U.S. Mint Silver Coins Runs Out Amidst 5-Year Buying Record And Economic Fears
U.S. Mint Silver Coins Runs Out Amidst 5-Year Buying Record And Economic Fears

U.S. Mint Silver Coins Runs Out Amidst 5-Year Buying Record And Economic Fears

The U.S. mint silver coins ran out amidst a 5 year high in investors purchasing the silver as a tradable commodity. The rarest of the U.S. mint silver coins is the 2013 American Eagle silver coin, which is now sold out. As previously reported by The Inquisitr, exchange prices on precious metals like platinum, gold, and silver have been rising quickly due to many investors purchasing the commodities. Many investment analysts say that silver might be the best option for those looking for a solid return on their investment in 2013.

The U.S. mint silver coins sales are temporarily suspended until the mint can replenish its silver coin inventory. According to Reuters, the U.S. mint silver coins are produced at a West Point, New York facility and the mint does not expect to resume silver coins sales until after January 28.

Silver Eagle sales to January 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. Holdings in the iShares Silver Trust (SLV) jumped 571.6 metric tons on January 16, an increase now valued at $584 million. Silver prices may rise as much as 27 percent to $40.25 an ounce this year according to a Bloomberg survey of 49 analysts, traders and investors.

Frederique Dubrion is the Geneva-based president and chief investment officer of Blue Star Advisors SA, which manages metals and energy assets. Dubrion explains to Bloomberg why investors have made this run on U.S. mint silver coins:

“With silver, you can benefit from both sides: its safe- haven status and the fact that it’s also an industrial commodity. Given some positive leading indicators, especially in the U.S., investors would probably prefer turning to silver rather than to gold.”

U.S. mint silver coins sales had risen during the Christmas season as investors rushed to protect the value of their money in the event of a double-dip recession assuming Congress and the White House did not avoid the Fiscal Cliff. While an instant major recession was averted, investors worry that the Obama tax hikes may still harm the economy. As previously reported by The Inquisitr, the politicians mostly kicked the can down the road since the larger issues of the federal debt ceiling, spending cuts, and the automatic sequester were mostly ignored until later.

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