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Of silver, high demand and jammed phone lines

Silver is up 88 cents this morning as I write this. It is trading at $26.53. My usual morning ritual of checking the Kitco website shows that gold has bounced up a bit, too, to $1,354.30 a troy ounce.

But for this morning, it is all about silver rather than gold. With tomorrow being the big opening day of sales for the 2010 proof silver American Eagles, a firmer tone to the bullion market should help push up the level of interest in the coin.

Collectors are checking their bank balances, or credit card statements, to make sure that they have the means to acquire whatever number of coins they want.

The Mint says on its website that it expects an unusually high level of demand at the noon Eastern time commencement of its coin offering.

Perhaps the website will be slow for a time, or the telephone order line will be jammed for the first few hours. We’ll see.

But the 100-coin order limit will not change, so that means the Mint pretty much expects to be able to meet the demand from all comers.

If many collectors buy that quantity, they will soon become interested in selling the 99 coins that they don’t need.

If that happens, the adrenaline rush  provided by jammed order lines and slow website response could be replaced by the anxiety of trying to figure out how to get a decent price on the secondary market.

Perhaps it might be better to wait a day and order in the peace and calm of the weekend – that is, of course, unless you a jammed phone line junkie.

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One Response to Of silver, high demand and jammed phone lines

  1. Stanley Klagenberg says:

    The US Mint wed site was jammed for sure, It took me 1 1/2 hour to order 20 American Eagle proofs, the wed site slow to respond and then I went back and ordered two 100 coin Mint bags of the Mount Hood quarters that took another 1/2 hour.
    So, thought I would check to see my order status for both orders were, it showed suspended why!!! I not sure but I think it was due to the jammed wed site.

    I had this happen before when the American Eagle Gold went on sale it showed my order was suspended but I checked back in few houres and it was showed order in process

    Hope the Mint wll have enough silver left to do the 5 oz Silver rounds America the Beautiful quarters.
    Stanley Klagenberg Sacramento, Ca.

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