By Paul Ploumis 08 Jul 2015 Last updated at 05:32:17 GMT

 (Kitco News) - A 7% drop in silver prices created significant demand for bullion coin Tuesday, according to the U.S. Mint.

In a media note, the U.S. Mint said that it has temporarily sold out of American Eagle Silver Coins.

“[T]he significant increase in demand for American Eagle Silver Bullion Coins depleted our current inventories,” the mint said.

The mint added that it anticipates sales of the popular coin will resume in two weeks. According to reports, the depleted supply and strong demand has boosted premiums by almost $1 for the popular silver coins

The announcement comes after the mint’s sales data showed 100% gain in sales last month compared to May. According the data, the mint has sold more than 1.6 million coins in the first week of the July. Year to date, it has sold almost 23.4 million coins.

According to historical data, last year the mint sold 1.98 million coins in July, the slowest month of the year.

Silver was the hardest hit among the precious metals in the broad commodity selloff Tuesday, falling more than 7% as Comex September future prices hit a session low of $14.620 an ounce. By comparison, in the worst of the rout, Comex August gold futures were down only 2%, hitting a session low of $1,146.80 an ounce.

Courtesy: Kitco News