Mint News Blog

News, Information, and Commentary on US Mint Products

Tuesday, September 14, 2010

Gold Price at All Time High


Today the price of gold has risen to a new all time high above $1,270 per ounce. This will have the likely implication of a price increase for the United States Mint's numismatic gold products. This currently includes four First Spouse Gold Coins in proof and uncirculated versions and the 2010 Proof Gold Buffalo.

The US Mint may adjust prices for numismatic gold and platinum products on a weekly basis in response to changes in the price of the metals. Changes are determined based primarily on the average London Fix prices from the prior Thursday AM to the current Wednesday AM. If the average falls into a different range than currently in use then products prices are adjusted accordingly. Ranges are established at $50 increments for gold products and $100 increments for platinum products. As an additional criteria, the Wednesday PM London Fix price must agree directionally with the change.

The London Fix prices for the relevant period are shown below:
Sep 9 AM 1,253.50
Sep 9 PM 1,255.00
Sep 10 AM 1,248.75
Sep 10 PM 1,246.50
Sep 13 AM 1,243.00
Sep 13 PM 1,243.75
Sep 14 AM 1,253.25
Sep 14 PM 1,265.50
Sep 15 AM ?

As long as the Wednesday London AM Fix price for gold is $1,240.75 or above, and the London PM Fix price is above $1,250, then product prices should be increased. Pricing adjustments have typically taken place around mid to late morning on Wednesday.

The prices for First Spouse Gold Coins would be adjusted from $779 to $804 for proof coins and from $766 to $791 for uncirculated coins. The 2010 Gold Buffalo proof coin would see its price increased from $1,510 to $1,560. Each of these prices will represent the highest ever charged by the US Mint for these products.

A focus for collectors ahead of the price increase may be the recently released James Buchanan's Liberty First Spouse Gold Coin. This coin features Christian Gobrecht's design for the Liberty Head Quarter Eagle and has been selling at a brisk pace. As of the latest US Mint sales report, a total of 7,399 coins have been sold, representing almost 50% of the maximum authorized mintage.
Coin Update News: Complete US Mint Sales Report

Labels:

67 Comments:

At September 14, 2010 at 10:09 AM , Anonymous Anonymous said...

WOW...that's just NUTS!!!

 
At September 14, 2010 at 10:11 AM , Anonymous Anonymous said...

Paging the "POP POP POP!" maroon... paging.... paging... LOL!

 
At September 14, 2010 at 10:31 AM , Anonymous Anonymous said...

Ordered a proof and unc. Buchanan.
These will sell for nice premiums soon.
Now the bad news: the Obama money printing press is driving the price of gold up. Soon we will be entirely owned by China. Gold is the only thing folks have faith in. Chinese, Indian and global demand for gold is on the rise for a long time!
Wish I had more money to buy more gold Buchanan Liberties today!

 
At September 14, 2010 at 12:01 PM , Anonymous Anonymous said...

Concur with commenter above. The goobermint printing presses are running at full throttle. Probably burning out the motors frequently. Should have invested in printing press motors and whatever it is they make paper money out of. I predicted yellow metal to be 1460 by years end. I was wrong. Its gonna be much much higher.

 
At September 14, 2010 at 12:22 PM , Anonymous Anonymous said...

The William Henry Harrison FDC went on sale 18 months ago (March 17, 2009), and it is still avaiable. In the past the mint has generally kept FDC avaiability very close to one year. Is the mint simply waiting until the Harrison FDC hits 30,000 units to discontinue it?

TMM

 
At September 14, 2010 at 12:27 PM , Anonymous Anonymous said...

Don't waste your money on mint products not made of gold or silver. Buy your Buchanan asap to get the lower price. This thing will sell out in a month or two and then people will decide they want them.

 
At September 14, 2010 at 12:42 PM , Anonymous Anonymous said...

Above post right on the mark re sellout sooner rather than later...

 
At September 14, 2010 at 1:59 PM , Anonymous Anonymous said...

Regarding the question on First Day Coin Covers:

I'm not sure WHY the Mint did not end sales of the 2009 Presidential Dollar covers on June 30th this year. They cut the 2008's way short on June 30 2009, but kept the 2009's open later. They all have a maximum production of 40,000 units, so they will likely languish in the catalog for several years like the old 50 State Quarter covers did!

