Silver Set Sales Halted Again as Silver Prices Surge

Recent increases in the precious metal markets have once again forced the United States Mint to suspend the sales of some of its silver sets. As of Friday morning, the Mint halted all 2010 Silver Proof Set and 2010 America the Beautiful Quarters Silver Proof Set transactions.

This move comes in response to silver surges above $40 an ounce that place the intrinsic melt values of the sets too close to their selling prices. Obviously, that situation was not acceptable to the Mint leading to the suspension.

[Update: The sets were reintroduced at their same prices on Thursday, August 25, after silver prices dropped toward $39 an ounce.]

The table below shows the silver content of each set, the price at which the sets were selling for before being removed from availability and the melt value of each based on $41.98 an ounce — the price at which the white metal was fixed in London on Friday (it reached as high as 42.86 an ounce in New York futures trading).

 

A roller-coaster precious metals market this year has already caused the suspension of sales of these two sets twice before. The United States Mint first halted sales of the collector sets in early March when the white metal rose above $36 an ounce. A couple of days later the products returned to the Mint’s shelves but at higher prices. The America the Beautiful Quarters Silver Proof Set went from $32.95 up to $39.95 and the Silver Proof Set rose from $56.95 to $64.95.

A mere three weeks later the precious metal continued its advances and once again the Mint halted sales of the two 2010 sets, as well as the related 2011 sets. Fortunately for collectors, prices retreated in the following days and the Mint returned all four sets to availability at their most recent price points.

As of this writing, the United States Mint is still offering this year’s 2011 America the Beautiful Quarters Silver Proof Set for $41.95 and the 2011 Silver Proof Set for $67.95. However, if the metal continues its advances, these two sets will also likely be removed from availability.

For now, collectors interested in the 2010 varieties must wait and see if the Mint offers them at a new price point or just plays the waiting game to see if the market declines.