the United States Mint has informed authorized purchasers that 2013
American Silver Eagle bullion coins are temporarily sold out. This
follows intense demand for the silver bullion coins since the initial
release on January 7, 2013.
On the first day of availability for 2013-dated Silver Eagles,
authorized purchasers had placed orders for 3,937,000 of the one ounce
coins. This seemed to mark the highest one-day sales
in the entire history of the program. The strong demand has continued
with sales now having reached 6,007,000 according to the latest
information posted on the Mint's website.
The frenzied pace of orders for 2013 Silver Eagles has been driven by
the typical rush to acquire the most recently dated coins, as well as
pent up demand following three weeks of unavailability. The US Mint had
unexpectedly sold out of the 2012-dated coins on December 17, 2012 with
no coins available to order until the launch of the 2013-dated coins.
The US Mint expects the temporary sell out of the 2013-dated coins to
last until on or about the week of January 28, 2013. At that point,
sales will be resumed under an allocation process. During previous
periods of strong demand for gold and silver bullion coins, the Mint has
used an allocation process to ration available supplies amongst their
primary distributors.
Periodic suspensions and rationing of Silver Eagle bullion coins had
become almost commonplace between the years of 2008 and 2010. This
situation would led to the cancellation of collector versions of the
coins in 2009 and a 2010 Congressional hearing which highlighted the inefficiencies
of the Mint's bullion coin programs. The Mint managed to work its way
out of these problems by implementing process improvements at the West
Point Mint, increasing the number of precious metals blank suppliers,
and adding supplemental Silver Eagle production at the San Francisco
Mint, while at the same time demand for silver bullion coins had
lessened. For much of 2011 and 2012, the Mint had managed to keep up
with demand for their bullion coins and had resumed the traditional
numismatic offerings.
The past month seems to be a return to the times of old. The US Mint
has not been able to keep up with higher levels of demand, and once
again resorted to sales suspensions and rationing as they try to catch
up.
http://news.coinupdate.com/us-mint-temporarily-sold-out-of-silver-eagles-1815/
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