US Mint Sold Out of Silver Coins

Empty VaultAnd so it has begun: the divergence of physical and paper precious metals. The US Mint has sold out of American Eagle silver coins and will not restart sales until “on or about” January 28th.

Authorized Purchasers,

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.

Regards,
Jack A. Szczerban
Branch Chief, Precious Metals Group
Department of the Treasury
United States Mint

How could there be a shortage of silver when only one day ago iShares Silver Trust, a large silver exchange traded fund (ETF), added 572 tons of silver in one day? The answer is simple: ETFs trade in paper. The physical silver simply isn’t there. Of course the US Mint could be playing some kind of trick to boost demand or curb demand (Who knows what they’re really up to? After all, the government always lies, even when it’s in their best interest to tell the truth.). Regardless, this is another crack in the system and bullish for physical silver, as premiums at many dealers have already jumped 3-7% today.