US Mint is cutting back on allocations of American Silver Eagles

Bill Haynes, President of CMI Gold & Silver, one of the largest dealers in the United States informed King World News today that the US Mint is cutting back on allocations of American Silver Eagles and this is resulting in higher premiums. Haynes told KWN in a phone interview, “Today the US Mint notified its eleven authorized purchasers that their allotments are being reduced and as a result the authorized purchasers increased their premiums to the dealers.”


Bill Haynes continues:
“Eric, the Mint sold about 10 million ounces of American Silver Eagles so far this year, 6.4 million in January and about half that in February. The Mint had no problem producing those record quantities, but now the US Mint is cutting allocations to its authorized distributors. There is a glitch somewhere but we just don’t know what it is.”
King World News also contacted the US Mint today to get a direct comment from them regarding a story that they had suspended production of Silver Amercan Eagles. As it turns out this information which was taken off of the US Mint’s website is over a year old. In a telephone interview with King World News Michael White of the US Mint stated, “This language was on our web site over a year ago when we did not produce American Eagle Silver Uncirculated Coins. The site will be updated shortly.”


We will have to wait and see what the update is from the US Mint, but we do know that Bill Haynes, a veteran of nearly four decades in the gold and silver business has confirmed a reduction in allotments of Silver American Eagles and an increase in premiums.