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U.S. Mint To Resume Selling Silver Coins On Allocation Basis Monday

By Kitco News
Tuesday November 11, 2014 8:10 AM

(Kitco News) - The U.S. Mint says it will resume selling 2014-dated American Eagle silver coins, on an allocation basis, on Monday.

The Mint last week halted the sale of the coins, saying it had run out after demand rose sharply in recent weeks as the price of silver slid to the lowest level since February 2010.

“As you know, the drop in silver prices has led to significantly increased demand for American Eagle silver bullion coins in the last four weeks,” the Mint said in a memorandum to authorized purchasers late Monday.

“We anticipate having over 1 million 2014-dated American Eagle silver bullion coins available when we go back on sale, on an allocation basis, Monday, Nov. 17th.”

The Mint added that release dates for the 2015 American Eagle coins have not been set yet, but the agency expects to launch the sale of these coins in early January, as in the past.

The U.S. Mint’s website shows sales of gold coins were strong in October, with the combined total of 88,500 ounces for American Eagle and Buffalo coins the most since this January. Silver Eagle coins sales were even stronger as the total of 5.79 million ounces was the most in a single month since January 2013.

Mint sales in November were also strong before the agency ran out of 2014 silver coins, analysts said. The most recent data on the Mint’s website show that when sales were halted Wednesday, the Mint had already sold 1.26 million ounces in the first few days of November.

Gold bullion coin sales also have been strong so far this month as that metal also slid to a four-year low. Through Monday, the Mint’s website shows that 42,500 ounces of combined Eagle and Buffalo coins have been sold already in November, nearly half the total for all of October.

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By Allen Sykora of Kitco News; asykora@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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