Last week, the U.S. Mint set its weekly allocation of American Eagle silver coin sales, the first allocation of 2016, at 4 million ounces. This announcement follows the increase in demand in 2015 when silver spot silver prices dropped to a six-year low.
You may remember the Mint running out of American Silver Eagles last July, when demand outstripped silver coin output. This shortage, compounded with the low silver spot price, pushed silver investors and buyers into the international market.
These factors combined in a domino effect across the world: a similar shortage of sovereign silver bullion coins occurred shortly after in Canada, record sales and rationing happened at the Perth Mint in Australia, while Austria increased silver blank production to keep up with a higher-than-expected demand for Austrian Philharmonics.
While many buyers were concerned about a shortage in silver, the problem was, in fact, due to limitations of manufacturing capacity.
The Mint’s first 2016 weekly allocation of 4 million ounces is about four times as much as the weekly allocation of late 2015, when allocations were rationed at around 1 million ounces due to low supplies.
American Silver Eagles, like their gold counterparts, are a popular coin with precious metals investors, but even more so recently as silver spot prices remain relatively low. The official silver bullion coin of the United States, the American Silver Eagle can be added to investment portfolios and precious metals IRAs. While technically a bullion coin, American Silver Eagles are also popular with collectors, potentially increasing their value for investors.
Currently, Provident Metals is shipping the 2016 American Silver Eagle in Brilliant Uncirculated condition; individual coins ship in plastic flips, multiples of 20 in mint plastic tubes, and quantities of 500 in strapped, mint-issued monster boxes. Coins start as low as just $2.69 over spot price.
Order your 2016 American Silver Eagle today, and leave us a comment to let us know what you think!
Do you buy silver not brought at your site at your buy back prices
We do, it really depends on what items you’re hoping to sell. Contact our customer service department during business hours and let them know you’re interested in selling. They will put you in touch with our purchasing department. 800-313-3315
when will the 2016 30th. Anniversary edition. Come out & will. You have a pre sale on them “Looking forward to seeing the new Coins !!!!
I ordered mine about two weeks ago and should be receiving it this week. And glad to have this piece.
Hello Rick, just to be clear this is only going to happen for proof and burnished varieties. We’re not exactly sure when they will be available, or if we’ll be offering them. But if we do, we’ll be sure to let you know!