Silver News

President Signs Legislation to Purchase Silver On The Open Market - Silver Will Be Used For The U.S. Mint's Coinage Programs
August 06, 2002

(Washington, D.C. - August 6, 2002) President Bush recently signed into law legislation that authorizes the U.S. Treasury to buy silver on the open market when the nation's silver stockpile is depleted. Public Law 107-201 will ensure that the largest and most popular silver investment coin program in the world, the American Eagle Silver Bullion program, continues unfettered by disruptions in the U.S. Mint's silver supply.

"This is a win-win situation for the silver industry," said Paul Bateman, Executive Director of The Silver Institute, a Washington, D.C. -based industry association. "We are quite pleased that the U.S. government will shortly have to go to the open market to obtain its supply of silver for the American Eagle Silver coinage program," Bateman added.

From the program's inception in 1986 through 2001, the American Eagle Silver bullion coinage program surpassed 100 million ounces in sales. American Eagle Silver coin sales last year posted their fourth-best sales year in the seventeen-year history of the program.

Equally impressive, based on the yearly average London Fix (US$4.35 per ounce), sales from the American Eagle Silver coinage program grossed US$38,399,625 in 2001. Overall, sales from the American Eagle Silver coin have generated US$517,332,230, based on the average annual London Fix silver price for the seventeen years of the program. "The program continues to provide investors with a convenient way to invest in silver," said Bateman.

Senator's Mike Crapo of Idaho and Harry Reid of Nevada, along with Congressman Butch Otter of Idaho, were instrumental in the bill's passage. Additional Senate cosponsors include Senator John Ensign of Nevada, Senator Larry Craig of Idaho, Senator Robert Bennett of Utah and Senator Wayne Allard of Colorado. Additional House cosponsors include Rep. Mike Simpson of Idaho, and Rep. Jim Gibbons and Rep. Shelly Berkley, both from Nevada.

You can purchase American Eagles from most major coin and precious metals dealers, and the U.S. Mint, as well as brokerage houses and participating banks. For more information on Silver Eagles, contact the U.S. Mint at www.usmint.gov. For information on silver, please contact the Silver Institute at www.silverinstitute.org or at (202) 835-0185.

The Silver Institute is a nonprofit international association. Established in 1971, the Institute serves as the industry's voice in increasing public understanding of the value and many uses of silver.

For Further Information Contact:

Mike DiRienzo
The Silver Institute
1200 G Street, N.W., Suite 800
Washington, D.C. 20005
Tel: (202) 835-0185
Fax: (202) 835-0155