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View Full Version : US Mint Responds to SI: We'll Make More Silver Eagles IF WE CAN GET MORE NEW SILVER!



Vinco
6th June 2008, 13:10
Silver Institute Voices Concern to Mint
By Numismatic News
June 05, 2008

The ongoing supply shortage of 2008 silver American Eagles got the attention of the Silver Institute May 29 when its executive director, Michael DiRienzo, wrote a letter to Mint Director Ed Moy asking that steps be taken to increase the number being struck.

"It's clear that the Mint misjudged the strength of the current silver market, and we are encouraging the Mint to take immediate steps to increase its production of these popular investment coins and plan accordingly for the balance of 2008 and for 2009," DiRienzo wrote.

The Mint issued a statement in response:

"Since the introduction of the 2008 American Eagle Silver Bullion Coin Program, the United States Mint has issued a record number of coins (about 9.65 million), as demand for them has increased exponentially. That number is almost as high as the United States Mint's production for the entire year of 2007 (about 9.8 million).

"By law, the United States Mint's American Eagle silver bullion coins must meet exacting specifications and must be composed of newly mined silver acquired from domestic sources. The United States Mint will continue to make every effort to increase its acquisition of silver bullion blanks that meet these specifications and requirements to address continuing high demand in the silver bullion coin market."

The Silver Institute notes that over 165 million silver American Eagles have been produced since they were introduced in 1986.

Headquartered in Washington, D.C., the Silver Institute is a nonprofit international silver industry association founded in 1971.

source: http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=4613

nuslvrkwen
6th June 2008, 18:37
Scary ain't it! "Sure we've minted millions of those silver eagles. Just like we did last year. But, we can only use domestic silver to do it!" They say. It's sure looking like there may not BE any at the price the mint is willing to PAY for to use to mint more SEs. Buying up enough bullion to mint more blanks is what I'm talking about. If they buy now to produce; it's higher than when it was below $17. The spot price and premiums would cover anyone BUYING. But the price to mint is steep when you don't have any cash anyway...

JesterJay
6th June 2008, 19:43
Not true of silver. Domestically mined GOLD only. This does not apply to silver. Congress passed laws a few years ago concerning the availability and struck down some language that would risk keeping up with demand.
No need to be newly mined and domestically sourced.
Gold, yes.
Silver, NO!
Buy it, grab it from the seller, and DO NOT LET GO!
JesterJay



Scary ain't it! "Sure we've minted millions of those silver eagles. Just like we did last year. But, we can only use domestic silver to do it!" They say. It's sure looking like there may not BE any at the price the mint is willing to PAY for to use to mint more SEs. Buying up enough bullion to mint more blanks is what I'm talking about. If they buy now to produce; it's higher than when it was below $17. The spot price and premiums would cover anyone BUYING. But the price to mint is steep when you don't have any cash anyway...

SilverHawk
7th June 2008, 02:05
www.tulving.com has 2008 green monsters. $1.89 over spot. Free shipping.

JesterJay
7th June 2008, 19:20
Silver goes up and look,
We have silver here!
JesterJay



www.tulving.com has 2008 green monsters. $1.89 over spot. Free shipping.

FedFixNix
16th June 2008, 14:43
Or some of them, I think. This is a must read:

http://forums.silverseek.com/showthread.php?p=5855&posted=1#post5855

FedFixNix