The U. S. Mint announced to its Authorized Dealers that its was sold out of its Silver Eagle inventories after the price of silver fell to $15 today. According to the Breaking News Update at SilverDoctors website, over 2 million Silver Eagles were sold in less than two hours. Which means the U. S Mint will have to limit sales to their Authorized Dealers when supplies are available.
Two million Silver Eagles is a great deal of silver to be sold in one day (actually in less than two hours as reported by SilverDoctors). Total global silver mine supply was 820 million ounces in 2013. This amounts to roughly 2.2 million oz per day of global mine supply.
Thus, investors bought 90% of the daily global mine supply in Silver Eagles today. And, this doesn’t even include all the other Official Coins such as Silver Maples, Philharmonics, Pandas and etc. I would imagine at least 2.5 million oz of Official Silver Coins were sold just today… and that could be conservative.
You know this is big news when the MSM- Main Stream Media actually cover it:
Reuters: U. S. Mint temporarily sold out of Silver Eagles amid huge demand Nov 5 (Reuters) – The U. S. Mint said on Wednesday it has temporarily sold out of its American Eagle silver bullion coins following ‘tremendous’ demand in the past several weeks.
This post was published at SRSrocco Report on November 5, 2014.
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