 
At September 14, 2010 at 3:20 PM , Anonymous Anonymous said...

I ordered a proof and uncirculated Buchanan a few hours ago. Glad I read this blog even earlier and got the heads up.

Joe

 
At September 14, 2010 at 4:39 PM , Anonymous Anonymous said...

Remember one thing, gold goes up fast and goes down fast. Do what is right for you but don't burn yourself.

Your friend,

 
At September 14, 2010 at 5:25 PM , Anonymous Anonymous said...

If the Buchanan's Liberty does sell out, it will serve to solidify Van Buren's position as the "king" of the Liberty Spouse coins, as they will be the hardest ones to get. Those two already command a nice premium.

 
At September 14, 2010 at 6:00 PM , Anonymous The Dude said...

Amid global uncertainty, gold is set to go parabolic dudes! I think the world will see $3000 / oz gold or more in less than 12 months!

 
At September 14, 2010 at 6:33 PM , Anonymous Anonymous said...

Appears the US Mint is going to be offering annual sets early in Jan 2011.

http://www.usmint.gov/pressroom/?flash=yes&action=press_release&ID=1160

 
At September 14, 2010 at 7:10 PM , Anonymous vaughnster said...

What would be the wisest purchase before Wednesday's hike: a Gold Buffalo or both Buchanan gold spouse coins??

 
At September 14, 2010 at 8:04 PM , Blogger Tyrone said...

Remember one thing, gold goes up fast and goes down fast. Do what is right for you but don't burn yourself.

I heard that at Gold $400, $500, $600, $700, $800, ... $1275. We will still be hearing this nonsense at Gold $2000, $3000,...

Educate yourselves on the debt, liabilities, unfunded liabilities, derivatives, etc, that is weighing against the o'mighty US$. And it is at extreme risk of losing its world reserve status.

Strapping In For The Big Move
I will stand with what I have said for nearly 10 years. Gold will trade at $1650 on or before January 14th, 2011.
...
There is no doubt in my mind that $1650 will occur in early 2011. I have told you that Martin Armstrong, a master timer, feels that gold will trade higher and face a reaction in middle to late June of 2011.

The gold banks are throwing blocks to the price as we approach $1262. This is a major waste of time and money as gold is going to and through that price. The only argument is whether gold will hit $1650 in January 2011 or $3000-$5000 in June 2011.
...
This is the time now as it was in 1979 that I went throttle to floor.

This is the time now as it was in 1979 that I am committing 100% of all the cash I can accumulate to what I believe in.

 
At September 14, 2010 at 8:42 PM , Anonymous Anonymous said...

Buchanan will have max total mintage of 15K.
Any precious metal with a limit of less than 20k (check out old commem prices v. mintages) have always done well.
Proof Buffalo may also be a winner with mintages in the 30s this year, but not as low as '08 and not unique like the Buchanan Liberty. The Liberty series will be sold out soon. Put you $ in the Libery (grab em all if you can). That being said you would not regret a Proof Buf (unless you could have had a '10 Proof gold eagle instead!).

 
At September 14, 2010 at 9:41 PM , Anonymous Anonymous said...

Sorry about that comment about the 2011 products being released early, perhaps I should have checked and actually READ to make sure it wasn't already posted by Michael. My bad.

 
At September 15, 2010 at 5:12 AM , Anonymous Anonymous said...

Things are very different than in 1979!

 
At September 15, 2010 at 6:32 AM , Anonymous Anonymous said...

I do not agree with 1979 guy. Have you heard about not to put your eggs in one baskett ?

 
At September 15, 2010 at 6:36 AM , Anonymous Anonymous said...

Things are very different than in 1979!

They sure are! The government is printing much more money than in 1979, the national debt is much higher. Interest rates are lower, meaning that when they start to climb the government won't have enough money to pay the interest. (Remember 14% US bonds? If that happens the US is bankrupt, and we'll need wheel barrows to bring money to the grocery like in Germany in 1923.)

Pop Pop Pop! The champaign corks if you own gold!!!

 
At September 15, 2010 at 6:53 AM , Anonymous Anonymous said...

