The United States Mint reduced prices today on 17 gold and 1 platinum coin products and it is considering cutting prices on a range of numismatic silver coins and silver sets.
A decision is yet to be announced, but in the meantime the U.S. Mint has postponed its release of the 2013-P Great Basin National Park Five Ounce Silver Uncirculated Coin. The 99.9% pure silver coin was scheduled to launch Thursday at a price of $179.95.
"Due to the recent decrease in the price of silver, the United States Mint is considering lowering prices on several silver coin products," a statement from the Mint noted. "As a result, we have postponed the launch of the 2013 America the Beautiful Five Ounce Silver Uncirculated Coin for Great Basin National Park that was scheduled to go on sale June 27. The new prices will go into effect after being published in the Federal Register and after a new on-sale date has been determined."
Precious metals have plunged in the last week with silver and gold near three-year lows. In pricing its gold and platinum products produced for coin collectors, the U.S. Mint watches and averages London fixings for gold and platinum over a several-day period and compares the results to a coin pricing grid. Based on sharp drops from last Thursday to today, the Mint cut its gold coin prices by $100 per ounce of gold content and dropped its price for the proof Platinum American Eagle coin by $50.
It does not have the same system in place for its silver coins and related products. In the past when silver has moved sharply lower or higher by several dollars, the U.S. Mint has tended to suspend certain silver product sales until the precious metal has stabilized and until, if necessary, the Mint has published new pricing on the Federal Register. As of this writing, the Mint continues to sell its silver coin products at the same prices through its website (www.usmint.gov).
The London silver Fix today was at $18.67 an ounce, marking the lowest price for silver since August 2010. For the week, month and year so far, silver prices are respectively down 6%; 17.3% and 37.7%.