Silver Prices Soar to 30-Year High

Silver soared this week and closed at its best price in three decades.

U.S. silver prices climbed with each succeeding day this week, with the highest intraday level coming in at above $21 an ounce on Friday. Prices reached an intraday low of below $20 an ounce just once, and that was on Monday.

On Friday, December silver ended up 4.5 cents to $20.816 an ounce on the Comex in New York. The closing price was the highest since October 16, 1980. Read More…

US Mint Sales: Silver Eagles Remain Slow, Silver Proof Sets Near 300K

Overall, United States Mint silver product sales backed off, but much of it had to do with the popular 2010 Silver Proof Set that was released last month. Sales always start out fast and then slow down for new issues. Two silver products were able to outperform previous gains, according to the latest round of US Mint sales figures.

Bullion American Silver Eagles advanced 245,000 compared to 205,000 during the previous week. The increase was just 9,500 shy of reaching 24 million in year-to-date sales. Instead, the total hit 23,990,500. As for the month, September demand remains weaker. 15 days have passed, and authorized buyers have only picked up 390,000. As a comparison, 842,500 had already been purchased in the first eleven days of August — a month that was slow itself, finishing with the second lowest monthly total in 2010.
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2010 Silver Eagle Coin Rationing Ends

The United States Mint stopped rationing bullion 2010 Silver Eagle coins on September 3, 2010.

"Effective immediately, the United States Mint is lifting the allocation process for American Eagle one ounce silver bullion coins," the U.S. Mint told authorized buyers in a memorandum. "You may place your orders under the standard ordering procedures. The ordering minimum and incremental quantities apply." Read More…

Silver Has First Weekly Decline in Three Weeks

U.S. Silver prices edged lower this week, breaking a string of two weekly gains and falling from a more than two year high above $20 an ounce.

The metal started the week with near 50 cent daily swings, although closing prices were narrowed. Silver peaked on Wednesday when it touched $20.180 — the highest level since March 2008, but then closed to $20.009 an ounce. Prices continued to slide from there. Read More…

US Mint Sales: August 2010 Silver Bullion Coins Fall

Perhaps what has helped United States Mint’s silver coins is the increasing attention to silver which has been seeing huge price gains. Coin sets were wildly popular in the latest round of US Mint sales figures, and bullion coins continue to push onward — although August sales retreated from July levels and September is starting slow.

Bullion Silver Eagles ended August at 2,451,000, with 60,000 purchased by authorized buyers on the last day of the month. The month’s total was 530,000 less than July’s, and the second lowest monthly total of the year. Read More…

US Mint Silver Eagle Sales Nearing Domestic Silver Production

In Title 31 of the US Code, the United States Mint is required by law to supply “in quantities sufficient to meet public demand, one dollar silver bullion coins of specified size, weight, and design.” (Source)

This law is widely referenced, and I have criticized the US Mint in the past when it fails to meet consumer demand because of poor planning, despite the availability of silver.

DOMESTIC SILVER SUPPLY

However, there is an incredible amount of confusion about a second law which allegedly states that the US Mint must supply its silver “blanks” from domestic resources. At present, two of these resources are the Sunshine Mint and Stern-Leach. On June 5th, 2008, during the first massive Silver Eagle shortage, the director of the US Mint published the following statement: Read More…

2010 Proof Silver Eagles Remain Uncertain, Proof Gold Eagle Coins Coming

The United States Mint will be selling at least one of its staple proof products this year, the 2010 Proof American Gold Eagle. However, the status of the 2010 Proof American Silver Eagle is still uncertain, according to the latest eagle production news from the United States Mint.

The U.S. Mint confirmed on Tuesday that it has started producing four different 2010-dated Proof Gold Eagles — the 1 oz, 1/2 oz, 1/4 oz and 1/10 oz sizes. No official launch date is available for the 22-karat gold coins, but expectations are for a "mid-October" release. Read More…

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