Email from US Mint “clarifying silver shortage.”
heavymetal
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In a message released Friday, May 28, we made reference to a global shortage of silver. In more precise terms, the silver shortage being experienced by the United States Mint pertains only to the supply of silver blanks among suppliers to the U.S. Mint.
Please see the updated message below reflecting this clarification.
The United States Mint is committed to providing the best possible online experience to its customers. The Mint is being impacted by silver blank shortages among its suppliers. The demand for many of our bullion and numismatic products is at record heights and increasingly outpacing the supply of silver blanks available through our suppliers. This level of demand is felt most acutely by the Mint during the initial product release of numismatic items. Most recently in the pre-order window for 2021 Morgan Silver Dollars with Carson City privy mark (21XC) and New Orleans privy mark (21XD), the extraordinary volume of web traffic caused significant numbers of Mint customers to experience website anomalies that resulted in their inability to complete transactions.
In the interest of properly rectifying the situation, the Mint is postponing the pre-order windows for the remaining 2021 Morgan and Peace silver dollars that were originally scheduled for June 1 (Morgan Dollars struck at Denver (21XG) and San Francisco (21XF)) and June 7 (Morgan Dollar struck at Philadelphia (21XE) and the Peace Dollar (21XH)).
While inconvenient to many, this deliberate delay will give the Mint the time necessary to obtain web traffic management tools to enhance the user experience. As demand remains greater than supply, the reality is such that not everyone will be able to purchase a coin. However, we are confident that during the postponement, we will be able to greatly improve on our ability to deliver the utmost positive U.S. Mint experience that our customers deserve. We will announce revised pre-order launch dates as soon as possible.
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Comments
Got the same message. Doesn’t seem to really say much. Blah blah blah 😕
🎶 shout shout, let it all out 🎶
I received and read it. It actually seemed to me like a CYA memo in response to the roll-out debacle/fiasco of the 2021 Morgan Dollars.
More obfuscation.
Well... Let's hope they get high level, professional help with their website order processing software and equipment. We shall see, when the next hot item is released. Cheers, RickO
doesn't address their planchet shortage
Gold has a world price entirely unaffected by accounting games between the Treasury and the Fed. - Jim Rickards
Hmm?? Buy silver now? Does this message indicate a big price increase for silver is coming?
Based on the directors own quote “The Mint was able to secure 1,075,000 total planchets, for production spread among six different coins at three Mints, Ryder said.”*, they have all the planchets for the Morgan and Peace coins.
I get more people are buying silver and possibly adding to the high demand.
The issue is the mint ordering process and their lack of handling the volume.
It has nothing to do with their suppliers or silver, unless of course the director misspoke and they don’t have the planchets.
*Source Coinworld https://www.coinworld.com/news/us-coins/2021-morgan-and-2021-peace-silver-dollars-may-become-annual-series
I I have no idea when to order anything like this from the mint. It sounds like another way to get coins into the hands of dealers and flippers. If that's that game, I'll make do with the 1921 Peace Dollar I have and forget that the 100 year anniversary ever happened.
That's because they don't have one, at least for the dollars. They announced earlier that they had already sourced those and they can only be used for this issue due to the size and weight. They MAY have an issue with ASE blanks, but what does that have to do with web traffic and why haven't they suspended ASE sales if they have a planchet shortage?
Flag on the play...
Not necessarily. If you remember the "silver shortage" last year, there was a brief surge and then we spent the next 6 months trading below that level. We're still not quite at that level.
You also have a large premium built in to physical silver already. ASE's are wholesaling at +$7
The United States Mint has (and has had for Decades) the following in FTO (Fine Troy Ounces):
7,075,171 FTO of Silver in Deep Storage
8,924,829 FTO of Silver in Working Stock
Not sure where you got your info from. If I remember correctly, the Mint used up all of their deep storage silver years ago, and used that silver to mint silver eagles. Now they are using outside sources for their silver. I may be wrong.
I get most of my data from the United States Mint...
I got This from the United States Mint...(audited)...
You are correct that "Now they are using outside sources for their silver".
The Mint hasn't touched Deep Storage or Working Stock in decades...
Basic Google search: https://www.usmint.gov/wordpress/wp-content/uploads/2021/02/2020-Annual-Report.pdf
Loves me some shiny!