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U.S. Mint Temporarily Sold Out of Silver Eagles Amid HUGE Demand

BY FRANK TANG | NEW YORK Wed Nov 5, 2014 6:23pm GMT

American Eagle silver bullion coins following “tremendous” demand in the past several weeks.

In a statement sent to its biggest U.S. coin wholesalers, the U.S. Mint says it will continue to produce 2014-dated coins. The Mint will advise when additional inventory will become available for sale without providing further details.

The announcement has not been made available to the public, but a U.S. Mint spokesman confirmed that it has sent the statement to its authorized participants.

A sharp break in gold prices to their lowest in more than four years last week has unleashed a surge in demand for silver and gold coins in North America and Europe. (Reporting by Frank Tang; Editing by Nick Zieminski)


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“Global Scramble” For Silver – Coins “Hard To Get,” “Premiums Likely To Jump”

– Posted Wednesday, 5 November 2014

In recent days, there has been a global scramble to acquire silver bullion coins and bars after the price falls according to Reuters. Maple Leaf silver coins are difficult to acquire according to bullion dealers, with the Royal Canadian Mint on allocation from September. There is a concern that supply times will increase and premiums are likely to jump according to Reuters.

 “A tumble in silver prices to four-year lows has triggered a global scramble by consumers to purchase silver coins and bars, as the spread between the price of the metal and gold reaches its widest in five years.

Retailers and distributors in Asia and the United States said they were struggling to get supplies of items such as Canadian Maple Leaf silver coins.

While demand for silver has been strong over the last few months, retailers say buying interest soared in recent days as the metal fell towards its lowest since 2010, along with gold.

Demand for silver coins and bars accounted for more than a fifth of total demand in 2013, according to a report by the Silver Institute. A sustained jump in demand should support silver prices, currently at just over $15 an ounce.

The price of silver is currently around 74 times cheaper than gold – the biggest spread since early 2009. Due to its greater affordability, silver sales tend to outstrip gold in volume terms and attract a lot more retail buyers.

The Royal Canadian mint had started allocating, an industry term meaning rationing, its popular Maple Leaf silver coins in September in response to high demand, according to a spokesman.

With the allocation of silver coins in place, the mint continues to produce and take orders for 2014 coins with no anticipated stoppage in shipments, he said.

But retailers are already finding it hard to get hold of the mint’s products as they sell out their existing stock.

The U.S. Mint is not allocating silver or gold at the moment. In June, the mint lifted its ration on silver American Eagle coins that had been in place since January last year as strong demand had depleted silver coin blanks.

The U.S. Mint sold 1.4 million ounces of silver American Eagle coins on Friday alone, the highest daily sales since Jan. 13 when the new 2014-dated coins first became available. October was the fourth highest month of silver eagle sales ever.

Silver is down 70% in less than four years as stock and markets have surged to record highs. The

gold: silver ratio has surged to a peak of 75.4 this morning, its highest since early 2009, as silver underperforms falling gold.

Silver is great value today versus stocks and bonds and indeed versus gold. The smart money accumulates on dips and buys low, to sell high.

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