In a bit of a surprise announcement, the US Mint has notified Authorized Purchasers that their inventory of American Silver Eagles has been completely depleted, and they will not be taking any new orders until at least January 28th.

Although physical shortages became rather commonplace from 2010-2011, the Mint kept up with demand quite well during most of 2012, only selling out once, towards the end of December when they were transitioning to 2013 material.

The 2013 Silver Eagle, Sold Out for a Week Plus

On news of the shortage, silver spot price jumped up a bit, but more importantly, retail premiums for Silver Eagles as well as other products went absolutely through the roof. Retailers like JM Bullion, which typically sell current year Silver Eagles as low as $2.54/oz over spot, immediately hiked prices to nearly $5/oz over spot in anticipation of higher demand, potential delays, and possible supplier price increases.

Canadian Silver Maple Leaf premiums followed suit, despite the fact that supply doesn’t seem to be an issue at the moment. Maples are currently selling for about $0.50 less per ounce than Silver Eagles, which is standard in the retail market.

With the US Mint not shipping any new material until at least the 28th, and then beginning their shipments on an allocated basis, retail investors should expect shipment delays into February as Silver Eagles start working their way back down the pipeline.