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

For the first time in history, Silver Eagle & Maple Leaf sales will surpass domestic silver production in the U.S. and Canada in 2011
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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!
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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]
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