Expect Higher US Platinum and Gold Coin Sale Prices

by CoinNews.net on August 20, 2013 · 20 comments

2013 US Mint Platinum and Gold Coins

Three of more than a dozen U.S. Mint products that may have higher sale prices by Wednesday

Precious metals continue to widen their gains in August. As such, another round of price increases appears to be coming Wednesday, August 21, for numismatic platinum and gold coins offered by the United States Mint.

The U.S. Mint every Wednesday morning averages the AM and PM London fixings for gold and platinum back to the previous Thursday. Last Wednesday, the bureau raised prices on its platinum and gold coins by $50 for every ounce of the precious metal they contained. The same level of increase is possible tomorrow.

Again, this would include the popular 2013-W Reverse Proof Gold Buffalo that has a shortened four-week ordering window ending in 16 days on September 5, 2013. Daily sales for the 24-karat gold coin have fallen since last week’s price increase, though a natural retreat was expected until closer to the 5th.

Coin News Update: As expected, the US Mint on Wednesday increased platinum and gold coin sale prices. Their new prices are shown in the "To" column.

Numismatic Products From To
2013-W Reverse Proof Gold Buffalo $1,690.00 $1,740.00
2013-W Proof Gold Buffalo $1,690.00 $1,740.00
2013 Proof 5-Star Generals $5 Gold Commemorative Coin $429.75 $441.90
2013 Uncirculated 5-Star Generals $5 Gold Commemorative Coin $424.75 $436.90
2012 Proof First Spouse Gold Coins $865.00 $890.00
2012 Uncirculated First Spouse Gold Coin $845.00 $870.00
2013-W Uncirculated American Eagle Gold Coin (1 oz) $1,625.00 $1,675.00
2013-W Proof American Eagle Gold Coin (1 oz) $1,660.00 $1,710.00
2013-W Proof American Eagle Gold Coin (1/2 oz) $845.00 $870.00
2013-W Proof American Eagle Gold Coin (1/4 oz) $435.00 $447.50
2013-W Proof American Eagle Gold Coin (1/10 oz) $185.00 $190.00
2013-W Proof Gold Eagle Four-Coin Set $3,075.00 $3,167.50
2012 & 2013 Proof Platinum American Eagle $1,850.00 $1,900.00

 

These possible new prices are based on averages that fall into $1,350.00 to $1,399.99 for gold and $1,500 to $1,549.99 for platinum. The precious metals are solidly within those ranges. The only realistic way price increases would not happen is if Wednesday’s PM fixings, which the Mint uses as directional components, fall below $1,350 an ounce for gold and $1,500 an ounce for platinum. Right now, spot gold and spot platinum are at respective prices of $1,375.20 an ounce and $1,521.00 an ounce.

When coin pricing adjustments are needed, the U.S. Mint tends to halt ordering for about 30 minutes until the changes go live around 12:00 Noon ET. Last week the process took about 40 minutes longer than usual.

There have been discussions about the chance of higher prices on silver coins as well. Silver may need to break toward the $24 an ounce area for that possibility. The precious metal now sits closer to $23 an ounce.

As always, this coin news article will get updated with what actually happened.

{ 20 comments… read them below or add one }

george glazener August 20, 2013 at 1:36 pm

Fine, and you can expect a lot fewer sales….

Joe August 20, 2013 at 1:53 pm

Basically, they are just metals disguised as coins and the price s/b only about 2% over the going metal price. I, for one will not be buying into the hype.

timbou August 20, 2013 at 2:49 pm

Agreed Joe. The mintage will kill this one; flip it quick. You know the Mint will make another next year.

Joe#2 August 21, 2013 at 12:34 pm

I decided to pass as well. $400 premiums are insane.. agreed Joe.

Joe August 21, 2013 at 1:01 pm

To Joe #2 from Joe: Welcome! Glad you agree. I guess they will raise the price again, maybe today another $50 bucks. I think the reverse proof Buffalo is ugly as they come. Looks like a piece of costume jewelry.

