New High for Gold, Product Suspensions Soon?
On Friday gold broke through the much anticipated $1,000 level. This morning gold is extending its gains on the heels of a so-called "global market panic." Putting aside other financial implications, the continued gains in gold are likely to cause a new round of product suspensions and re-pricings for some US Mint products.
There are a number of 2007 dated gold products, which had initially been priced while gold was at much lower levels.
The 2007-W Uncirculated American Gold Eagles were last repriced on February 4, 2008. On that date, gold had closed at $902 per ounce.
The following table lists the denominations and prices still for sale at the US Mint's website:
|1/2 oz.||$ 529.95|
|1/4 oz.||$ 279.95|
|1/10 oz.||$ 119.95|
|4 coin set||$1,939.95|
The 2007-W Dolley Madison First Spouse Gold Coins, which contain one half ounce of gold, were initially priced on November 15, 2007. On that date, the price of gold was $786 per ounce.
The proof version of the coin is still available for sale here for $529.95. Oddly, sales of the uncirculated version of the coin were suspended on March 3, 2008, even though sales of the proof version have continued.
The Mint recently performed a quiet repricing of the 2008 Buffalo Celebration Coin, raising the price by $100. If today's early move in the price of gold is sustained, repricing or suspension of the 2007 dated products mentioned is sure to follow.
Labels: First Spouse Gold Coins