As we reported earlier this week, the low price of gold and silver has led to coin buying-sprees around the world as collectors scramble to snatch up coins at bargain prices.
The U.S. Mint issued a memo to authorized coin dealers late yesterday that read: “This is to inform you that due to the tremendous demand we have experienced in the last several weeks, the U.S. Mint has temporarily sold out of its American Eagle silver bullion coins. We continue to produce 2014-dated coins and will advise you when additional inventory will be available for sale.”
Sales of American Eagle and Buffalo gold coins in October hit 88.500 ounces, the highest so far this year. Silver coin sales also soared to 5.79 million ounces sold, the biggest month for silver coin sales in more than 2 years.
So far for November, purchases continue to be brisk, with 625,000 ounces of silver bought before the Mint sold out and 28,500 ounces of gold American Eagle and Buffalo coins. If the Mint had been able to continue selling at that pace, sales could have topped 6.2 million ounces of silver– a more than 400% increase over the November of last year.
The sharp increase in sales can be attributed to one thing: collectors and investors view the current price to be a bargain.