Comments on: 2009 Gold Buffalo Proof Coins

By: Paul

Paul — Thu, 29 Oct 2009 14:59:37 +0000

Sorry about not seeing your post, Rob.
I don’t know how I missed it.

By: Paul

Paul — Thu, 29 Oct 2009 11:40:37 +0000

I see now why my numbers don’t match others.
Even though the mint’s price grid mentions Thursday AM price fix through Wed AM fix, I’ve seen elsewhere where they calculated the numbers by including the PM price fix numbers in the average also – since the price grid says “through” that time period.
I mistakenly included the Wed PM number in my averages, since they say the period ends at the “Wed AM” number.

If you do it that way, add up all 9 numbers for the AM and PM price fixes (Thurs AM + PM; Fri AM + PM; Mon AM + PM; etc), and then divide by 9, the result is
1050.28
and the price stays at $1360.

By: Jack F.

Jack F. — Thu, 29 Oct 2009 02:58:02 +0000

Well, well, well.

McDoogle’s and others’ numbers put the coin at 1310. Yet, seemingly, the GOVT defies its own pricing grid and marks up the coin.

Is it that someone at the US Mint can’t do basic math, or else is it that someone at the US Mint needs to explain why its LME AM fix data differs from Kitco’s and why the Mint is violating its own pricing policy.

The US Mint pricing guide states Thur-thru-Wed average of LME AM fix will determine the range and corresponding price.
The LME AM fix data was known at 830 this morning and the price for the first wk of issue was calculable as of then.

SO WHY DID THE US MINT LIST IT’S WRONG PRICE ONLY AFTER COB TODAY?!?!!

Yet more proof of MacBeth’s Denmark?

As of 11 PM Eastern Time, US Mint lists price as 1360 and not the 1310 determinable from its own pricing guide and open market data.

Check for yourself
http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=16049&langId=-1

Incredible!

By: Rob

Rob — Thu, 29 Oct 2009 01:31:49 +0000

AM PM
2009-10-28 1035.50
2009-10-27 1040.75 1036.50
2009-10-26 1055.00 1054.00
2009-10-23 1061.25 1061.75
2009-10-22 1054.75 1053.00

Five day average Thurs AM till Wed AM including PMs Thurs-Tues.
1050.28. That is if they leave out the Wed PM.

Making the Buffalo $1360.

By: Paul

Paul — Wed, 28 Oct 2009 20:05:35 +0000

Now that the average weekly price fix numbers are in, it does look like the Buffalo proof coin price should drop to $1310, as you say.
I’m still new at checking for price adjustments. When do they normally adjust the price? On Wed or Thurs?
My numbers are a little different – don’t know why.
1033.63
1038.63
1054.50
1061.50
1053.88

Avg=1048.43

By: Rob Ward

Rob Ward — Wed, 28 Oct 2009 18:44:28 +0000

Hope your right. The mint web site says $1360 but under that still says price to be determined

By: Clan McDoogle

Clan McDoogle — Wed, 28 Oct 2009 17:48:34 +0000

INITIAL PRICING OF 2009 PROOF GOLD BUFFALO (1 oz tr)

Let’s do the math.

http://www.kitco.com historical LME Fix data:
DATE LME AM Fix (Gold 1 tr oz)
10/28/2009 1035.5
10/27/2009 1040.75
10/26/2009 1055
10/23/2009 1061.25
10/22/2009 1054.75

Five Day Avg(LME AM Fix) = $1049.45
This is less than the US Mint threshhold of $1049.99.

US Mint Prices gold & platinum coins as a function of the LME five-day Avg from Thursday through Wednesday – per US Mint press releases)

RANGE of the US Mint Price ($) per
LME AM Fix (5-day AVG) 1 oz Gold Buffalo (2009)
1,000.00 – 1049.99 1,310.00

So, why does the US Mint webpage state that the price is to still be determined, or put differently, why hasn’t the US Mint listed the price yet?
http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?langId=-1&storeId=10001&catalogId=10001&identifier=9100

Again, that’s $ 1,310.00 per coin plus S&H (go basic $4.95 and save the additional $ with the free upgrade to expedited S&H).

By: Paul

Paul — Fri, 23 Oct 2009 14:05:29 +0000

I went through the hassle of buying the Lincoln Chronicles set on release day, so I think I’ll skip release day if I decide to buy one of these proofs. There’s no predicting a price change for gold, but it doesn’t look like a sustained drop in price is just around the corner.

Next week’s Treasury debt offerings, of a whopping $182 Billion in short-term and long term debt instruments, will be a test of whether or not the Fed will need to start monetizing our debt again.
If Bernanke has to help bail out this offering, whether he wants to or not, the dollar price of gold doesn’t seem likely to drop – to me.

By: Simon

Simon — Thu, 22 Oct 2009 19:09:26 +0000

I wonder if this is worth buying on release date or if its better to wait for gold price to drop.