Precious Demand: US Mint Sells Out of Silver Eagles for Second Time in a Year
The US Mint ran out of silver eagle coins again this week and half of the new nickel smelters in Indonesia won’t open this year due to low demand.
Silver Eagles Sell Out
The US Mint said on Tuesday it temporarily sold out of its popular 2015 American Eagle silver bullion coins due to a “significant” increase in demand, the latest sign that plunging prices have spurred a resurgence in retail coin and precious metal buying.
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In a statement sent to its biggest US wholesalers, the mint said its facility in West Point, NY, continues to produce coins and expects to resume sales in about two weeks.
This is the second time the mint has sold out of silver coins in the past 12 months, it ran out of 2014-dated American Eagles last November. In 2013, the historic drop in precious metals prices unleashed a surge in global demand for coins, forcing the mint to ration silver coin sales for 18 months.
New Nickel Smelters Not Necessary
Nickel producers in Indonesia may only build half of the 12 new smelters anticipated this year and some may not commence production immediately due to low global prices, a senior industry official said.
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