American Eagles sell out; silver price rise seen

2013-01-20T00:00:00Z American Eagles sell out; silver price rise seenBloomberg News Bloomberg News Arizona Daily Star
January 20, 2013 12:00 am  • 

The U.S. Mint sold out of 2013 American Eagle silver coins at a time when investors bought the most metal in five years through the biggest exchange-traded product.

The mint's sales were temporarily suspended Thursday and will resume on or about the week of Jan. 28 when the inventory is replenished.

Holdings in the iShares Silver Trust jumped 571.6 metric tons on Wednesday, an increase now valued at $584 million.

Prices may rise as much as 27 percent to $40.25 an ounce this year, a Bloomberg survey of 49 analysts, traders and investors last month showed.

As central banks from the United States to China pledged more steps to boost economic growth, the stimulus is raising demand for precious metals as a hedge against faster inflation and currency debasement. Strengthening economies may also benefit silver, which is used in everything from televisions to batteries.

Silver for immediate delivery climbed 4.8 percent to $31.795 an ounce in London this month, extending last year's 9 percent advance. Only platinum among the main four precious metals has performed better so far in January, rising 9.9 percent. Silver reached a record $49.79 in April 2011.

Copyright 2014 Arizona Daily Star. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Featured businesses

View more...