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: US Mint