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Silver Eagle premiums jumped .65/oz on the wholesale market Friday as news spread that the US Mint had informed it’s Authorized Purchasers (AP’s) No Further Silver Eagle Coins Will Be Available For Sale Until 2017.
The Head of the Trade Desk at one of the largest gold and silver bullion wholesalers in the world advised SD Bullion Friday morning:
The US Mint has suspended Silver Eagle coin sales. We just received a phone call from the Mint that they could not fulfill the Silver Eagle coin order we placed this week, and also informed us that the Mint will have no further coins for sale until 2017 dated coins are made available sometime in January.
As of now the Mint has assured us that they will have enough coins on hand to meet expected demand in January. Of course as recently as a week ago they also said that they had enough silver coins on hand to meet demand through 2016. Not to fault them, but no one has a crystal ball and the recent spike in coin demand took them (and us) by surprise…
As a result we have temporarily adjusted our premiums as follows:
With the United States Mint abruptly and unexpectedly halting Silver Eagle coin sales weeks earlier than the typical mid-December, we are concerned the potential exists for significant tightening of the physical silver market in the US over the next 8-10 weeks – particularly if gold prices fail to hold $1200 and drag silver futures market prices towards a $15 handle.
We will update SD readers as conditions evolve.