US Mint Runs Out Of Eagle Coins As Silver Demand Soars
Demand for silver in the United States has rocketed - to such an extent that the US Mint sold out of American Silver Eagle Bullion coins a couple of days ago.
At the end of last week, the US Mint sent out a message to buyers saying that: "This is to inform you that we have temporarily sold out of American Eagle Silver Eagle bullions. Our rate of sale in just the first part of March exceeds 300% of what was sold last month."
2020 Silver Eagles
The message went on to say that West Point Mint Facility in New York state was "working diligently to produce additional inventory and once additional inventory is produced, we will again begin allocations".
The surge in demand for physical silver comes as stock markets crashed with many businesses taking a hit.
Many investors are choosing to protect their money in a physical asset rather than stocks. With interest rate cuts already announced by both the Federal Reserve in the US, and the Bank of England, savers are also seeing almost no returns from keeping money in the bank.
Silver in particular is currently considered undervalued by many investors however, with the gold silver ratio passing 100 last week. This means that for one ounce of gold you could buy 100 ounces of silver, and could suggest a buying opportunity. And demand for precious metals is likely to continue for some time.
According to coin certifier NGC, the most expensive Silver Eagles are ones in perfect condition from 1999 and they can fetch, as of April last year, an astronomical £18,731.