Another Round of US Mint Gold Coin Price Hikes Likely

by CoinNews.net on July 26, 2011 · 0 comments

2011 Gold Eagle Proof Coin

For a second straight week, the United States Mint is expected to raise prices on its collector gold coins.

While the Mint’s coin pricing policy can be somewhat confusing at first glance, after close study it enables buyers to predict when the bureau will raise or lower its gold coin prices. The pricing methodology relies on a weekly average of gold and how that fits within a predetermined range of prices.

[Update: The United States Mint raised gold coin prices around noon ET on Wednesday.]

The United States Mint increased the amount it charges for a dozen of its gold products last week. That happened when the average of London gold moved into a range between $1,550.00 and $1,599.00 an ounce. Gold has since surged to successive record highs, traversing within a new range between $1,600.00 and $1,649.99 an ounce. As such, the United States Mint will increase product prices if Wednesday’s London gold AM fixing stays above $1,553.70 an ounce and the PM fixing remains higher than $1,600.00 an ounce.

The following table shows the expected changes.

Current and Likely Gold Coin Price Increases

US Mint Product Current Price New Price Change
Uncirculated First Spouse Coins $941.00 $966.00 $25.00
Proof First Spouse Coins $954.00 $979.00 $25.00
American Gold Buffalo $1,860.00 $1,910.00 $50.00
1 oz Uncirculated Gold Eagle $1,828.00 $1,878.00 $50.00
1 oz Proof Gold Eagle $1,835.00 $1,885.00 $50.00
1/2 oz Proof Gold Eagle $931.00 $956.00 $25.00
1/4 oz Proof Gold Eagle $478.00 $490.50 $12.50
1/10 oz Proof Gold Eagle $205.50 $210.50 $5.00
Proof Gold Eagle 4-Coin Set $3,400.50 $3,493.00 $92.50

 

The prices would be the highest ever charged by the United States Mint for its gold coins.

Last week the Mint also raised Platinum Eagle prices. Platinum has also climbed higher during the last several days, but the metal has remained within the $1,750.00 and $1,849.99 an ounce range which calls for the current Platinum Eagle price of $2,092.00.

The United States Mint normally adjusts coin prices between 11:00 AM and 12:00 noon ET.

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