Official Mint Silver Sales Surpass Domestic Silver Production in US & Canada in 2011

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pmbug

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Murkier and murkier every day. Isn't the US Mint only supposed to use US-origin PMs in their Eagles? This selling more Silver Eagles than production looks to me like the can kicking we see everywhere now. It will keep going until it doesn't.

Hmm.

:silver:
 
This is very odd.
I read an article from the mint, saying they were not going to release '12 ASE's, or GSE's, due to a SURPLUS of left over '11's.
And would not until they were gone.
This was first of week.
 
Was that the proof (direct sale from Mint to public) or bullion (sold to dealers who sell to public) 2012 ASE? Most dealers I see are expecting shipment of the bullion coins and tulving has been out of 2011 ASEs for a few days now.
 
* bump *

A year later and the song remains the same...
...
To put these numbers in perspective, according to the U.S. Geological Society, the U.S. mined 1050 tons of silver in 2012 (or 33.6 million ounces). If sales maintain their pace of 45 million ounces of silver, the U.S. will use ALL of its mined silver to mint silver eagles and then have to import and additional 350 tons of silver (11.4 million ounces) simply to meet silver eagle demand - leaving no domestically mined silver for anything else. This is a very extraordinary situation!
...

http://seekingalpha.com/article/131...ll-domestic-mine-production-for-silver-eagles

FYI:
...
The authorizing legislation for the American Silver Eagle bullion program stipulated that the silver used to mint the coins be acquired from the Defense National Stockpile with the intent to deplete the stockpile's silver holdings slowly over several years. By 2002, it became apparent that the stockpile would be depleted and that further legislation would be required for the program to continue. On June 6, 2002, Senator Harry Reid (D-Nevada) introduced bill S. 2594, "Support of American Eagle Silver Bullion Program Act," "to authorize the Secretary of the Treasury to purchase silver on the open market when the silver stockpile is depleted." The bill was passed by the Senate on June 21 and by the House on June 27 and signed into law (Pub.L. 107–201, 116 Stat. 736) by President Bush on July 23, 2002.[19]
...

http://en.wikipedia.org/wiki/American_Silver_Eagle
 
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