Gold’s move late last week to a six-week high could result in higher United States Mint collectible gold coin prices.
The chance for increases has fallen greatly, however, with precious metals dropping sharply this week. The U.S. Mint uses a weekly average of LBMA gold to set its pricing. That average must stay above $1,150 an ounce. It’s now 41 cents higher than that but gold prices on Wednesday must still be considered.
For coin increases to kick in, the Wednesday AM price must move up to at least $1,146.71 an ounce and the PM price must climb to at least $1,150 an ounce. If that happens, the U.S. Mint will raise its gold product pricing by as much as $50 for every ounce of the yellow metal they contain.
Gold is currently trading near $1,140 an ounce, down on the day by almost $15.
The U.S. Mint has made eleven prior pricing adjustments this year, raising them five times and dropping them six times. The previous instance happened last Wednesday, Aug. 19, when they moved higher.
Pricing changes have tended to happen on Wednesdays at around 2:00 PM ET. This coin news article will be edited to show what actually happened.
Coin news update: The U.S. Mint will not raise coin prices as Wednesday’s AM gold price was under the threshold at $1,134.40 an ounce.