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Tags: US | Mint | Eagle | Silver | Coins

US Mint's American Eagle Silver Coins Sold Out as Demand Soars

Wednesday, 05 November 2014 08:09 PM EST

The U.S. Mint ran out of American Eagle silver coins after selling 1.26 million ounces since the start of the month, while futures in New York tumbled to the lowest in more than four years.

“Due to the tremendous demand we have experienced in the last several weeks, the U.S. Mint has temporarily sold out,” Michael White, a spokesman, said Wednesday in an e-mail. The Royal Canadian Mint also said demand was up “significantly.”

In October, U.S. Mint sales jumped 40 percent to 5.79 million ounces from a month earlier to the highest since the record in January 2013. Wednesday, silver futures for December delivery fell 3.2 percent to $15.439 an ounce on the Comex after touching $15.12, the lowest for a most-active contract since Feb. 10, 2010.

Assets in exchange-traded products backed by silver rose to a record last month, defying a slump in gold ETP holdings to the lowest since 2009.

“Recently, demand for our products has picked up significantly, and supply continues to be allocated to our global network of distributors,” Chris Carkner, a managing director at the Royal Canadian Mint, said Nov. 4 in an e-mail. “We currently continue to produce and take orders for 2014 coins with no anticipated stoppage in shipments.”

Last year, the U.S. Mint ran out of its smallest American Eagle gold coin in April.

Wednesday, gold futures fell to the lowest since April 2010. The metal’s appeal as an alternative investment dimmed as the dollar rose to a five-year high against a basket of 10 currencies and U.S. equities climbed to a record.

© Copyright 2023 Bloomberg News. All rights reserved.

Markets
The U.S. Mint ran out of American Eagle silver coins after selling 1.26 million ounces since the start of the month, while futures in New York tumbled to the lowest in more than four years.
US, Mint, Eagle, Silver, Coins
262
2014-09-05
Wednesday, 05 November 2014 08:09 PM
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