US Mint Drops Gold Coin Prices, Sets Buffalo Price

by CoinNews.net on May 18, 2011 · 0 comments

2011 Proof American Buffalo GoldThe United States Mint on Wednesday cut the prices on all its collector gold coins in response to falling gold prices over the previous week.

Unlike the Mint’s investment-grade gold coins that are sold for small premiums above the latest spot price of gold at the time, the United States Mint has a policy to adjust its numismatic gold coin prices up to once a week based on a weekly average of the precious metal.

That average fell below $1,500 an ounce, which triggered the following new product prices:

Product Old Prices Current Prices Change
Uncirculated First Spouse Coins $916.00 $891.00 $25.00
Proof First Spouse Coins $929.00 $904.00 $25.00
1 oz Uncirculated Gold Eagle $1,778.00 $1,728.00 $50.00
1 oz Proof Gold Eagle $1,785.00 $1,735.00 $50.00
1/2 oz Proof Gold Eagle $906.00 $881.00 $25.00
1/4 oz Proof Gold Eagle $465.50 $453.00 $12.50
1/10 oz Proof Gold Eagle $200.50 $195.50 $5.00
Proof Gold Eagle 4-Coin Set $3,308 $3,215.50 $92.50

 

Additionally, the price point for the 2011 Proof American Buffalo Coin is now known. The United States Mint will release the new, one-ounce 24-karat gold piece on Thursday for $1,760.00.

The Mint last raised coin prices on April 27 when the yellow metal shot to a record high and its weekly average fell within the $1,500 to $1,549.50 range. The highest ever coin prices hurt demand, as numismatic gold coin sales quickly retreated.

The pricing range now used is between $1,450.00 and $1,499.99 an ounce. Should the gold average from Thursday to next Wednesday move outside the level, the United States Mint will again adjust product prices up or down, accordingly.

Visit http://catalog.usmint.gov/ for more information about any of the above coins.

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