Mints can’t keep up with retail silver demand
Duncan Richardson, News Editor
1 Oct 2015, 10:22 a.m.
The world’s mints are struggling to keep up with extraordinary retail demand for silver coins, sparked by falling prices. Silver is currently trading close to a five year low and is down over 60% from its 2011 peak. According to Reuter’s news agency the American, Austrian, Australian and Canadian mints are all rationing the sale of their popular 1oz silver coins.
The Royal Canadian Mint reported record sales for their 1oz. silver maple leaf coin for each of the last three months. Demand for the coin has been unprecedented in North America, Asia and throughout Europe.
The Austrian Mint has been limiting the sale of their 1 oz. Philharmonic silver coin after demand reached record levels in both July and August. The Mint expects supplies to return to normal by the end of October.
The UK’s Royal Mint have experienced a 600% increase in demand for the 1oz. 2015 silver Britannia coin. The mint has also ramped up their production levels for the 2016 version of the coin.
The U.S mint has been rationing their 1 oz. silver eagle coin since July and have been working around the clock to meet demand. The mint halted sales of the coin in July after demand reached a record high. In the third quarter the mint sold 14.26 million ounces.
The Perth Mint sold 2.5 million ounces of silver in September, which is a record and 2.5 times the amount they sold in August.