With the U.S. Mint now temporarily suspended, it will become even more difficult to acquire Silver Eagles. According to James Anderson at SilverDoctors, the U.S. Mint shut down its West Point Facility due to an officer testing positive for the virus. The U.S. Mint West Point facility will remain closed for two weeks until further notice.
However, the U.S Mint updated its Silver Eagle sales on the last day of the month to show a total of 5.5 million sold. Since my previous update, the U.S. Mint sold another 650,000 Silver Eagles, for a total of 5,482,500.
The last time the U.S. Mint sold Silver Eagles to this level in March was back in 2014, when 5,354,000 coins were sold. With the premiums on Silver Eagles exploding, investors are now quoted delivery times of 3-4+ weeks or months.
I spoke with Dan at Cloud Hard Assets today, and I was shocked to find out that the quoted time for 1,000 oz wholesale silver bars was 4-6 weeks!!!! Can you believe that?? When the silver price crashed in 2008, investors were buying 1,000 oz bars and turning them into small coins and bars. However, that option is much more difficult because the availability of 1,000 wholesale silver bars is similar to RETAIL BULLION… LOL.
I was also surprised to hear that Cloud Hard Assets was only charging $6.50 over spot to purchase Silver Eagles. I have been making comparisons of some of the well-known online precious metals dealers Silver Eagles BUY & SELL prices, and have now included the price from CLOUD HARD ASSETS which I sponsor on this website:
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