Posted by Francis Koh on 06 Nov 2014

U.S. MINT SILVER EAGLES SOLD OUT: Reported 2 Million Sold In 2 Hours

According to the Breaking News Update at SilverDoctors website, over 2 million Silver Eagles were sold in less than two hours.  Which means the U.S Mint will have to limit sales to their Authorized Dealers when supplies are available.

Silver Eagles US Mint San Fran  Silver & Base Metal Prices

Two million Silver Eagles is a great deal of silver to be sold in one day (actually in less than two hours as reported by SilverDoctors).  Total global silver mine supply was 820 million ounces in 2013.  This amounts to roughly 2.2 million oz per day of global mine supply.

Thus, investors bought 90% of the daily global mine supply in Silver Eagles today.  And, this doesn’t even include all the other Official Coins such as Silver Maples, Philharmonics, Pandas and etc.  I would imagine at least 2.5 million oz of Official Silver Coins were sold just today… and that could be conservative.

You know this is big news when the MSM- Main Stream Media actually cover it:

Reuters:  U.S. Mint temporarily sold out of Silver Eagles amid huge demand

Nov 5 (Reuters) – The U.S. Mint said on Wednesday it has temporarily sold out of its American Eagle silver bullion coins following “tremendous” demand in the past several weeks.

In a statement sent to its biggest U.S. coin wholesalers, the U.S. Mint says it will continue to produce 2014-dated coins. The Mint will advise when additional inventory will become available for sale without providing further details.

The announcement has not been made available to the public, but a U.S. Mint spokesman confirmed that it has sent the statement to its authorized participants.

There are still those out there who don’t believe the paper price of silver is manipulated.  Let’s take a look at the following chart which compares the ONE YEAR price movement in silver vs the base metals:

Read More: