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A few years ago, the U.S. was running out of Silver....
Stooge
Posts: 4,649 ✭✭✭✭✭
I read that we had <10 Million oz. left.
Did we run out? Where is the Silver coming from?
Later, Paul.
Did we run out? Where is the Silver coming from?
Later, Paul.
Later, Paul.
0
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Does your question refer to the U.S. government running out of silver in 1964, when the price of silver threatened to break through the $1.29 per ounce price the government had set? At that time, the U.S. government was running out of silver because people lined up to buy it from the government at $1.29 per ounce. Obviously the government switched to making clad coins (including the clad dimes you and I love) at that time and let the price rise to its equilibrium level.
Or is there another time you are asking about when the government was running low on silver? Or do you mean that the entire United States was running out of silver?
Mark
<< <i>Paul:
Does your question refer to the U.S. government running out of silver in 1964, when the price of silver threatened to break through the $1.29 per ounce price the government had set? At that time, the U.S. government was running out of silver because people lined up to buy it from the government at $1.29 per ounce. Obviously the government switched to making clad coins (including the clad dimes you and I love) at that time and let the price rise to its equilibrium level.
Or is there another time you are asking about when the government was running low on silver? Or do you mean that the entire United States was running out of silver?
Mark >>
I think he's referring to 2 or 3 years ago. I vaguely remember the announcement.
Did not think they make a big deal about it, not wanting a spike in prices....
roadrunner
on the list of Stategic Minerals started in World War II. Some were left as important Defense reserves such as magnesium, uranium, etc.
The defense stockpiles were drawn down a few years ago, and the DOD has not asked they be relisted.
<< <i>Paul:
Does your question refer to the U.S. government running out of silver in 1964, when the price of silver threatened to break through the $1.29 per ounce price the government had set? At that time, the U.S. government was running out of silver because people lined up to buy it from the government at $1.29 per ounce. Obviously the government switched to making clad coins (including the clad dimes you and I love) at that time and let the price rise to its equilibrium level.
Or is there another time you are asking about when the government was running low on silver? Or do you mean that the entire United States was running out of silver?
Mark >>
Hey there Mark, how is your back doing?
Yes, I was referring to a quote I believe in CoinWorld that the U.S. had <10 Million Oz. of silver left, and with all of the silver they use with the Commems, S.H.Q.'s and Silver sets, that we were running out.
Later, Paul.
Later, Paul.
250 million ounces in mint stock back when silver was discontinued. It had been drawn
down considerably in the previous couple years because of huge mintages caused by
public hording.
I've seen film of the stategic stockpile taken in the mid-'50's that was just astounding.
The silver was in all sorts of forms with no uniformity. Some was in huge round bars
that appeared to be twelve feet long.
There's little indication where the mint is buying their silver but it does all come from the
open market now. They didn't announce when they ran out but it was likely 2003.
In the early 80's, the U.S. government's strategic stockpile of silver was locked in by law at 139.5 Moz. Congress has since authorized legislation to dispose of these stockpiles. In late 2000 the U.S. Defense National Stockpile Center delivered its remaining stockpile of nearly 15 Moz to the U.S. Mint for coinage programs. Since 2001, the U.S. has had to purchase silver for its coinage programs from the open market.