2008 Proof Platinum Eagles Suspended
Yesterday evening the US Mint suspended sales of the 2008 Proof Platinum Eagle Coins for all remaining options.
A previous suspension has been in place for the past five weeks for the 4 coin Proof Set. The one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce individual proof coins now join the suspension.
The 2008 Proof Platinum Coins initially went on sale May 5, 2008 when the price of platinum was $1,921 per ounce. Yesterday the closing price of platinum was to $2,063 per ounce.
The timing of the suspension is somewhat odd. In the past 30 days the price of platinum has sometimes been higher yesterday's price. Around mid-June the price spiked as high as $2,100 per ounce. Also, platinum was above the $2,060 level on at least four other occasions last month.
One possible reason for putting the suspension into place now, might be the upcoming 2008-W Uncirculated Platinum Eagles. These coins will go on sale at the Mint some time in June/July (no specific date yet).
Traditionally, the proof versions have a slight premium above non-proof versions. Perhaps the Mint wants to price both offerings together in order to make sure the prices correlate.
Labels: Platinum Eagles