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US Silver Eagles Sold Out

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The United States Mint announced Tuesday that it has temporarily sold out of 2015 American Eagle silver bullion coins.

According to a Reuters report, demand for silver has surged due to low prices and uncertainty due to the Greek crisis.

sold_out

According to Reuters, “dealers attributed the recent rush to purchase silver coins and bars to its low price relative to gold.” A Pennsylvania coin dealer said the gold-silver ratio was “way out of whack.”

That was a sign that silver was too low and people started buying. People view it as an opportunity in the long run.”

On Tuesday, one ounce of gold bought as much as 78 ounces of silver, a very wide spread.

The Greek financial crisis has spurred a surge in demand for gold in Europe and even the US.  As we reported last week, the British Royal Mint is experiencing twice the demand for gold sovereigns from Greek customers.

The US Mint has sent a statement to its biggest US wholesalers, saying that its facility in West Point, New York continues to produce coins, and it expects to resume sales in about two weeks.

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