Gold Prices are Down, Will/Should the U.S. Mint Reduce Bullion Coin Prices?
Gold prices are currently down and they have been since the metal’s high of $1030.80 exactly two weeks ago. New York spot gold at 1:30 p.m. (ET) today was at $916.70 an ounce. While expectations could very well be that gold will eventually climb back and set fresh records, is the United States Mint remiss in not lowering their gold coin prices now to better match the market?
American Eagle Gold Uncirculated prices - 2007 v. 2008
| American Eagle Uncirculated Gold |
2007 dated coin prices
|
2008 dated coin prices
|
Dollar Increase
|
Percent Increase
|
| One-ounce |
$1,045.95
|
$1,119.95
|
$74
|
7.1%
|
| Half-ounce |
$529.95
|
$565.95
|
$36
|
6.8%
|
| Quarter-ounce |
$279.95
|
$295.95
|
$16
|
5.7%
|
| Tenth-ounce |
$119.95
|
$124.95
|
$5
|
4.2%
|
| Four-coin set |
$1,939.95
|
$2,039.95
|
$100
|
5.2%
|
Imagine if the price of a barrel of oil dropped 10%, like gold has from its recent high. After a few weeks, many in the public would expect that the prices at the pump would start to lower. With no other explanations provided, imagine the public’s reaction if gas prices actually increased. Unfortunately, unless changes are made quickly, the position of the Mint will be somewhat similar.