Not sure if gold would matter if things get real bad. The new currency to people would basically be the essentials (food, clothing, etc). Gold isn't exactly going to do any of that. I suppose some with surpluses may take it though. Gold and silver is still better than any crummy wannabe gold presidential dollar or paper "you have no access to you reserve" note.

 
At September 15, 2010 at 7:00 AM , Anonymous Anonymous said...

Just spent money from my line of credit to buy some Buchanan Liberties. Felt better about it than I've felt buying stocks or other investments in the past.
Buchanan Liberty Unc. will have mintage in the 6K total range with current melt value only $130 over spot! Unless you think we are in for a quick economic recovery and dollar rebound than you will not go wrong with a nice looking, classic, low mintage gold coin!!!

 
At September 15, 2010 at 7:38 AM , Anonymous Anonymous said...

I bought a 2010 proof Buffalo this morning. Pricey, but don't see it going down this year.

 
At September 15, 2010 at 7:48 AM , Anonymous Anonymous said...

Hi Folks:
I just placed a order few minutes ago.

On the catalog, the price is $779 for proof. However, in my order, it says:
2010 JAMES BUCHANAN'S LIBERTY PRF COINS 6 $804.00 $4,824.00 Item is no longer available.

Sold out? Folks!!!

 
At September 15, 2010 at 8:00 AM , Anonymous Anonymous said...

Sold out??? I doubt it...the Mint is just in the process of changing prices (imho)

 
At September 15, 2010 at 8:13 AM , Anonymous Anonymous said...

Thanks. I think I was trapped in the very moment of repricing.

It now shows : "This product is temporarily unavailable for product repricing. " for both products, after calling the USMINT customer service.

It takes 1 hour for MINT to reprice a single product. Bravo ! If mint pays me a complete set of coins this year issued, I will fix their web site, FOR FREE!

 
At September 15, 2010 at 8:14 AM , Anonymous Anonymous said...

They're no longer available because they're being re-priced. You missed the cutoff and will have to pay the price increase when the mint is finished repricing the gold products. But sold out - no.

 
At September 15, 2010 at 8:18 AM , Anonymous Anonymous said...

Someone needs to tell the US Mint it's no longer the 90s, and not be afraid to update their website.

 
At September 15, 2010 at 8:32 AM , Anonymous Anonymous said...

Be wary of gold inflation. Just like money, more gold enters "circulation" each day. And it sticks around.

Outis

 
At September 15, 2010 at 8:36 AM , Anonymous Anonymous said...

Price has been changed as expected. To those who got some more before it happened. Congrats.

 
At September 15, 2010 at 8:37 AM , Anonymous Anonymous said...

I agrees with 6:36 AM about the US debt.
I may also add that besides the huge debt the US currently has, the most important thing is to look at the record of the years having a budget surplus!
From 1970 to now, there are only 4 years that the gov had a budget surplus (1998-2001), and those numbers are 90, 160, 290, 152 (in billion, inflation adjusted).
This really worries me!!! I concluded that there is no way to repay our debt except to default (by printing and inflating).
For this reason alone (unless I see some dramatic change from the gov very soon), I think the value of gold relative to dollar must rise. It is not a gold bubble. It is a US debt bubble, and when the bubble burst, gold price in dollar term will rise.

 
At September 15, 2010 at 9:04 AM , Anonymous Anonymous said...

Just received my Buchanan Unc. today
A well struck coin with one minor round field nick
on the obverse which isn't really noticable to the naked eye.

Jim L.

 
At September 15, 2010 at 9:05 AM , Anonymous Anonymous said...

Thank you Michael and bloggers. Thank you Mr. Buchanan for not being married when you were president!! I bet another 1000 orders went in this morning for Buch.Libs. We'll see next week with the sales update.

 
At September 15, 2010 at 9:39 AM , Anonymous vaughnster said...

I bought one each of the Buchanan Gold Spouse coins before the price increase and feel real good about it. It's great reading all the different opinions on this site. "Pop, Pop, Pop! (Just kidding)

 
At September 15, 2010 at 9:55 AM , Anonymous Anonymous said...

Be wary of gold inflation. Just like money, more gold enters "circulation" each day. And it sticks around.

