U.S. Mint sells out of silver coins

U.S. Mint sells out of silver coins

They may not be making any platinum coins, and they may not be able to sell their presidential dollars, but the U.S. mint has reportedly sold out of its 2013 American Eagle silver coin.

However, sales so far this month have yet to equal the record set in Jan. 2011, according to data from the mint. The mint sold 6,422,000 ounces that month. So far this year, the mint has sold 6,007,000 ounces.

The U.S. Mint’s suspension of silver coin sales is “related to seasonality and mintage date change over in the market place, rather than a mass stampede by panicked retail investors,” said Jon Nadler, senior analyst at Kitco Metals.

Sales of the coin are expected to resume later this month, Bloomberg Businessweek reported.

Silver for March delivery fell 6 cents to $31.76 in recent action. The metal is seen as both a safe haven and as an industrial commodity because of its use in electronics and other applications.

Source: MarketWatch