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Mineweb reported that the silver price is “well below $15 an ounce,” and as a result demand for 1-ounce US silver eagle coins has surged.
Mineweb reported that the silver price is “well below $15 an ounce,” and as a result demand for 1-ounce US silver eagle coins has surged. In fact, the US Mint has suspended sales of the coins to authorized dealers for at least two weeks.
As quoted in the market news:
Reports from the U.S. note that silver bullion coin premiums are rising as dealers face further demands on what stock they have.
Overall, the U.S. Mint reports that silver Eagle coin sales had already been rising sharply ahead of the latest surge – almost certainly related to the Greek financial upheaval in Europe pushing people into solid assets. June silver eagle sales at some 4.8 million ounces were well over double those recorded in May while some 1.6 million silver Eagles were sold in the first week of July alone resulting in the Mint running out of available stock. Intriguingly the Mint’s suspension of sales occurred on the same day silver fell by around 7% in the latest precious metals price dive.