Wednesday, June 2, 2010

US Mint Precious Metals Sales Suspended

After record sales in February, March, and April, the US Mint saw an absolute explosion in demand for their silver coins in May.

The result:  The US Mint has announced it has run out of silver and is suspending sales until further notice.  This coincides with similar announcements around the world from many of the large silver producers.

We can only hope JP Morgan can provide an enormous large naked short sell off to bring the paper price artificially down one more time.  With Federal authorities already looking into JP Morgan's illegal activity and price suppression, investors may not get that chance.

We are probably less than 24 months away from silver separating itself from every other asset on the planet and going to price levels that seem impossible today.

Accumulate ounces.  Do not worry about the paper price.

From the US Mint:

Production of United States Mint American Eagle Silver Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Silver Bullion Coins. Currently, all available silver bullion blanks are being allocated to the American Eagle Silver Bullion Coin Program, as the United States Mint is required by Public Law 99-61 to produce these coins “in quantities sufficient to meet public demand . . . .”

**Four hours after finishing this post, I received word that they have suspended sales on gold as well.  Let the physical shortages begin**

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