The U.S. Mint told authorized dealers that the 2013 American Silver Eagle bullion coins were sold out within just 10 days of first going on sale, January 7, 2013. On January 7, authorized purchasers placed orders for 3,937,000 of the 2013 one-ounce Silver Eagles, worth approximately $125 million at current silver prices. Total Eagle sales quickly topped six million ounces before the Mint halted sales. Now, the premiums are rising on the 2013 Silver Eagles. This is indicative of the extreme demand for precious metals, coins, guns and ammo after last November’s election. My fellow Texans often refer to gold, silver and lead as the trinity of precious metals.
Before launching the 2013 Silver Eagle coin on January 7, the Mint unexpectedly sold out of the 2012-dated coins early, on December 17, 2012. And now, the Mint has said that they will be distributed under an “allocation process” (i.e., rationing). Since 2008, the Mint has rationed Silver Eagle bullion coins from time to time.
Since President Obama first took office on January 20, 2009, many commodities have doubled, including gold, silver and crude oil. If these commodities grow by the same percentage rates in President Obama’s second term, we could see $3,400 gold, $90 silver and $235-per-barrel oil four years from now.
January 20, 2009 January 20, 2013 Gain January 20, 2017*
Gold $835 $1,685 +101.8% $3,400 per ounce
Silver $11.32 $31.94 +182.2% $90.12 per ounce
Oil $38.74 $95.56 +146.7% $235.70 per barrel
*The January 20, 2017 prices represent projected gains based on the same percentage gains already seen in Obama’s first term.
Canadian Mint Rations Silver Coin Sales
First the U.S. Mint runs out of silver and abruptly suspends silver American Eagle sales, warning that when production resumes, the silver coins will be “allocated,” which means rationed.
That was last week. This week the Royal Canadian Mint announced it is rationing sales of silver Maple Leaf coins. Global physical silver demand seems to be seeing a strong surge recently.
Is something big afoot in the silver trade?