Inventories of 1-ounce, .999 fine bullion American Silver Eagles are temporarily depleted, the United States Mint announced late Thursday, Feb. 21.
Sales of the bullion coins surged Thursday by 775,000 pieces, lifting their February total to 2,057,500 after 4,017,500 sold in January. The over 6 million year-to-date start is the quickest since 2017.
"Market fluctuations have resulted in a temporary sellout of 2018 and 2019 silver bullion. Production at the Mint’s West Point facility continues and when sales resume, silver bullion will be offered under allocation," United States Mint spokesman Michael White said in an email statement. "The Mint is working closely with its suppliers in order to meet the demand of its authorized purchasers."
Bullion American Silver Eagles are sold in bulk through the U.S. Mint’s network of "Authorized Purchasers" who consist of major coin and precious metals dealers, brokerage companies, and other participating financial intermediaries. APs pay $2 per coin plus melt value, and have a minimum ordering requirement of 25,000 ounces. In the secondary market, bullion coins are usually priced at a few percentage points above the latest value of their precious metal content.
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