Gold plunged last week and hit a six-month low this week. Its downward spiral will trigger United States Mint pricing cuts for certain gold coins by noon ET Wednesday, Feb. 20.
Separately, the U.S. Mint has announced new pricing for gold and platinum products. Changes include higher premiums that will go into effect on Wednesday, Feb. 27.
As for the lower gold coin prices, right now that will include just eight coins — the four proof and the four uncirculated 2012 First Spouse Gold Coins. No other U.S. Mint gold coins for collectors are available since the proof American Gold Eagles and Buffalos have sold out and the 2013-dated versions are not scheduled for release until April and May.
Since Dec. 19, the U.S. Mint has priced its collectible gold coins based on London gold Fix prices that have averaged within $1,650.00 to $1,699.99 an ounce. Gold has dropped well below those levels during the last several days. As long as the Wednesday PM fixing is under $1,650.00, the U.S. Mint will trim First Spouse Gold Coin prices by $25. The four proof gold coins will move to $979.00 from $1,004.00, and the four uncirculated gold coins will change to $966.00 from $991.00.
Update: As expected, the United States Mint on Wednesday did lower coin prices.
As for the higher premiums kicking in on Feb. 27, the changes involve a new U.S. Mint pricing grid that lists gold ranges and higher coin prices within them. If the new grid was in use today, prices for the spousal proof coins would be $36 higher and the uncirculated coins would cost $29 more. In other comparisons:
- this year’s one-ounce proof American Gold Eagle will have a premium that amounts to $40 more than last year’s issue,
- the uncirculated American Gold Eagle rises $47,
- the proof American Gold Buffalo jumps $80 and
- the proof American Platinum Eagle advances $58-$108, with Eagle prices changed based on $50 movements in platinum instead of the $100 increments that are used now