Silver continued its spectacular rise Friday, soaring another 45 cents in New York and scoring the best monthly gain in 22 years.
Silver futures for July closed to $15.61 an ounce, jumping 27 percent on the month for the biggest gain since April 1987. London spot silver ended at $15.52 an ounce earlier in the day, surging 64 cents.
"Extreme dollar weakness is adding to the momentum," Pradeep Unni, an analyst at Richcomm Global Services in Dubai, was quoted on Bloomberg. "Ascending oil prices, concerns of inflation and fears of massive U.S. debt have certainly been supporting" both gold and silver.
American Eagle Silver Bullion Coins experienced movement as well. Reports were abound earlier in the week on how authorized dealers for the U.S. Mint trimmed orders and left an inventory of bullion coins behind — a situation that had been unheard of since the Mint started rationing the coins and suspended production of the 2009 collector proof and uncirculated versions.
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Sales of 2009 Silver Eagle Bullion Coins are blistering hot, with an incredible record-breaking pace of 9.64 million sold through Monday, April 27, according to the latest US Mint sales stats.
Total Silver Eagle Bullion Coin Sales, Jan-Apr (2000-2009)*
*Total for April shows reported US Mint sales up through April 27.
More silver eagles have been sold during February, March and even an unfinished April than any corresponding month since the American Eagle series was launched in 1986. What happened in January 2009? It was a great month for the eagles as well, coming in second place behind the record sales in January 2008.
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Before they even went on sale, proof and uncirculated 2009 American Eagle Silver Coins are temporarily suspended, according to a new United States Mint statement at its online store. The highly popular silver dollars are minted specifically for collectors, bearing the "W" mintmark to denote their striking at the Mint’s West Point facility. 2009 coins [...]
The U.S. Mint’s 2008 Gift Catalog announcement on Monday contained a glaring omission. There were no collector 2008-W American Eagle Silver proof coins. Did the Mint simply forget to list these mainstay one-ounce silver coins? Not likely.
The die is cast and this year’s run of the coins is likely ended. Despite hope, collectors are not likely to see a 2008 comeback similar to the platinum eagles’ return on Friday. Three factors reinforce this line of reasoning:
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Prior Mint catalog announcements have always included silver proof eagles
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The Mint halted sales of these eagles in August and they have never resumed
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Available silver blank inventories are used to mint bullion American Eagles silver coins, not the collector versions bearing the "W" mintmark
The first reason is self-evident, the second a matter of fact and the third bluntly explained by the Mint earlier this year.
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The United States Mint has announced a release date of March 17 and a price of $25.95 for the new Uncirculated American Eagle Silver collector coin. Each coin contains one troy ounce of .999 silver and bears the distinctive "W" mint mark to indicate it was produced at the Mint’s West Point facility. The U.S. [...]
