Mint suspends sales of 2013 American Eagle silver coins
NEW YORK —The U.S. Mint has suspended sales of its 2013 American Eagle silver bullion coins after running out of stock as a result of soaring investor demand for the newly minted coins in the first two weeks of the year.
“It is easy to infer that some element of the fear trade may be at play,” Joni Teves, an analyst at UBS AG in London, wrote on Saturday in an emailed report. “We view the chunky sales of American Eagle coins more a function of seasonality than anything else. It is important to keep an eye on U.S. coin sales in the coming months to see if volumes remain elevated as the debt ceiling showdown plays out.”
Sales to authorized dealers will resume on or about the week of Jan. 28 after the Mint has replenished its inventory, it wrote in an email to authorized dealers on Thursday. The coins are produced at the Mint's West Point, N.Y., facility.
While it is typical for collectors to snap up newly stamped coins, interest this year has ballooned because of investors seeking refuge from U.S. economic uncertainty.
“With silver, you can benefit from both sides: its safe-haven status and the fact that it's also an industrial commodity,” said Frederique Dubrion, the Geneva-based president and chief investment officer of Blue Star Advisors SA, which manages metals and energy assets. “Given some positive leading indicators, especially in the U.S., investors would probably prefer turning to silver rather than to gold.”
Silver Eagle sales through Jan. 15 exceeded 5 million ounces and were on track to surpass the all-time monthly high of 6.1 million ounces, set in January 2012.
Coin sales rose in the final months of 2012 as investors protected their nest eggs from a feared recession. Many economists predicted an economic downturn would occur if Congress and the White House did not act to stop pending tax increases and automatic spending cuts known as the “fiscal cliff.”
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Federal Reserve Vice Chairman Fischer open to interest rate hike
- Quarter-million without power as Pacific Northwest jolted by wind
- Will Trump run as independent? He says decision will be made soon
- New Orleans slow to heal 10 years after Hurricane Katrina
- Racist motive hushed, right says
- Man arrested in deputy’s ambush
- TSA agent accused of sex abuse at LaGuardia Airport
- Katrina anniversary blends mourning, joy at recovery
- Landfill Atari game cartridges net $100K
- New York City police kill bystander in undercover gun buy
- Indians, Asians lead Mexicans among immigrants in U.S.