US Mint Silver Product Price Increases Start October

Price increases are underway for a range of United States Mint silver products that are produced for coin collectors.

Consistently higher silver prices over the last two months were the catalysts. Product price increases were triggered, the Mint states,

"Because silver has been trading in a range of $30.00 – $35.00 per ounce since August 23, 2012."

The London Fix for silver on Monday hit $34.85 an ounce, the highest price since March 2. It did retreat 13 cents today, October 3, but most analysts appear more bullish than bearish as to where silver is headed in the near term. The white metal has been on a roller coaster so far this year, up 15.1% in the first quarter, down 16.5% for the next three months and then surging 28.0% in the most recent quarter.

These U.S. Mint silver products have been temporarily suspended and will be re-introduced at the following prices:

• 2012-W Proof American Silver Eagle from $54.95 to $59.95
• 2011-W and 2012-W Uncirculated American Silver Eagles from $45.95 to $50.95
• 2011-P and 2012-P America the Beautiful Five-Ounce Silver Uncirculated Coins from $204.95 to $229.95.
• 2012 Annual Uncirculated Dollar Coin Set from $54.95 to $59.95

While offering the new price points, the U.S. Mint did not state how long the products would be suspended. It could be minutes, hours or days, based on past silver product price adjustments. The Mint did say that no other products were "impacted by this change."

[Update: The silver products returned for sale during the morning of October 10, 2012.]

Two weeks ago, CoinNews.net published an article on how premiums for U.S. Mint silver coins had dropped as their melt values climbed. A table in that article compared silver product premiums. For reference, an updated one with new prices is shown below. The price of London silver on the product’s release day was used to calculate figures in the "Release Premium" column. London fixing for silver at $34.72 an ounce on October 3 was used to calculate the figures in the "Current Premium" column.