United States Mint pricing for its numismatic platinum or gold coins have been raised three times since early August. Another round of increases is expected on Wednesday, September 12, 2012.
Precious metals have been rallying of late. Last week alone, gold and platinum in London surged 4.8% and 5.0%, respectively. The U.S. Mint watches the market prices of these two metals specifically to determine whether to adjust prices on its coins made from them.
[Update: The U.S. Mint, as expected, raised prices on all of its numismatic platinum and gold coins.]
Based on projections, the U.S. Mint by noon ET is likely to increase prices on the following numismatic products:
Likely Numismatic Platinum and Gold Coin Prices
|Numismatic Platinum or Gold Coin||Current Price||New Price||Price Increase|
|Proof Lucretia Garfield First Spouse Gold Coin||$1,004.00||$1,029.00||$25.00|
|Proof Lucy Hayes First Spouse Gold Coin||$1,004.00||$1,029.00||$25.00|
|2011-2012 Proof American Gold Buffalo||$1,960.00||$2,010.00||$50.00|
|2012 1 oz Proof American Gold Eagle||$1,935.00||$1,985.00||$50.00|
|2012 1/2 oz Proof American Gold Eagle||$981.00||$1,006.00||$25.00|
|2012 1/4 oz Proof American Gold Eagle||$503.00||$515.50||$12.50|
|2012 1/10 oz Proof American Gold Eagle||$215.50||$220.50||$5.00|
|2011-2012 Proof American Gold Eagle 4-Coin Set||$3,585.50||$3,678.00||$92.50|
|2012 1 oz Uncirculated American Eagle||$1,928.00||$1,978.00||$50.00|
|2012 Proof Star-Spangled Banner $5 Commemorative||$510.00||$522.15||$12.15|
|2012 Uncirculated Star-Spangled Banner $5 Commemorative||$500.00||$512.15||$12.15|
|2012 Star-Spangled Banner Commemorative Two-Coin Set||$560.00||$572.15||$12.15|
|2012 Proof American Platinum Eagle||$1,792.00||$1,892.00||$100.00|
How U.S. Mint Numismatic Platinum and Gold Coin Pricing Works
Using weekly precious metals averages and a pre-determined ranging system, the U.S. Mint may adjust platinum and gold coin prices up to once a week. Averages for the precious metals are calculated from London fixings on the previous Thursday AM through to the following Wednesday AM. It also uses Wednesday PM fixings as a directional, or deciding, component.
Price Triggering Events to Watch Wednesday
In short, because gold and platinum prices have advanced consistently, their weekly averages are easily enough to trigger higher coin prices. The only thing to prevent that would be plunging Wednesday PM fixings. The two factors to watch:
If the PM Fix for gold is above $1,700 an ounce, gold coin prices will rise. That is likely given Tuesday’s PM fixing price for the yellow metal was $1,736.75 an ounce.
If the PM Fix for platinum is above $1,550 an ounce, then platinum coin prices will rise. That is also likely since Tuesday’s PM fixing price for platinum was $1,606.00 an ounce.
Should the above price events occur and based on past practices, the U.S. Mint on Wednesday will halt sales of its platinum and gold coins for several minutes between 11:00 a.m. and 12:00 p.m. ET. Sales will resume once all the coin prices are adjusted.