Mint News Blog

News, Information, and Commentary on US Mint Products

Tuesday, January 26, 2010

US Mint Gold Coin Prices Likely to Decrease


Based on the recent London Fix prices for gold, it is likely that prices for the United States Mint's numismatic gold products will decrease tomorrow. This decrease will put prices back to levels last seen in early November 2009.

Under the US Mint's pricing policy for numismatic gold and platinum coins, the prices for products can be adjusted as frequently as once per week in response to changing prices of the metals. The average price is calculated based on London Fix prices from Thursday AM of the prior week to Wednesday AM of the current week. If the average price comes in above or below set increments, prices for coins are adjusted proportionally.

The London Fix Gold Prices for the current period are shown below:
Jan 21 Thurs AM 1,104.00
Jan 21 Thurs PM 1,108.25
Jan 22 Fri AM 1,096.50
Jan 22 Fri PM 1,084.00
Jan 25 Mon AM 1,103.50
Jan 25 Mon PM 1,095.25
Jan 26 Tues AM 1,090.75
Jan 26 Tues PM 1,093.25
Jan 27 Wed AM ?

As long as tomorrow's London AM Fix gold price comes in below $1,124.50, then the calculated average will be under $1,100 prompting a price decrease.

The price of the 2009 Gold Buffalo Proof Coin would decline from $1,410 to $1,360. This is the price that was in effect when the coins were first offered on October 29, 2009. The price had been as high as $1,460 during the period from November 25 to December 15.

The price of the available First Spouse Gold Coins would decline from $729 to $704 for proof coins and from $716 to $691 for uncirculated coins. Prices had been as high as $754 and $741 for proof and uncirculated coins, respectively.
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16 Comments:

At January 26, 2010 at 2:37 PM , Anonymous Anonymous said...

Man, I sure hope so. I still haven't bought my Margaret Taylors yet. I might have to pick them up for the $704 and $691 if it looks like the price will go back up next week. I would rather get them for the $654 and $641 I gave for the other four 2009 designs, but I don't know if they will go back down that much this year.

Have you bought yours yet, Michael?

 
At January 26, 2010 at 4:04 PM , Anonymous Anonymous said...

POP! POP! POP!

 
At January 26, 2010 at 4:07 PM , Blogger Michael said...

I bought one for my First Spouse Unc set when the coins first went on sale. Usually I try to wait out the price, but around that time gold had gone up more than 10 days in a row.

I'll pick up more, but be more patient with the price. In the past, I've made purchases right before a price increase, after one or more decreases.

 
At January 26, 2010 at 6:27 PM , Anonymous Ragnarock said...

Too bad there's no gold releases worth buying, other than the proof Buff.

 
At January 26, 2010 at 8:09 PM , Anonymous Anonymous said...

Michael or other numismatists, any thoughts on how much longer available, or what the mintage cut off will be for the proof buff? Thanks

 
At January 26, 2010 at 8:58 PM , Anonymous Brad said...

The general consensus has been that sales of 2009 Proof Buffalos will end at 50,000 coins, but that is just an educated guess based on the most likely scenario from noted past trends. It's possible the Mint might have struck 60,000 proofs like the 2007 coin, but I doubt it.

The 2006 Proof Buffalos were sold until the 2007 version went on sale, but I don't really think that will happen this year.

In my personal opinion, the 2009 Proof Buffalo will not be able to provide a decent secondary market return for quite some time due to the high range of prices they were sold ($1,360-$1,460) versus spot gold. The mintage is too high compared to the 2008 version and too similar to the 2007 coin to make it stand out as a special coin (unless the 2009 date and all the fiascos the year held make it special in that way.)

My advice is what I've offered before: Buy the coin if you enjoy owning it and can afford it, and if you will not be sorry if holding it for a long period of time proves necessary.

 
At January 27, 2010 at 6:54 AM , Anonymous Anonymous said...

They want to really screw up '09 by keeping the proof buffalo for sale. They took off the UHR limits and kept the proof buff selling to way above the '08 sales and now available for lower price than most have paid. Collectors may wait for secondary markets in the future, including this year. The gold spouse set is a real LOSER for anyone dumb enough to purchase them (exception is the "liberty" ones). Sell your ugly proof Plats while you can! Pop.. pop.. pop.. for the Plats in the near future!!

 
At January 27, 2010 at 7:48 AM , Anonymous Anonymous said...

