Platinum Eagles Disappear from US Mint Website Again
As of yesterday, Platinum Eagle coins are no longer appearing on the US Mint's website. This includes the Uncirculated and Proof versions, as well as the 2007 10th Anniversary Set. In July, a similar disappearance occurred for the Proof coins, only to have them return a few weeks later at bafflingly higher prices.
When the proof coins went back on sale, the price of platinum was around $1,700 per ounce. The price is now just under $1,600 per ounce. Could the Mint finally be suspending platinum products to reduce the prices? While would not an unprecedented move, a price reduction has not been implemented in the past several years.
If prices are lowered, what does this mean for people who purchased Platinum Eagles recently? Will the repricing take place within the Mint's return period so customers can return higher priced coins and re-purchase at the lower prices? Or will the coins go back on sale after the return period ends, closing off this loop hole?
Lowering the prices may also have an impact on collector's future purchases from the Mint. If price reductions are seen as a possibility, collectors will be even less likely to purchase precious metals related products when the metal prices decline. They may opt to wait for a price reduction.
It's also worth mentioning that once again there are rumors that 2008 platinum products simply won't come back. I haven't seen any supporting evidence or confirmation, but who knows? At this point, all of the coins have shockingly low mintages, since they have only been on sale for a brief time and at somewhat ridiculous prices. If sales are really over, we would have some new modern rarities.
Labels: Platinum Eagles