The United States Mint yesterday informed Mint Authorized Purchasers that they are temporarily out of American Eagle silver bullion coins. Numismatic News first reported the email that the Mint sent out, which indicated that the Mint had sold some 300% more in the first few weeks of March than were sold in February.
This is to inform you that we have temporarily sold out of American Eagle silver eagle bullions. Our rate of sale in just the first part of March exceeds 300% of what was sold last month.
West Point is working diligently to produce additional inventory and once additional inventory is produced, we will again begin allocations.United States Mint
The rush of purchases of the silver eagle is not surprising. Silver prices have plummeted since mid-February, down over 9% in the last 20 days. This has lead many to purchase bullion at these low prices with the assumption that, after the Coronavirus pandemic subsides, prices will rise once again.
The United States Mint, like other world mints, does not sell its bullion coins directly to the public. Instead, it distributes the coins through a network of official distributors called “authorized purchasers” who, in turn, create a two-way market buying and selling to precious metal wholesalers as well as private investors.