Chance US Mint Lowers Prices on Gold Coins

by Mike Unser on July 2, 2013 · 4 comments

Close-up of proof American Eagle gold coinLast Wednesday the United States Mint cut prices on its numismatic gold coins by $100 for every ounce of gold they contained. There is a chance that the U.S. Mint could reduce prices again on the same coins this Wednesday by as much as $50 per ounce of gold content.

In the previous price-setting session, the U.S. Mint cut coin prices when the weekly average of gold landed in a lower range of between $1,250 and $1,299.99 an ounce. Gold prices on Wednesday must still be considered but the current average is well within $1,200 and $1,249.99 an ounce, and that calls for lower coin prices.

What could halt them is the Wednesday PM gold Fix, which is used by the Mint as a directional component in its pricing policy. If that fixing is at or above $1,250.00 an ounce, gold coins will stay at their current prices. It looks like it will be a close call since the spot price of gold is now hanging around $1,246 an ounce.

Update: Gold coin prices DID NOT change as Wednesday’s PM fixing was exactly on the threshold at $1,250.00 an ounce. A penny less and the U.S. Mint would have lowered prices by $50 for every ounce of gold content in its coins. As was most likely, the price of the proof Platinum Eagle also did not change.

If new coin prices are in order, the following table lists the changes:

Numismatic Products From To
2013-W Proof American Buffalo Gold Coins (1 oz) $1,640.00 $1,590.00
2013 Proof 5-Star Generals $5 Gold Commemorative Coins $417.60 $405.45
2013 Uncirculated 5-Star Generals $5 Gold Commemorative Coins $412.60 $400.45
2012 Proof First Spouse Gold Coins $840.00 $815.00
2012 Uncirculated First Spouse Gold Coins $820.00 $795.00
2013-W Uncirculated American Eagle Gold Coin (1 oz) $1,575.00 $1,525.00
2013-W Proof American Eagle Gold Coins (1 oz) $1,610.00 $1,560.00
2013-W Proof American Eagle Gold Coins (1/2 oz) $820.00 $795.00
2013-W Proof American Eagle Gold Coins (1/4 oz) $422.50 $410.00
2013-W Proof American Eagle Gold Coins (1/10 oz) $180.00 $175.00
2013-W Proof Gold Eagle Four-Coin Set $2,982.50 $2,890.00

 

This coin news article will get updated with what actually happened.

Change in Price of Platinum Eagle

The price of the proof Platinum Eagle could get reduced as well, by $50, though there is less of a chance. Its price last week dropped $50 to $1,750.00 when the average for platinum moved into the lower range of $1,350 and $1,399.99 an ounce. The current average is at $1,343 an ounce, a bit below the level. A much higher AM fixing on Wednesday could pull the average up. The PM fixing is the one to watch more. If it is at or above $1,350 an ounce, the Platinum Eagle’s price will stay unchanged. The spot price of platinum is down today, but already above the mark at $1,366 an ounce.

Silver Coin Prices

Last week the U.S. Mint said it may lower silver coin prices as the white metal fell toward three-year lows. No changes have been announced yet, though the Mint continues to hold the sale of its latest five ounce silver coin that had been schedule for release on June 27. Until silver stabilizes or unless it moves down significantly more, it seems things could stay in a holding pattern.

{ 4 comments… read them below or add one }

Joe#2 July 2, 2013 at 8:29 pm

Looks like gold hit $1250.00 a/h. I think prices will stay the same as last week. imo

Lopital July 4, 2013 at 9:30 am

I guess the Mint reserves the right to interpret average as they see fit…

Coin Monger July 4, 2013 at 12:32 pm

Prices go up, not down. That’s why the US Mint has been making money for the last two centuries. It isn’t by giving away their product.

jim July 7, 2013 at 6:56 am

see prices lower by next wednesday.

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