Entries in Silver (4)


US Mint Runs Out of 2013 Silver Coin

Photodisc/Thinkstock(NEW YORK) -- As a result of high investor demand, the U.S. Mint has stopped selling its 2013 American Eagle silver bullion coins.

According to mint spokesman Michael White, 6,700,000 ounces of Silver Eagle coins were sold between Jan. 7, when the coins first went on sale, and Jan. 15. Until this year, the all-time high was 6,422,000 ounces, set in January 2011.

"We mint to demand," mint spokesman Michael White told ABC News.

In an email to authorized purchasers, the mint said it would resume sales around the week of Jan. 28, after it mints more coins.

One of the purchasers, Terry Hanlon, was very happy about the situation.

"I love it," said Hanlon of Dillon Gage Metals, a primary precious metals dealer in Dallas that buys directly from the mint and sells to bankers, coin dealers and jewelers. "We are very, very busy and we have been for the last several months. That would certainly reflect that people are worried that the financial situation in the U.S. isn't going to get any better -- so they're buying precious metals."

Peter Schiff, an economist and president of Euro Pacific Precious Metals, a precious metals dealer in New York, agreed.

"With the Federal Reserve clearly stating that unlimited money creation and dollar debasement are its intended policy goals, it's becoming painfully obvious to more and more investors that precious metals are a better savings alternative than zero-interest bank deposits," said Schiff. "For many of these first-time buyers, silver bullion coins like U.S. Silver Eagles are one of the easiest, most reliable and most cost effective means to get precious metal exposure."

But, he added, if investors can't buy Silver Eagles, they can also buy other coins like Canadian Maple Leaf silver coins, which are minted by the Canadian government and are "just as good."

"When people are buying bullion they're not collecting the coins, they just want to have reliable silver," he said.

The American Eagle Bullion program was launched in 1986 with the sale of gold and silver bullion coins. Platinum was added 11 years later.

The coins are produced at the mint's plant in West Point, N.Y.

Copyright 2013 ABC News Radio


Big Crowds Expected for World's Fair of Money

John Foxx/Thinkstock(CHICAGO) -- This summer, Americans have heard a lot about how the nation's money is in short supply. That's one reason why some rare money on display is drawing huge crowds.

The World's Fair of Money is under way in Chicago, showing off $20 gold coins worth millions and uncut sheets of $100,000 dollar bills accompanied by armed guards. Normally, this exhibit by the American Numismatic Association, held in different cities each year, lures 10,000 to 15,000 visitors.

But according to association spokesman Donn Pearlman, this year's show is on pace to attract even more. "There's a renewed interest in gold and tangible assets. More investors are showing up with the collectors. This is the gold, silver and bullion coin trading capital of the universe this week", says Pearlman.

And this city is in a "panic atmosphere," reports Scott Travers from the floor of the show. Travers, the author of The Coin Collector's Survival Manual, tells ABC News: "I have never seen the type of feverish demand for gold coins that I am seeing at this show. People are fearful and want to protect what they have with hard money."

While the show includes rarities like a gold coin minted during the California Gold Rush and now valued at $15 million, more typical items like $20 gold coins from the 1920s are just as much the center of attention. They are seen as a smart investment, says Travers, because their value among collectors is about equal to the value of the ounce of gold that's in them, now around $1,863. "So there's very little downside to them. If gold goes down in value, collectors (who prize the coins for their beauty or historical significance) will still pay about that price. And if gold goes up in value, then the coins become worth even more." Travers says that "dealers at the show can't get enough product to keep up" with the frenzied demand.

The association's director, Larry Shepherd, also believes the record crowds are swelled by people "looking for safer places to put their money. They see that hard assets like silver and bullion and rare coins have gone the opposite way of more conventional assets" like stocks and bonds.

Copyright 2011 ABC News Radio


Hoarders Say Gold Is Last 'Safe' Investment

Photo Courtesy - Getty Images(CINCINNATI, Ohio) -- The price of gold may be trading at a three-month low, but that is not stopping people from hoarding the precious metal in their homes, bank vaults or even in hiding places.

For some, fears of the country's growing levels of debt and inflation make currency seem less dependable, and gold and other precious metals seem rock solid.

Pete Sorrentino, vice president of Huntington Asset advisors in Cincinnati, has investments in gold bars and bullion coins and manages a $95 million fund for his clients, 2.6 percent of which is actual gold held in a depository. He said the low price of gold makes it an ideal time to buy it as global financial markets fare well.

"This is an ideal time for anyone who has missed out and want participation in gold, as long as the attention is focused on problems in Europe, and we tend to get fairly good reports in earnings season," said Sorrentino. "You'll see people continuing to favor financial assets over the precious metals."

He said he prefers coins over bars because the assay, or examination process, is easier. He said coins are more difficult to counterfeit and manipulate than gold bars. But with the lower price of gold these days, he prefers silver coins.

"I tend to give them out as gifts," said Sorrentino, claiming he is not a vast hoarder. "The people to whom I gave them a couple years [ago] were quite happy later."

Gold was trading at a record high at the end of 2010, with its contracts trading at a peak of $1,430 in December.

On Thursday, it was trading at $1,318.40 on the Comex division of the New York Mercantile Exchange, its lowest level since Oct. 4, according to Dow Jones.

Copyright 2011 ABC News Radio 


Gold, Silver Surge to New Record Highs

Photo Courtesy - Getty Images(NEW YORK) -- Gold and silver prices surged to new records Tuesday as the dollar weakened against major currencies, continuing a trend that has left Americans scrambling for alternatives to traditional investments such as stocks and money market accounts.

Silver touched $22 an ounce Tuesday, the highest since 1980. Silver has surged 36 percent this year from less than $9 when the financial crisis began in 2008. Gold, which has increased 19 percent in 2010, jumped to $1,313 an ounce, the highest ever recorded.

With stocks in the dumps and government deficits spiraling, Americans are increasingly turning their attention to silver and other precious metals. The high price of gold has prompted investors to load up on cheaper silver. Silver has gained 21 percent in price versus gold this year. Low interest rates are another factor in the rush to precious metals, experts say.

Copyright 2010 ABC News Radio

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