If you received a postcard notice of this settlement, it is because Eagle’s records show that you took out a loan with Eagle in Ohio at an interest rate higher than 21% between August 18, 2008 and August 31, 2015. However, this was nothing compared to Gold Eagle buying during the remaining days of last week. When the U.S. Mint updated their figures on Monday, July 6th, Gold Eagle sales jumped to 21,500 oz… the same amount sold during the entire month of May. Over the next few days and after the suspension of Silver Eagle sales, Gold Eagle sales reached a total of 30,500 oz. If we compare the U.S. Mint’s Gold Eagle sales in the first 10 days in July compared to sales during previous months (approximation based on taking a third of a full month’s sales), we can see just how much demand increased.
Now, some might say the huge increase in Gold Eagle buying is due to the U.S. Mint suspending Silver Eagle sales until August. However, Gold Eagle sales started to increase in a big way in June… a month before the U.S. Mint suspension of Silver Eagle sales. An agreement announced Wednesday with Orion Mine Finance has brought Red Eagle’s goal of funding activities at San Ramon even closer.
Well, if we go back to March, the price of gold was lower at $1,145 (lower than present) for several days, but total sales of Gold Eagles for the month were only 46,500 oz. This huge surge of Gold Eagle buying was due to investors seriously concerned about the global financial system. I analyzed All-in sustaining cash cost per ounce based on finance reports from a couple of silver mines.
Following the private placement, Orion will own 19.9 percent of Red Eagle; as long as it owns at least 15 percent of the company’s issued and outstanding shares, it will have the right to appoint a director to Red Eagle’s board. While Wednesday’s news from Red Eagle is good for the company and its shareholders, it’s also positive for the gold industry as a whole. It will be a long time before a silver coin is designed that is more beautiful than the American Silver Eagle.
Headquartered in East Hartford, American Eagle Financial Credit Union offers membership to individuals who live, work, worship, or attend school in the Connecticut counties of Hartford, Middlesex, New Haven, and Tolland. American Eagle Financial Credit Union (NCUA Certificate # 68659) can trace its beginnings back to 1935, when Pratt & Whitney Aircraft Employment Manager, Harry C Smith, and 14 fellow employees founded the East Hartford Aircraft Federal Credit Union. Veteran airline executive Dave Davis is about to join Global Eagle Entertainment as vp and chief financial officer.