(Financial Times) — Americans feather nests with silver Eagles
At Stack’s, a coin dealer in midtown Manhattan, the shop floor is filled with glass cases displaying coins and banknotes ranging from recently-minted pieces to 18th-century antiques. These days, however, customers mainly have eyes for one product: the silver American Eagle.
“Silver’s hot. People want it. People don’t want to have money in the bank,” says Eric Streiner, the shop’s manager. Buyers include everyone from “business executives to lunatics”, he adds.
The same story is being repeated across the US. Silver has become the favoured investment of disaffected Americans. The recent wave of disenchantment with the economic stewardship of the country’s institutions – from the government and the Federal Reserve to big Wall Street banks – has sent demand skyrocketing.