Mint News Blog

News, Information, and Commentary on US Mint Products

Tuesday, October 13, 2009

US Mint Gold Coin Prices Likely to Rise

Is it that time again already? Based on the recent London Fix prices for gold, the US Mint will likely need to increase prices for their gold numismatic offerings tomorrow. This will bring prices for coins to their highest levels so far.

This year, the US Mint began using a new pricing policy, which allows them to adjust prices as often as weekly in response to the changing prices of precious metals. Product prices are adjusted if the average London Fix price of gold for a one week period moves across certain thresholds. The prices used to compute the average are shown below.
London AM and PM Fix Gold Prices

AM Fix PM Fix
Fri Oct 8 1,054.75 1,045.00
Fri Oct 9 1,046.75 1,051.50
Mon Oct 12 1,052.00 1,058.75
Tues Oct 13 1,064.50 1,057.50
Wed Sept 23 TBD N/A

Unless something drastic occurs, the average price of gold will fall within the $1,050 to $1,099.99 range resulting in another round of price increases. Price updates have generally taken place around mid-morning on Wednesdays, which will provide collectors with a small window of time to place any orders before prices are raised.

For this tier, the price of the 2009 Ultra High Relief Double Eagle will be raised from $1,389 to $1,439 per coin. The lowest price for this coin was $1,189, which was in effect back in January when the coins first went on sale.

The price of the First Spouse Gold Coins will be raised from $679 and $666 to $704 and $691 for proof and uncirculated coins, respectively. The lowest prices for the First Spouse Gold Coins varies, since the five coins currently available were released at different times. Around September, most of the current coins had been available at $616 and $629.

Precious metal prices are moving higher just before the upcoming release of the (non-canceled) collectible gold and platinum coins (tentatively) scheduled to be released in the coming weeks. If the coins been released earlier in the year, collectors would have been able to purchase the coins at much lower prices.



At October 13, 2009 at 2:09 PM , Anonymous Anonymous said...

The United States Mint stinks in every way, shape, and form.

They are an embarassment to my country.

At October 13, 2009 at 3:09 PM , Anonymous Anonymous said...

Selling that far over spot price will assure a low mintage.In this economy only ignorant or stupidly rich people would pay that much for these low quality coins.It will be fun to watch the fools and their money on this venture.

At October 13, 2009 at 3:24 PM , Anonymous Anonymous said...

The Mint's pricing policy will kill off what's left of the Gold Spouse and UHRGE coins. The Gold Spouse is already unpopular, and buyers will think twice about getting them now. Sales of the UHRGE were already going down fast, but only an insane person would buy one at $1439. You can just about get an NGC MS70 for that price on eBay and you don't have to play Russian Roulette with the quality of the coin that the Mint ships you (which IS getting worse for the UHRGE). JMO.

At October 13, 2009 at 4:51 PM , Anonymous Anonymous said...

Yeah, it's crazy how high the Mint's prices are getting. But, there will still be people who buy the coins even at those prices. Either they are brand new to collecting and don't yet have a firm grasp on the pricing fluctuations, they are scared the prices will CONTINUE to rise, or they are rich enough that they simply don't care.

It DOES blow the mind to think of the Spouse coins having an asking price of $704 and $691 each at the Mint. The most I ever bought any for was $654 and $641, and even THAT darn near killed me mentally to do so. But, it appears that my original plan to get them by year-end for much less probably would not have panned out. So much for the predictions that I read that said gold might be $650 by December.

At October 13, 2009 at 5:29 PM , Anonymous Anonymous said...

I have to agree with the first post, the mint is a poorly managed disgrace. Production is down, but they still can't manage to produce Proof Silver & Gold Eagles for their core collectors. Any other CEO would loose his job for mis-management this bad. Just wait until the government gets hold of your healthcare......get sick and you're dead.

At October 13, 2009 at 6:06 PM , Anonymous Anonymous said...

2012 is looking like a stark reality when seeing constant comments like we see any more on the confidence levels that are distributed by our ever growing calamity called the US Mint

At October 13, 2009 at 6:31 PM , Anonymous Anonymous said...

jeez, you guys need to chill out.

At October 13, 2009 at 6:31 PM , Anonymous Anonymous said...

I've got a great idea.Why doesn't the US Mint start grading their own coins and start pushing ms70s out the door and put the grading companies out of business like they are planning to do to every insurance company with the new health care plan.Hell why not just put a big ribbon around the whole country and hand Russia and China the scissors for a communist ground opening ceremony.What a complete joke this whole country has become.And to think it was all created by a bunch of lazy spoon fed greedy suckers who deserve a good ass whoopin.

