First 2009 US Mint Re-Pricing
Yesterday the US Mint switched the status of all remaining gold products to "Product is not available." This was in advance of their first product re-pricing under their new pricing policy. The coins reappeared this morning with new prices.
The price changes are indicated in the table below:
| Old Price | New Price | Change | |
| 2008-W Unc Gold Eagle 1 oz | 974.95 | 1,128.00 | +153.05 |
| 2008-W Unc Gold Eagle 1/2 oz | 509.95 | 575.00 | +65.05 |
| 2008-W Unc Gold Eagle 1/4 oz | 287.45 | 297.00 | +9.55 |
| 2008-W Unc Gold Eagle 1/10 oz | 154.95 | 129.50 | -25.45 |
| 2008-W Unc Gold Eagle 4 Coin Set | 1,862.45 | 2,097.50 | +235.05 |
| 2008 Proof Gold Eagle 1/10 oz | 162.95 | 135.50 | -27.45 |
| 8-8-08 Double Prosperity Set | 1,078.88 | 1,175.00 | +96.12 |
| 2008 Buffalo Celebration Coin | 968.88 | 1,147.00 | +178.12 |
| 2008 Unc Monroe First Spouse Gold | 524.95 | 591.00 | +66.05 |
| 2008 Proof Monroe First Spouse Gold | 549.95 | 604.00 | +54.05 |
| 2008 Unc L. Adams First Spouse Gold | 524.95 | 591.00 | +66.05 |
| 2008 Proof L. Adams First Spouse Gold | 549.95 | 604.00 | +54.05 |
| 2008 Unc Jackson First Spouse Gold | 524.95 | 591.00 | +66.05 |
| 2008 Proof Jackson First Spouse Gold | 549.95 | 604.00 | +54.05 |
| 2008 Unc Van Buren First Spouse Gold | 524.95 | 591.00 | +66.05 |
| 2008 Proof Van Buren First Spouse Gold | 549.95 | 604.00 | +54.05 |
It's somewhat ironic and frustrating that the US Mint's first price adjustment is a sharp increase, which comes amidst a $50 drop in the price of gold. On the bright side, the next price adjustment might come as soon as this Thursday if the price of gold remains under pressure.
See the full US Mint Pricing Charts.
Labels: US Mint
posted by Mint News Blog @ 6:37 AM
5 Comments:
The new policy itself is fine, but the price levels that have been established for each average gold price range are too high.
As an example, when the first two coins in the First Spouse series went on sale on June 19, 2007 the gold spot price had been averaging at the low end of the $650-699.99 range. The prices the U.S. Mint set for those coins then were $429.95 and $410.95 respectively. Under the new policy, the prices on release day would have been $504 and $491. That's a pretty significant jump. The average price of gold would have to get down to the $500-549.99 range for the First Spouse coins to be priced near those original levels now! Has the Mint's production costs gone up THAT much since then? I seriously doubt it.
This morning, the First Spouse gold coins are priced at nearly the same highly inflated levels they were until a couple of months ago, when they were finally adjusted down to a more reasonable price level. I was considering buying another of each finish of the First Spouse gold coins to keep a second complete set going, but in the blink of an eye the price went up $480.40! I can't justify that.
I know the new pricing policy was announced a few days ago, and I also knew from that the prices were going to go up, but I honestly thought that no adjustments were going to be made until Thursday the 15th. Obviously I was wrong.
My 8808 set is still on backorder. Why would they have the set for sale if they are backordered? And they keep changing my shipping date farther out. I don't think I trust the Mint anymore.
These new price levels are too high. There's no legitimate reason an uncirculated one ounce gold eagle should cost almost $300 over spot. These prices are virtually the same or higher than when 2008 gold coins were first available. Nobody's going to buy from the mint at these prices, recent history has already proven that.
$13.50 seems like a great bargain for 1/10 oz of gold!
Also hope they dont cancel my order for two prosperity sets. Although if the price of gold keeps dropping I might just cancel it myself and buy something else at a better price.
oops!
Fixed.
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