In a shocking move on Friday, the US mint announced that it is suspending sales of silver Eagles until 2017.
This announcement came in the wake of incredibly high demand for the coins in the days after the US presidential election.
As recently as a week ago, they were saying that they had enough inventory to meet demand through the end of 2016. They obviously didn’t anticipate the increase in demand that occurred after the election.
The result of this is that the premiums on Silver Eagles have risen dramatically in the wholesale and retail markets.
This is all quite interesting since the law states that the Mint must go into the market and buy whatever silver they need at whatever price to meet demand. I guess this law doesn’t mean anything to the Mint.