Gold prices tumbled last week from Wednesday through Friday, and the balance looks to be tipped enough that the United States Mint will cut prices for all First Spouse Gold Coins and the 2009 Buffalo Gold Proof Coin.
The threshold for the US Mint’s current pricing structure is based on a London Fix weekly gold average of between $1,100.00-$1,149.99 an ounce.
The Mint must still consider the Wednesday AM morning gold fix. However, unless there is a serious run-up in overnight prices that pushes gold above $1,124 an ounce, the weekly average will remain under $1,100.00 and trigger price cuts. The London gold fix ended today at 1,093.25 an ounce
Look for the:
- American Buffalo Gold Proof Coin to decline $50 to $1,360.00
- Uncirculated First Spouse Coins to fall $25 to $691.00, and
- Proof First Spouse Coins to get priced $25 lower to $704.00.
The following are the available gold prices the Mint will use to arrive at an average:
London Fix Gold
|1/27/2009 – Wednesday||not yet set||n/a|
|1/26/2009 – Tuesday||1090.75||1093.25|
|1/25/2009 – Monday||1103.50||1095.25|
|1/22/2009 – Friday||1096.50||1084.00|
|1/21/2009 – Thursday||1104.00||1108.25|
The Mint will normally freeze ordering for the affected products for several minutes and then implement the decreases. If the Mint follows its usual time frame, that would have happen before noon ET on Wednesday.
The London gold-fixing is a benchmark for gold traded directly between big institutions.
The Mint last decreased prices on Dec. 16.