U.S. President George W. Bush has signed legislation that authorizes the Treasury to buy silver on the open market when the nation’s silver stockpile is depleted. The new law ensures that production of the popular American Eagle silver coin will continue without disruption.
Since its inception in 1986 through to 2001, the coin has surpassed 100 million oz. in sales, generating more than US$500 million.
In 2001, based on the yearly average London fix (US$4.35 per oz. silver), coin sales grossed almost US$39 million.
“The program continues to provide investors with a convenient way to invest in silver,” says Paul Bateman, executive director of the Washington, D.C.-based Silver Institute.
American Eagle coins are available from precious metals dealers and the U.S. Mint.
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