But every day more people want gold, especially India and China. I just met a guy from Poland who says that many people in Eastern Europe have their wealth tied up in US $100 bills for "safety"! When the dollar starts dropping they will frantically be buying up any gold they can get their hand on.

And then the gold price records will go Pop! Pop! Pop!

 
At September 15, 2010 at 1:47 PM , Anonymous Anonymous said...

SODA SODA SODA!!! Houston,WE have
LIFT-OFF. The only bubble is between the ears of the non-believers and this countries DEBT.

 
At September 15, 2010 at 6:46 PM , Anonymous goldfinga said...

The mint dragged its feet when gold spot dipped below their lower-tier price threshold recently, but not the other way around: they didn't waste any time boosting their prices when gold went up

 
At September 15, 2010 at 7:26 PM , Blogger John said...

Thanks Michael for all of your due diligence about the repricing. I purchased 5 of the Buchanan unc's and 5 of the proofs late last night before they were repriced. I think this was a no brainer purchase. My only debate is if I receive them fast enough for a first strike designation do I send them to PCGS or to send them to NGC. NGC has always been very fair to me when grading while PCGS has been incredibly tough.

 
At September 16, 2010 at 3:31 AM , Blogger Ed said...

Too costly for me. I had a proof in my wishlist waiting for some cash to come in but now forget it. I will wait till the price come down and get if off the secondary market. The coin is up there price wise with my NCG proof 70 Martha Washington. Gold as I write this is at $1,272.70. So a half ounce is $636.35 Way too much what the Mint is asking for.

 
At September 16, 2010 at 4:09 AM , Anonymous kbsig106 said...

Received my two MS Buchanan coins yesterday - couldn't find any problems with eaither coin and off to NGC today. My other three of the MS 70 subset would like some company...

Love the blog!

 
At September 16, 2010 at 4:39 AM , Anonymous Anonymous said...

Silver is way up too. I bought some 2000 silver proof sets on ebay for around $30/set.
Michael or others: what is melt value of this set?
Is this a sleeper, as it is MUCH less than other silver proof sets, but mintage not much higher. What gives?

 
At September 16, 2010 at 6:37 AM , Anonymous Anonymous said...

Michael am I missing something? I would expect Mint News Blog to have a link to the Mint's web site. I thought I remember you had it once. Was it removed or is it just hard to find?

 
At September 16, 2010 at 6:44 AM , Anonymous Anonymous said...

I am curious as to whether any collectors have given any thought to the second First Spouse subset - Presidents who had more than one spouse while serving in the Whitehouse - admitedly there were only two - Tyler had two spouses as did Wilson. While I realize that the buzz around a Tyler/ Wilson/ subset will never rival a Liberty subset, but will there be any interest in a Tyler/ Wilson/ subset????

Curious

 
At September 16, 2010 at 7:20 AM , Anonymous Anonymous said...

Curious, zero interest here in "two spouse set" (may be of interest in Utah).

4:39 am: those underpriced 2000 silver mint sets are already on the rise today. Melt value 4 silver state quarters plus silver dime plus silver Kennedy half. Common date silver/ Walkers also on rise.

 
At September 16, 2010 at 7:21 AM , Anonymous Anonymous said...

Curious, zero interest here in "two spouse set" (may be of interest in Utah).

4:39 am: those underpriced 2000 silver mint sets are already on the rise today. Melt value 4 silver state quarters plus silver dime plus silver Kennedy half. Common date silver/ Walkers also on rise.

 
At September 16, 2010 at 8:16 AM , Anonymous Anonymous said...

Funny post about interest in two-spouse presidents only being in Utah...

The reason for interest in the Liberty subset is that they are the best designed coins of the entire series. That is because they were designed (the obverse anyway) long before political correctness ran amok. They are classic designs; not political statements. Ironically, they are on coins that were politically motivated (the Spouse Series). What makes them desirable is that they DON'T include a spouse (or feminist).

 
At September 16, 2010 at 10:15 AM , Anonymous Anonymous said...

I am a huge fan of gold, but we have come really far in a short time. This does not affect me as I own all my physical free and clear, but for those of you trading futures, it may be time to take a little off the table. Then again I could be completely wrong. Long term though, nothing has changed.