Blue August 21, 2013 at 1:58 pm

Beautiful coin but then again there are the haters no matter what…Sour grapes.

Joe#2 August 21, 2013 at 2:14 pm

Joe, They did raise the price again as expected. Now $1740.00, And then everybody and there grandmother spend to have them graded. Insane.

Joe August 21, 2013 at 2:14 pm

Blue, I’m not a hater. Just don’t like the looks of the reverse proof. I do like the regular proof comparing the two.

Joe#2 August 21, 2013 at 2:21 pm

Blue, I wouldn’t call it sour grapes. A lot of folks can afford to buy them. I was looking forward to buying a few myself, But decided they are not worth it. NOT worth the premium. It’s an o.k. coin, But really, I think the “regular” yearly one looks a lot nicer, imo. The mint really should have concentrated on coming out with a special 24k gold JFK coin since it’s the 50th Anniversary on JFK’s assassination. That to me, would have been a special piece and should have been limited mintage.. Just my opinion.

Blue August 21, 2013 at 4:54 pm

Mine will not be graded…grading is a SCAM! Perhaps I was a little harsh and yes the price is steep but this gold coin has a hook in me. I will be getting the bullion version to complete the 2013 3 coin American Buffalo set.

DG August 22, 2013 at 5:20 pm

FWIW to all the RP Buffalo buyers out there, my order was placed at 12:05pm on the first day and was shipped on the 21st and should arrive tomorrow the 23rd. An order placed an hour later for a relative now has estimated ship date of August 26. Both were originally stated to ship September 8.

Kevin August 23, 2013 at 12:28 am

@Blue… I don’t love grading fees and I think NGC tries to create markets by coming up with new labels. (Like the black retro holder that was originally for a limited time of 3 months?). As such I see it as a self-serving process.

That said, grading can protect the unwary from fake coins (unless slabs are also faked). I do get many coins graded for the mere reason that in the future, generally 2-3 years, people pay me significantly more than what I paid. I admit to not being a purist. I see it as an investment and one that has years to peak from here. Just my 2cents’ worth, MS70. šŸ˜®

RonnieBGood August 23, 2013 at 10:22 am

Got my RP Buffalo today but I still haven’t got my enhanced eagle! Go figure?

Mike Unser August 23, 2013 at 10:33 am

Ronnie, how’s the Buffalo look?

For the Silver Eagle sets, you probably already know but in case not, the Mint ran out of packaging. It’s made overseas so that has extended delays in shipping.

tom thumb August 23, 2013 at 2:12 pm

maybe the mint should look at H.S.N., they were selling just the packaging last week.

RonnieBGood August 23, 2013 at 5:35 pm

Hi Mike –
I purchased two of the RP Buffalo’s and I am not doing back flips over the look. They look ok but I must agree with others that the regularly issued Gold Buffalo Proof Coins are much more striking to look at, holding them side by side.

I am very pleased with the Mints efforts to improve their product order to delivery time. I was actually surprised to see the RP Buffalo’s as I was expecting to see my Enhanced Eagle Sets in the box. Thank you for the Information on the delay.

RonnieBGood August 23, 2013 at 5:36 pm

Hi George,
Gold is up $25 today and is close to bridging the $1400 mark again. Keep an on the market as Gold approaches $1450 (within the next two weeks). September will be a good month if you decide to part with “Lucy”. Good Luck.

jim August 26, 2013 at 9:56 am

re: packaging delays – another reason to offer coins with a no special packaging or simple box option

tom thumb August 26, 2013 at 8:46 pm

Jim I agree. I want the coin not the packaging.

RonnieBGood August 27, 2013 at 10:21 am

George,
Gold is up to $1420.

For any thinking of investing in metals check out this 5 min video. It talks about US debt and is not a sales video: http://www.youtube-nocookie.com/embed/EW5IdwltaAc?rel=0

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