The Mint has run out of silver American Eagle one-ounce bullion coins again.
Sales were suspended and a notice issued July 7 that it would be at least two weeks before sales would resume.
The Mint’s network of Authorized Purchasers was sent this message by the Mint:
“As you are aware, the significant increase in demand for American Eagle silver bullion coins depleted our current inventories. The United States Mint facility at West Point, New York, continues to produce American Eagle silver bullion coins and we anticipate resuming sales in approximately two weeks.”
It was only on June 1 that the Mint had ended its policy of rationing called allocation, believing that it could handle the sales demand that would come its way.
It was wrong.
Sales in June exploded to a monthly total of 4,840,000 silver Eagles. This figure is nearly two and half times the May monthly total of 2,023,500.
Demand in early July had pushed sales to 2,609,000 silver Eagle coins in less than a week when the supply ran out. At that pace, the market was seeking coins at a rate of more than 10 million a month.
So far this year, the Mint has sold 24,395,0000 silver Eagles in just over six months.
This article was originally printed in Numismatic News Express.
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