 
At September 16, 2010 at 11:24 AM , Anonymous Anonymous said...

The buy price for 90% silver is about $14.30 so 5 quarters, a dime and a half in the silver proof set would have a $26.45 melt price. Then if you spend the cent, nickel and dollar you get $27.51.

I bet if silver goes up 50 or 100 percent that's what will happen to those sets. You'll know if you find proof pennies in change!

A better plan would be to give them to kids born those years and hopefully inspire them to start collecting so they can bid up the value of our collections!

 
At September 16, 2010 at 10:27 PM , Anonymous Anonymous said...

I have a few thousand dollars in my retirement savings I need to invest. Should I put my money in gold? Or should I put it in stocks? I like what I see is happening to gold prices. I need some help paying off my mortgage.

 
At September 16, 2010 at 10:49 PM , Anonymous Anonymous said...

The US dollar isn't strengthening anytime soon (or at least materially and consistently). I don't see any reason to be afraid of gold. The government is driving the dollar into the ground with their spending (and that healthcare bill when it comes into effect, isn't going to help that cause). Keeping your money tied up into US currency is probably riskier than any gold investment.

 
At September 16, 2010 at 11:29 PM , Anonymous Anonymous said...

I worry when people ask an anonymous posting board for investment advice....

Saying that, I suggest a mix of, in order of percentage:
1) Well known, high yielding dividend stocks.
2) Cash (or short term Ts)
3) Mining stocks (or IAU / GLD) if in IRA/401K. If not, some physical might be okay.
4) TIPS fund, like PIMCO offers

 
At September 17, 2010 at 4:36 AM , Anonymous Anonymous said...

This is NOT a general investment forum.
First, don't be a deadbeat and pay your mortgage!

Not sure how anyone can fund retirement (IRAs, 401ks) with coins. My accountant says you can't , period! Precious metal funds yes, coins no!

The Buchanan Liberty is the only product available, even at the new higher pricing that I think for sure wll be a great flip, IF you have the money.

 
At September 17, 2010 at 5:52 AM , Anonymous Anonymous said...

You CAN put coins in a retirement account. The law that authorizes gold eagles specifically says they can be put in retirement accounts. That is why gold proof sets "with papers" are going so high.

 
At September 17, 2010 at 6:26 AM , Anonymous Anonymous said...

Can someone provide a link to a government/ IRS website that states physical coins bought by an individual directly from the Mint can be used for a retirement account.

I didn't think so!

 
At September 17, 2010 at 6:37 AM , Anonymous Anonymous said...

Can someone provide a link to a government/ IRS website that states physical coins bought by an individual directly from the Mint can be used for a retirement account.

I didn't think so!

 
At September 17, 2010 at 7:01 AM , Anonymous Anonymous said...

An IRA ("Individual" Retirement Account) could be some coins in a jar buried in your crawlspace. So please,stop bashing those who want physical precious metals in an "IRA". My IRA is in a "container" in my basement and elswhere.

 
At September 17, 2010 at 7:42 AM , Anonymous Anonymous said...

"I worry when people ask an anonymous posting board for investment advice...."

I worry when people give investment advice on an anonymous posting board...

 
At September 17, 2010 at 7:57 AM , Anonymous VABEACHBUM said...

As gold continues the consistently upward trend, having caused Mint pricing to cross into a new frontier while traveling towards an undiscovered country, I have begun to wonder about the impact this latest surge will have on the interest in, the affordability of, and the final mintages for the Proof Gold American Eagle coins - individuals and sets.

Given the programmed mintages, is it possible that the product pricing - quickly becoming unaffordable to the steadfast majority - could curtail sales to the point that one or more of these coins / sets could become keys in their respective series? And even more in demand that the 2008 W Buffs? I see the 1/10 and 1/4 coins selling out - FAST. But what of the 1/2, the 1 oz, and the 4-coins sets?

That is to say - if and when the US Mint ever confirms and publishes to their website the same supposed PR AGE information that went public through a reputable Numismatic source some 2 weeks ago.

