Due to volatile, but lower trending gold prices over the last several days, the United States Mint on Wednesday may reduce prices on its collector gold coins for a second straight week.
For price cuts to occur, the London Wednesday AM gold fixing must remain at or below $1,838.00 an ounce and the Wednesday PM fixing must stay below $1,800 an ounce. As of this writing, the first condition is likely to happen while the second is now in doubt — gold rallied Tuesday afternoon with futures in New York jumping $30.20 to $1,809.10 an ounce.
[Update: The two conditions were met, and the United States Mint before noon ET on Wednesday cut coin prices.]
United States Mint coin pricing methodology uses a grid filled with coin prices which are pulled based on a weekly average of gold. When the average moves outside a predefined $50 range, prices for gold coins move in accordance. As an example, the Mint reduced coin prices last Wednesday when the weekly gold average moved lower to a range between $1,800.00 and $1,849.99 an ounce.
If both of the conditions described earlier are met, the United States Mint will set prices for collector gold coins based on an even lower range of between $1,750.00 and $1,799.99. In that event, look forward to price reductions for:
- Proof First Spouse Coins from $1,079.00 to $1,054.00
- Uncirculated First Spouse Coins from $1,066.00 to $1,041.00
- 1 oz American Gold Buffalo from $2,110.00 to $2,060.00
- 1 oz Uncirculated American Gold Eagle from $2,078.00 to $2.28.00
- 1 oz Proof American Gold Eagle from $2,085.00 to $2,035.00
- 1/2 oz Proof American Gold Eagle from $1,056.00 to $1,031.00
- 1/4 oz Proof American Gold Eagle from $540.50 to $528.00
- 1/10 oz Proof American Gold Eagle from $230.50 to $225.50
- Proof American Gold Eagle 4-Coin Set from $3,863.00 to $3,770.50
The above price cuts in collector gold coins would range from $5 to $92.50. Before that would happen, the Mint would likely freeze product ordering in late morning and have the new prices implemented by noon ET.