London gold prices have been firmly above $1,100 an ounce for an entire week. The level is not only a psychological one for investors, but a tipping point for United States Mint numismatic gold coin pricing.
Unless gold tumbles by more than $104 in the London Fix AM on Wednesday — that will not happen, First Spouse Gold Coin and 2009 Buffalo Gold Proof Coin prices will rise $25 and $50, respectively.
Current US Mint pricing is based on a London gold average of between $1,050.00-$1,099.99 an ounce, which kicked in and was used for the last round of Mint price cuts on January 27.
Although there is still one adjustment left in the Mint’s gold coin calculation to consider, gold would have to fall under $1,002.75 an ounce for coin prices to remain unchanged.
The following are the available figures the US Mint will use to arrive at an average:
London Fix Gold
|2/23/2010 – Tuesday||1112.00||1107.00|
|2/22/2010 – Monday||1119.75||1115.25|
|2/19/2010 – Friday||1107.00||1112.75|
|2/18/2010 – Thursday||1105.50||1118.00|
With the time difference, the London AM gold price is fixed before most Americans get out of bed in the morning. The new coin prices will be, according to the US Mint pricing guide:
- 2009 Buffalo Gold Coin – $1,360 to $1,410
- Uncirculated First Spouse Coins – $691 to $716
- Proof First Spouse Coins – $704 to $729
To purchase these coins before the expected price increase, visit http://catalog.usmint.gov/.
The Mint will normally freeze ordering for the affected products and then implement the increases. If the Mint follows its usual time frame, that would have happen before noon ET on Wednesday (prices were frozen by mid-morning during the prior price reductions).
After gold coin prices are increased, the weekly gold average would have to move outside the $1,100 to $1,149.99 range for another adjustment.