With 14 weeks left in 2010, the Mint is feeding us information on their boilerplate 2011 products; still over-priced, but 5 months earlier. Woohoo!!! However, no additional information on the PR AGE, even less information on the PR and UNC ASE (an instant source of profit and customer relations goodwill), and where, in the name of everything that is Holy, are these ATB 5 oz silver bullion coins?? The last whisper was late Summer which, by the way, ends in 2 weeks!! One Mint authorized purchaser, APMEX, has been advertizing them as "coming soon" for nearly 2 months. Another internet retailer, MCM, has had them listed on their website for almost a month.

Time for the Mint to close the deal on some of the products for which we, the customer, have a sincere interest and have been waiting... impatiently... FOR WAY TOO LONG NOW!!

 
At September 17, 2010 at 8:22 AM , Anonymous Anonymous said...

For those interested in Precious Metal IRA's, you probably want to start with a tax accountant, a funds manager or a brokerage firm. You also can find some good, introductory Metals IRA information on the websites of metals resellers, such as APMEX and KITCO.

Within both of their sites, they indicate that the "bullion" must be purchased from an authorized seller and immediately transferred from the seller to the investment house / storage facility into either an individual or a pooled asset. You, as the investor, never touch the metals, and there are recurring costs associated with the long-term storage of your assets at their authorized facility.

At one time, the grading companies were offering a service to certify coins, normally any previously purchased AGE bullion coins, as investment bullion that then could be delivered to a storage facility.

Unfortunately, these Precious Metal IRA accounts are operated around the cost / value of the actual gold content, not the intrinsic and/or numismatic value of collectable coins.

Just what I have learned from public information. Every investor needs to do their own research, then make the business decisions best suited to their current circumstances.

 
At September 17, 2010 at 10:41 AM , Anonymous Anonymous said...

In the left column at the bottom, on the www.apmex.com site is a link to IRA information.

 
At September 17, 2010 at 11:55 AM , Anonymous Anonymous said...

Yeah, I was hoping to invest around $10,000 in the 5 oz. silver ATB quarters. Unfortunately, that money won't buy as many now as it would have a few weeks ago when silver was only around $18/oz. All of the feet-dragging by the Mint is going to make me buy less or spend more now than I should have had to. Bums!

 
At September 18, 2010 at 6:26 PM , Anonymous Anonymous said...

FWIW the US Mint has just posted the following for the Uncirc. Buchanan Libertys
"Product will be available for shipping 10/03/2010"

Jim L.

 
At September 18, 2010 at 7:38 PM , Anonymous Anonymous said...

Mine should be delivered Monday.

I have a noob question. Why are the 1/2 ounce spouse and 1/2 ounce gold eagle different face values? The spouse being $10 and the gold eagle $25. What am I missing, besides $15?

Thank,

Joe

 
At September 18, 2010 at 11:06 PM , Anonymous Anonymous said...

The legislation says what the face value of the coins will be, you are right it makes no sense but that is how our government works at times.

 
At September 19, 2010 at 5:34 PM , Anonymous Anonymous said...

The face values on those coins is so STUPID, anyway! The funny thing is, I can see a kid at McDonald's refusing to accept the coin as payment, despite the fact that it's made of pure gold. They always ask a manager for help even when I pay with $2 bills, so can you imagine the loop one of those coins would throw them?

Of course, if I was ever stupid enough to use the coins as face value anyway, I would need to have my head examined. I just seem to enjoy the cruel mental torture of high school age fast food workers!

 
At September 19, 2010 at 5:40 PM , Anonymous Anonymous said...

Regarding the backorder notice on Unc Buchanan:

It could be a sign that the Mint has already struck the 15,000 proof/unc coins in the ratio it determined was the most likely scenario, and the unc are already running low.

However, it's more likely a sign that the first wave of strikes is almost gone, and until more are struck and ready for sale, the backorder will be up. Judging by the sales numbers through last week, it appears that 5,500 proofs and 3,500 uncs is a fair guess as to the first wave of strikes.

 
At September 20, 2010 at 7:51 AM , Anonymous Anonymous said...

Received my proof and unc today. I purchased these at the lower prices. Both are stunning.

Thanks,

Joe

 

Post a Comment

Subscribe to Post Comments [Atom]

<< Home