Posted on 09/28/2011 12:39:08 PM PDT by SouthernmostFreeper
RENO, NV - The U.S. Mint has temporary suspended the sale of several silver collector coins and sets including the uncirculated American Silver Eagles and the American the Beautiful Five Ounce silver coins. Plummeting silver prices prompted the Mint to initiate several product suspensions on Monday.
(Excerpt) Read more at silverdoctors.blogspot.com ...
Several months month from now they’ll be “suspending” sales again when the actual price of silver (separated from the paper price) is over $50 an ounce.
Sounds to me like they are worried about too many folks buying gold and silver. Or, they could be thinking about confiscating rare metals again.
Plenty of other places out there still selling and accurately basing prices on spot rate for paper PMs'
—Who knew that the Mint would act like a prudent holder of physical metal? —
My take exactly. I confess I paid $40 each for all my silver eagles, but I only have 13 of them. One is a proof, the rest uncirculated, still in their rectangular plastic holders.
I would like to buy one-thousand 1 oz coins. I don’t need them to be mint. They are not for collecting, they for national emergency, runing for my life, bribing people. I could buy some 5 oz coins too and mix ‘em up. Of course, that’s about 125 pounds worth of coins so it won’t be easy o hide, or carry.
I don’t know why I didn’t do it when silver was $4 an ounce, as it was for so long.
At the same time, and I know I am against the grain on this, I think both silver and gold are inflated, in a bubble. I think people underestimate the capacity for the world to absorb dollars. Yes we print a lot of them, but the world is growing in population and that population is getting richer. They need, want, use and save the Greenback in every country on the planet. We have been able to print a lot of money because of that reason. Yes it is true we are printing now more than ever, and some say that is the reason PMs are up (because the dollar is down and/or because people fear inflation, which I think is at this time an exaggerated fear, I fear deflation as much as inflation right now) but if we start to show some austerity, and if we are sure not to do QE3, then the PM prices may ease considerably. From what point they would ease is anyone’s guess. But if I am right, that would contribute to the deflation I am talking about.
Wouldn’t buying 90% silver (junk silver coins) be a more effective means of accumulating silver?
This makes no sense. Silver is up over the last 3 days, trading from around $30 up to $33. It “plummeted” from $40 to $30 in the overall sell off a few weeks ago, perhaps because some larger investors wanted cash (Paulson) or liquidated their investment funds (Soros) among others who needed cash or had margin calls, but silver seems to have established a base again above $30.
Silver coins in the 40% to 90% range are not cheap. They sell pretty close to spot silver price by weight because it is pretty easy for silversmiths and mints to separate the metals. You can buy them in bags by weight.
By suspending sales they will of course drive prices up. I would be SHOCKED if they don’t realize this. But still, the premise is faulty. Silver and all PMs are up, even if they are a bit off their highs.
I don’t disagree with anything you’ve written. That’s why I accumulate, more or less dollar cost average, into silver. Franklin halves or mercury dimes mostly.
Damn, you guys had me all freaked out until I saw the date of this post. 5 ouncers are selling now at the mint for $50 less than original price.
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