Off time - no update U.S. Mint Sells Out of American Silver Eagles; Canadian Silver Maple Leaf Rationing Continues

U.S. Mint Sells Out of American Silver Eagles; Canadian Silver Maple Leaf Rationing Continues

Silver Eagles

The U.S. Mint reported yesterday that they have sold out of their supply of American silver eagles due to unprecedented demand.   October sales reached 5.79 ounces, which was the highest total since January of 2013.  The sell-out of silver eagles doesn’t come as a complete surprise, as silver eagle demand has been high all year.  The surge in demand is primarily as a result of falling silver prices caused in part due to the end of QE, a strengthening dollar and a GOP victory in Tuesday’s elections.  On a positive note, the Mint does intend to resume production of 2014 silver eagles once they receive additional silver eagle planchets in stock.  At this point in time, it’s undetermined exactly when that may take place.

On a related note, in general, there has been tremendous demand globally for silver coins.  The Royal Canadian Mint, producers of the popular Canadian silver maple leaf coin, has been rationing the sale of Canadian silver maple leaf coins since September.  SRSrocco was one of the first to report the high level of demand for Canadian silver maple leaf coins in an article from May of this year.  Demand for silver maple leaf coins is only second to American silver eagles due to their high production levels, liquidity and notoriety the world over.  Furthermore, these coins, along with the highly popular Austrian silver philharmonics, sell at slightly lower premiums than American silver eagles, which makes them a popular choice among silver bullion investors.

Not surprisingly, demand in the secondary market for American silver eagles has also dried up.  With silver prices currently at 4 ½ year lows, there has been limited supply of silver eagles coming to market.  Therefore, we’re increasing our rates and aggressively pursuing these coins in an attempt to meet local demand.

We’ll continue to stay on top of this story and will report to our readers when American silver eagle production resumes, so be sure to register for on our RSS feed, “like us” on Facebook and follow us on Twitter for the latest information.

Tony Davis
Tony Davis