First Spouse Gold Coins are poised for $25 price cuts Wednesday to better match recent gold losses.
Although London gold prices have already increased by $18.50 this week, they plummeted $56.75 last week and are easily within a weekly $1,150.00 – $1,199.99 average that triggers a reduction in US Mint collector gold coin prices.
Each week the United States Mint calculates a gold average using all the London fix AM and PM prices between a prior Thursday AM to the current Wednesday AM. When the average moves outside predefined $50 increments determined by its First Spouse Coin pricing policy, it will adjust coin prices.
While the Mint must still consider the Wednesday AM gold fixing in its calculation, the current average stands at $1,187.63 an ounce. Gold would have to soar by over $100 to above $1,298.95 an ounce for First Spouse Coin prices to remain unchanged.
The following are the available figures the Mint will use to arrive at a weekly average:
London Fix Gold
|5/26/2010 – Wednesday||?||N/A|
|5/25//2010 – Tuesday||1189.50||1198.25|
|5/24//2010 – Monday||1183.75||1187.00|
|5/21/2010 – Friday||1183.50||1179.75|
|5/20/2010 – Thursday||1187.25||1192.00|
The following are the expected coin changes:
- Uncirculated First Spouse Coin prices from $766.00 to $741.00
- Proof First Spouse Coin prices from $779.00 to $754.00
The US Mint has no other proof or uncirculated gold coins for sale. However, the new Buffalo Gold Proofs launch June 3. Those would be priced at $1,460.00 using the expected pricing range for this week. Unlike the one-half ounce first lady coins that move in $25 increments when price adjustments occur as a result of $50 gold swings, the one-ounce Buffalo coin prices move up or down in $50 increments. However, since the Buffalo coin will not be released until next Thursday, its actual pricing will be determined by the gold averaged between this Thursday AM and next Wednesday AM.
Similar price corrections will not be made to the Mint’s bullion (non collector) coins, like the American Gold Eagle and the America Buffalo Gold. Bullion pieces do not have a fixed weekly price like proof and uncirculated gold products, but instead are sold for a small amount over the current spot price of gold.
First Spouse Gold Coins weigh one-half ounce each, have a face value of $10 and are struck from 24 karat, or .9999 fine gold. The coins series began in 2007. Each gold piece is issued in the order that a first lady served and on the same schedule as the Presidential dollars.
They have been adjusted in price six times in 2010, including:
- January 27 decrease
- February 24 increase
- April 14 increase
- April 21 decrease
- May 5 increase
- May 12 increase
All have happened on Wednesdays, and usually between 11:00-12:00 AM Eastern Time.