AUSTIN, Texas--(BUSINESS WIRE)--Austin Rare Coins and Bullion, a leading provider of physical gold, silver and rare coins, announced today that despite a recent drop in gold and silver prices, demand for physical precious metals continues to outpace supply. Since January, silver prices have fallen from $30 to $24 an ounce today, a 20% correction.
Given the recent price correction, logic would dictate that demand is down and supplies are abundant. In reality, there are industry-wide delays across numerous mainstay products. The U.S. Mint is being forced to allocate Silver American Eagles, limiting how many can be purchased each week per dealer. Even though the Mint is on pace to produce nearly 60 million Silver American Eagles this year - an all-time record - it is still unable to keep up with demand. In fact, the United States Mint produced more coins in the first quarter of 2013, than it did in the entire years of 1996, 1997, and 1998 combined.
“Silver ETFs and other precious metals paper may have been sold off in large numbers recently, but buyers of physical silver and gold outnumber sellers by a 50:1 margin,” said Ryan Denby, president and CEO of Austin Rare Coins and Bullion. “Our clients are certainly not selling and other companies are expressing the same scenario to me – there just isn’t enough to go around at these levels and premiums have risen as a direct result.”
About Austin Rare Coins
Austin Rare Coins, Inc. was founded in 1989 to serve collectors and investors. Our staff is dedicated to providing our clients with professional advice and high quality certified U.S. and foreign coins, silver dollars, and gold bullion coins at low prices. Austin Rare Coins & Bullion is a proud member of the Numismatic Guaranty Corp, the Professional Coin Grading Service, and the Industry Council for Tangible Assets. In addition, its principals are members of the American Numismatic Association, the Canadian Numismatic Association and the Texas Numismatic Association. Austin Rare Coins, Inc. has an A+ rating from the Better Business Bureau.
For more information call 800-928-6468 or visit us on the Web at: www.austincoins.com