It seems like everything of importance is being bought and sold in the first two and a half weeks of 2013 in both the equities and commodities markets. Besides the Dow climbing to highs not seen in the past five years, and gun purchases emptying out many retail stores that sell firearms, the primary assets being completely bought off the shelves by the American people are actually silver ounce coins.
On Jan. 17, the U.S. Mint issued a letter stating that they have completely run out of silver American Eagle coins, and are suspending sales until the end of the month. This suspension comes after six million silver Eagles were sold since the beginning of the year, and at a time when precious metal sales are escalating in markets all over the globe.
The United States Mint has temporarily sold out of 2013 American Eagle Silver Bullion coins. As a result, sales are suspended until we can build up an inventory of these coins. Sales will resume on or about the week of January 28, 2013, via the allocation process.
Please feel free to call us if you have any questions.
Jack A. Szczerban
Branch Chief, Precious Metals Group
Department of the Treasury
United States Mint
Although the Federal Reserve, and Fed Chairman Ben Bernanke, believe that gold and silver are simply one of many assets to be used to support the U.S. dollar, but are not actually considered money, countries around the world have been trading their dollar reserves to accumulate the precious metals in large quantities. In fact, Japanese Prime Minister Shinzo Abe recently stated that the Asian nation would increase their purchases of gold and silver using percentages of their $3 trillion pension funds that now reside in dollar denominated assets.
At the same time China, Japan, Russia, and India are increasing their gold reserves, Germany this week declared they were going to repatriate their gold from banks in both France and the United States. This represents nearly 300 tons of the precious metal that many believe has been leased out, and is not available for delivery to the Germany government.
Americans in large numbers are preparing for an economic, political, or societal change that is now effecting the growth and direction of many consumer products being bought and sold. Guns, ammunition, disaster preparedness equipment, along with gold and silver, are all doing well in this recessionary period, and are being purchased in large quantities. With the U.S.. Mint today declaring they have run out of silver American Eagle coins, especially when the population is buying them in record numbers, the result will be a greater demand on the limited amount of silver being sold in shops and retail outlets across the country, and substantially higher prices for that limited supply.