The United States Mint expects to have more than 1 million 2014
American Eagle silver bullion coins available Nov. 17 when it resumes
sales to authorized purchasers on an allocation basis.
The authorized purchasers were notified by Mint officials Nov. 10
concerning the sales resumption.
Mint officials announced Nov. 5 that sales were suspended because
the available inventory was depleted. The U.S. Mint has experienced
significantly increased investment demand over the past several weeks.
Through Nov. 10, the Mint recorded cumulative sales of 39,381,000 of
the 1-ounce, .999 fine silver bullion Eagles.
READ: Inventory of silver 1-ounce American Eagle bullion
coins at United States Mint depleted
U.S. Mint officials did not disclose whether all of the production
to be available Nov. 17 will be from West Point Mint output or include
production from the San Francisco Mint, which has been augmenting West
U.S. Mint officials still anticipate offering 2015 American Eagle
silver bullion coins beginning in early January as planned.
Collecting Basics: What is a bullion coin?
"The recent volatility in silver prices, with silver dropping
to five-year lows in the $15 per ounce range, has resulted in an
increase in sales of United States Mint American Eagle silver bullion
coins," said Tom Jurkowsky, director of the U.S. Mint's Office of
Corporate Communications. "The weekly average sales of American
Eagle silver bullion increased to 1.16 million ounces in the weeks
since October 1, up from 586,000 per week in the July-September
quarter. This represents an increase of approximately 98% in a time
span of just over one month. Calendar year (CY) to date, the Mint has
sold 39,381,000 American Eagle Silver bullion coins. The Mint sold a
record 42,675,000 coins in CY 2013.
"When bullion demand exceeds the supply of ready-to-ship
finished inventory, the Mint institutes a policy to allocate available
American Eagle silver bullion Coins to its authorized purchaser
distribution network. The allocation policy was in effect from
January through May of 2014.
"Over the last five years, the Mint has dramatically increased
the supply of American Eagle Silver bullion coins with the majority of
the raw material silver blanks coming from two suppliers — Sunshine
Minting and Leach/Garner.
"Near the end of every calendar year, the Mint plans the
production transition to coins dated with the upcoming year. The Mint
began the transition to build inventory of 2015-dated silver bullion
earlier this fall. With demand for immediate delivery of 2014-dated
coins exceeding supply, we are shifting all resources back to 2014 production."
The bullion coins are not sold directly to the public, but through a
series of authoirzed purchasers who buy the coins for the closing spot
price of the metal per troy ounce on a given day plus a premium of $2
per coin. The coins may the be sold to the public and other dealers
for a small markup.
Note: This article was updated at 8:45 a.m. Nov. 11.
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