOMO right now. If you’re thinking of ringing the register on some metal, the data says you’re not early - you’re near the top decile of retail panic buying episodes in the last 15 years.