U.S. Mint Silver Coins Run Out

U.S. Mint Silver Coins Run Out

The U.S. Mint sold out of 2013 American Eagle silver coins at a time when investors bought the most metal in five years through the biggest exchange-traded product.

Sales to authorized dealers will resume on or about the week of Jan. 28 after the U.S. Mint has replenished its inventory, it said in an email to authorized dealers on Thursday. The coins are produced at the Mint's West Point, New York, facility.

While it is typical for collectors to snap up newly stamped coins, interest this year has ballooned due to investors seeking refuge from U.S. economic uncertainty.

Silver Eagle sales to Jan. 15 exceeded 5 million ounces and were on track to surpass the all-time monthly high of 6.1 million ounces, set in January 2012.

Physical coin sales had risen in the final months of 2012 as investors protected their nest eggs from a feared U.S. recession. Many economists predicted a U.S. economic downturn would occur if Congress and the White House did not act to stop pending huge tax hikes and automatic spending cuts known as the "fiscal cliff."

It is not the first time the Mint has faced a run on its stock. It started allocating sales to authorized dealers in recent years after its supplies were depleted by unprecedented demand.

The Mint had been due to start taking orders for coins, which fetch just under $63 each, from the general public on Jan. 24.

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