Thanks to gold prices that have consistently fallen under $1,000 an ounce during the last seven days, the United States Mint on Wednesday, the final day in September, cut prices on Ultra High Relief Double Eagles and First Spouse Gold Coins by $50 and $25, respectively.
The declines come exactly one week after the US Mint raised gold coin prices by the same amounts in response to a gold average that had moved above $1,000.
US Mint collector gold coin prices are subject to change weekly based on the the Mint’s pricing policy which links the market price of gold to the selling price for the precious metal coins. The average price for London gold since last Thursday was $997.28. The price fell between $950- $1,000 and dictated coin price updates.
The following are the gold figures the US Mint uses to arrive at an average:
London Fix Gold
|9/30/2009 – Wednesday||1001.25||995.75|
|9/29/2009 – Tuesday||991.75||989.50|
|9/28/2009 – Monday||990.50||991.75|
|9/25/2009 – Friday||997.00||991.50|
|9/24/2009 – Thursday||1014.00||1009.75|
The new coin prices are:
- UHRs at $1,339.00
- Uncirculated First Spouse Coins at $641.00, and
- Proof First Spouse Coins at $654.00.
The change in US Mint gold coin prices is the third for September. The new pricing is now the same as when they were first shifted higher on Sept. 2 after gold moved above $950 an ounce.
The London gold-fixing is a benchmark for gold traded directly between big institutions. As of this writing, New York spot gold prices have jumped $9.50 to $1,001.20 an ounce.