Off topic for this post but some time over the last couple of days the 2008 Uncirculated Dollar set has gone on backorder status for the first time in a long time. I have to believe this is a prelude to a near term sell out. There has been a lot of debate over whether or not there will be a collectors silver Eagle in 2010 since the mint has not officially announced anything and the demand for bullion is still very high. It may be too late but for those that want one you may want to get your order in soon (like today) if you want a chance of getting a 2008 "W" mint Silver Eagle along with the 2008 Presidential dollars and the the 2008 Sacagawea.

 
At January 27, 2010 at 8:25 AM , Anonymous Brad said...

Thanks for the tip on the 2008 Annual Uncirculated Dollar Coin Set, but chances are it's already too late. This will most likely be another one of those VERY short-lived backorders that results in all orders placed after that being cancelled.

Regarding the First Spouse series being a "loser" as one poster described it, I have to disagree. The 2007-2008 sold out coins are all selling for levels higher than any prices charged by the U.S. Mint for them (even the non-Liberty designs), sometimes by a pretty high level. Plus, the very low-mintage of these coins WILL come into play at some point in the future. However, I will be perfectly happy if the vast majority of would-be buyers simply continue to ignore the coins. That will just make the mintages that much lower. The coins will never be discontinued despite some here preaching for that, simply because they are mandated by law. No one will go to the trouble to try and change the law, as such an effort would be a major headache and more trouble than it would be worth. So, love them or hate them, the coins are here to stay for the duration of the series. That will be through at least Pat Nixon (but possibly through Nancy Reagan or even Barbara Bush).

You have to admit, for those of us who plan to endure to the end, the complete series of coins all together will look pretty darn cool. Seeing them all together, including the coins that will have VERY low mintage numbers, will be quite an impressive display. I sure hope the Mint brings back that special coin case subscribers were supposed to receive that was designed to hold the entire series. That would be an ultimate way to store and display the coins.

According the the anonymous poster above, I guess I'm just "dumb". But, I get enjoyment out of the coins I'm buying, and that is the most important thing. If that makes me "dumb", so be it.

 
At January 27, 2010 at 9:18 AM , Anonymous Anonymous said...

"non-liberty" types are only selling minimally above current "spot" gold and will continue to do so. I think the UNC Van Buren will be the key coin in the series.

I regret buying a proof Buf on the first day avail, but who would have known the mintages would be so high (any current update to mintage?)

 
At January 27, 2010 at 9:44 AM , Anonymous Anonymous said...

44,889 is the number of 2009 Proof Buffalos sold in the latest report on Coin Update News just posted today.

Don't feel too bad about buying it on the first day, as the price of $1,360 you paid is likely the lowest price anyone will get the coin for from the Mint. I doubt it will hang around long enough for another price decrease, if there is one.

 
At January 27, 2010 at 9:54 AM , Anonymous Anonymous said...

If the 2009 Buffalo Proof coin turns out the be a secondary market loser, it could help the 2010 version perform better. Those burned by the 2009 will not want to repeat the mistake, so will likely steer clear of the 2010. Then, when it is pulled off-sale with a low sales number, the prices will jump and those who didn't buy it will be kicking themselves. Thus, they all jump back on the bandwagon for 2011 and kill it, helping out 2012. And the cycle continues.

Thus, you might want to consider making an unofficial rule with yourself to only buy Buffalo Proof coins in even-numbered years!

 
At January 27, 2010 at 10:57 AM , Anonymous Anonymous said...

I'm dumb too! I love the gold spouses.

 
At January 28, 2010 at 7:21 AM , Blogger Michael said...

Here is the link to the latest US Mint sales report:

Coin Update

Regarding the 2008 Annual Unc Dollar Set, I also think it is close to a sell out. The latest sales figure is 98,896 as of 1/25/10. I am guessing they might have done a production run of 100,000 sets.

 
At March 12, 2010 at 10:52 AM , Anonymous Anonymous said...

I'm sorry, but I think the "First Spouse" series is a waste of gold that should have been used to produce proof American Eagles instead.

 
At March 17, 2010 at 7:07 AM , Anonymous Anonymous said...

Come on guys .. who could on resist not seeing a beautiful lady on a coin? I do not think the Ultra High Reliefs "known as the best and most admired coin ever minted in the US" would not be that if the statue of Liberty where not on it rather than putting a man on it!

 

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