At October 13, 2009 at 6:59 PM , Anonymous Anonymous said...

Most CEOs wouldn't be fired. They would just be kept where they are until things got so bad that the government would be forced to bail them out. I guess that wouldn't really work with the mint, would it???

At October 13, 2009 at 7:30 PM , Anonymous Anonymous said...

This is a great nation - has, is, and will always be!

At October 13, 2009 at 8:09 PM , Anonymous Anonymous said...

Moy and the witless crew he reports to are not leaders, they are disgrace's. This guy has no pedigree and should be dismissed for gross incompetance.

At October 13, 2009 at 8:33 PM , Anonymous Anonymous said...

OMG some poor idiot yellow star just beat out some other poor idiot yellow star on ebay for a PCGS 2009 ms70 "FIRST STRIKE" silver eagle.Hows this for a notable auction Micheal? $177.50.I think you should have a spot on this sight for "POOR IDIOT OF THE WEEK".Please don't be this stupid people.There are literally more then 20 million of these coins out there.DUHHHHHH!!!!!!!!!!!!!!!!

At October 14, 2009 at 1:04 AM , Anonymous Anonymous said...

If you don't like the prices that the US Mint charges for gold coins, there's a simple solution.

Don't buy.

At October 14, 2009 at 1:12 AM , Anonymous Anonymous said...

The sad thing about the period of time coin collectors are living in now is that gold is really hot, demand is huge, and prices keep escalating.

Does this sound a lot like the housing market of the early to mid 2000s? Or the stock market during the 1980s and early 2000s?

We are experiencing a gold bubble right now. Think about what will happen when that bubble bursts. The $100s and $1000s that people are paying for gold coins will fall dramatically and collectors will actually lose money in the long run.

Is this a good time to buy gold? Short term, maybe. Long term, probably not.

At October 14, 2009 at 2:28 AM , Anonymous Anonymous said...

We are experiencing a gold bubble right now. Think about what will happen when that bubble bursts. The $100s and $1000s that people are paying for gold coins will fall dramatically and collectors will actually lose money in the long run.

Is this a good time to buy gold? Short term, maybe. Long term, probably not.

IT's too early to talk about a gold bubble; you have to understand the real reasons for gold's rally; There's no such thing as long term; but 2-5 yrs out, gold price will likely only go up further against the battered USD.
There are many on this blog looking for a drop in gold during year end; someone mentioned 700/oz; well, I'll happily throw in 750/oz and lock in delivery with you for year end - in size.

The trend in gold/silver is up; so go with it and dun fight it. One more thing; you can also count on the Government to make the economic situation worse- so all the better for gold.

At October 14, 2009 at 5:36 AM , Anonymous Anonymous said...

Maybe it's a good time to sell one of these beauties I have ... although I do wonder if gold will shoot upwards a little more. If it does plummet by years end I'll say "darn it."

At October 14, 2009 at 6:09 AM , Anonymous Anonymous said...

Gold spot is steady at $1050.00.If you can buy it for that.You will only make a modest gain as compared to previous year earnings.Is it worth the risk? If everyone loses faith in the dollar (Yes).If the dollar picks up confidence (No).If your buying gold over that spot price you are taking an even bigger risk.It's called speculation.I like to think of it this way.If gold really is such a great investment.Why on earth would it not be easy to get at spot.When it gets tougher to gain at spot value.It is obvious that it is on the way up.It is my belief that the bubble will reach it's high when you see the US Mint asking 1500.00 an ounce.Interests will drop and demand will slow causing the bubble to break.But that is just my opinion.

At October 14, 2009 at 9:12 AM , Anonymous Anonymous said...

Thanks ...

At October 14, 2009 at 9:32 AM , Anonymous Anonymous said...

Anyone knows what service to use to return gold coins to the Mint?
From both U.S. and Overseas buyers.


At October 14, 2009 at 12:18 PM , Anonymous Anonymous said...

I just returned a UHRGE using USPS Priority mail with signature confirmation. I would recommend insurance as a precaution, although it is expensive. Keeps a dishonest postal worker from getting a bonus.

Keep in mind, you have 7 days from the date you received your item in the mail to return said item. In English that means the package has to be postmarked within 7 days (not received by the Mint in 7 days).


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