Despite their late Oct. 15 release date, 2009 American Gold Buffalo Bullion Coin sales have already topped those from 2008 and 2007.
The latest US Mint figures have the 2009-dated coins at 189,000. By comparison, the Mint has said 172,000 were sold in all of 2008 while 167,500 were purchased in 2007. The inaugural Buffalo 2006 launch year would appear to remain safe as the best ever — at least for now — with its 323,000 total.
The pace has cooled compared to opening sales when 71,500 went during the first five days. However, the amount sold in either October or November is greater than any single month in 2008 or 2007, which highlights the demand for the one ounce, 24 karat gold coins.
With new record gold prices and the recent Mint suspension of the bullion 2009 American Gold Eagle Coins, demand for the Buffalos should only increase. Gold prices hit a fresh high of $1,217.30 an ounce in early Wednesday trading, surpassing the previous record that was just set on Tuesday. The yellow metal is up 37 percent this year.
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The US Mint has once again raised the prices on its collector gold coins due to the ever-increasing cost of gold. Utilizing a pricing grid that went into effect the first part of this year, the Mint ties the cost of the Gold UHR Double Eagles, the Gold Buffalo Proofs and the First Spouse coins [...]
Gold prices are ablaze. The yellow metal in New York on Monday hit a new all-time record of $1,174 an ounce, rising for a straight seven days.
During that same time frame, demand for 2009 American Gold Eagle bullion coins shot up as well. The latest United States Mint sales figures show another 46,000 of the one-ounce gold coins were sold to Mint authorized purchasers from Monday, Nov. 16, to Monday, Nov. 23.
That overshadows the prior seven day sales of the 31,500 reported on the 17th, the 29,000 cited on the 10th, and the 39,000 reported on the 3rd. November has been a bullish month. 106,500 have left US Mint inventories, bringing the year-to-date total to 1,176,000. By comparison, 860,500 ounces of Gold Eagle bullion coins were sold in all of 2008.
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In ironic fashion, a single penny will push US Mint collector gold coin prices higher.
The UHR Gold Double Eagle will increase by $50 to $1,489, the newly released 2009 Gold Buffalo Proof Coins will jump $50 to $1,410 and First Spouse Gold Coins will rise $25 to $729 for the proofs and to $716 for the uncirculated options.
The US Mint uses a London Fix weekly gold average to determine whether to keep gold coin prices the same, or adjust them up or down. An upward adjustment seemed unlikely as the several day average as of Tuesday was well below the $1100 threshold that would trigger them. However, the Wednesday AM London Fix came in higher by over a dozen dollars to $1114.75 an ounce, which was exactly enough to tip the balance.
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Demand for newly issued 2009 Gold Buffalo Bullion Coins is proving to be exceptionally hot. From their release on Thursday through to Monday, 71,500 of the one-ounce, 24 karat gold coins have been sold by the US Mint. That represents nearly 42 percent of the total sold in all of 2008.
In contrast, the one-ounce American Gold Eagles Bullion Coins have a sales tally of 63,500 for the first 19 days in October. It’s not that this figure is shabby, it’s not. They are just not on par with the couple of day sales numbers of the Buffalos.
Of course there is a major distinction between the two gold coins other than their design and composition — the Gold Eagles are struck from 22 karat gold versus the 24 karat in the Buffalos. While the Gold Eagles have been available all year, the American Buffalos have been suspended for some 10 months. That delay helped foster demand, and there is also a bit of catch-up in the wind.
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2009 American Buffalo Gold Bullion coins will be produced this year, despite earlier reports to the contrary, a United States Mint public notice reveals.
Coin World broke the news in June, reporting that the US Mint would (at some future time) produce only the collector one-ounce, 24 karat Buffalo gold proof coin in 2009, and not the same-designed $50 bullion coin intended for investors.
However, an updated message appearing in the US Mint press room over the weekend reveals a new direction:
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For the second time this we
ek, the US Mint on Thursday updated American Buffalo Gold, American Eagle Gold and First Spouse Gold coin prices. The Mint also officially announced its pricing strategy for "precious metals numismatic products," and released pricing tables showing how gold and platinum coins will be adjusted in the future.
A Mint document published Jan. 6 by the Federal Register, which is the official daily source for notices by government agencies, laid the ground rules for its pricing policy. In short, prices for collector bullion coins may potentially change every Thursday. Adjustments will be based primarily on a weekly review of London Fix gold and platinum averages. The London Fix is used as a world price benchmark for immediate silver, gold and platinum delivery.
The first set of pricing updates occurred Monday when the new system went into affect. Coins were marked higher for the most part. Gold has declined over the last several days, which triggered a new round of reduced prices Thursday, as the tables reflect:
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The United States Mint on Monday updated pricing across the board for their remaining 2008-dated American Buffalo Gold and American Eagle Gold coins.
The price changes were expected and in line with a January 7 notice where the Mint announced a new pricing policy that would adjust gold and platinum coin prices based primarily on the London Fix weekly average (covering the previous Thursday through Wednesday a.m. Fix).
The policy was introduced to "mitigate the effect that fluctuating gold and platinum commodity costs" has on coins, the Mint said. The new pricing mechanism is much more open as it contains tables of coin prices based on ranges of London Fix bullion prices. If the London Fix weekly average stays within a $50 range for gold and a $100 range for platinum, the collector coin prices would not be change. A penny beyond those thresholds in either direction kicks in a price adjustment.
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