Mint News Blog

News, Information, and Commentary on US Mint Products

Tuesday, October 5, 2010

Numismatic Gold Coin Prices to Increase


It's that time again already. The rising price of gold will result in price increases for the United States Mint's numismatic gold products. Unfortunately, this will also push the prices of the upcoming 2010 Proof Gold Eagles up one increment.

The US Mint is able to adjust gold and platinum numismatic product prices as frequently as weekly in response to changes in the price of the metals. Adjustments are determined based on the weekly average London Fix prices from the prior Thursday AM to the current Wednesday AM, as well a directional component based on the Wednesday PM price. Product price changes take place when the average price of gold passes established $50 increments and the Wednesday PM price agrees directionally.

For the current week, the price range falls into the $1,300 to $1,349.99 range, and it seems all but certain that the directional component will confirm. Price updates have generally taken place around mid to late morning on Wednesday.

The price of the 2010 Proof Gold Buffalo would be adjusted from $1,560 to $1,610 per coin. The prices of available First Spouse Gold Coins would be adjusted from $804 to $829 for proofs and from $791 to $816 for uncirculated coins.

The 2010 Proof Gold Eagles, scheduled for release on October 7, 2010 at 12:00 Noon ET, would carry the following prices:
1/10 oz $ 180.50
1/4 oz $ 415.50
1/2 oz $ 806.00
1 oz $ 1,585.00
4 Coin Set $ 2,938.00

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57 Comments:

At October 5, 2010 at 1:46 PM , Anonymous Anonymous said...

... CANT WAIT FOR THE PROOF GOLD EAGLES!! FINALLY! ...

 
At October 5, 2010 at 1:55 PM , Anonymous Anonymous said...

Count me out, for now anyway. If the high price results in very low sales, I might pick up a set later. However, the pent-up demand for gold proofs will all but certainly result in enough sales that the 2010 set will forever be a secondary market dog.

For what will likely turn out to be "plain vanilla" proof eagles, they're much too rich for my blood.

 
At October 5, 2010 at 3:04 PM , Anonymous Anonymous said...

$1800 an ounce for a 1/10! Wait until Rep. Weiner finds out about that. Who the heck does the Mint think they are - Goldline?

 
At October 5, 2010 at 5:07 PM , Anonymous Anonymous said...

POP!

Isn't it interesting how the gold bulls are now so reluctant to spend so much money on 4 piece set when there is talk that the set will cost about $4,000?

Gold will go up! Gold will go up!

If so, I hope the gold bulls will buy 10 4-piece sets and hold onto them for a year. We'll see who the brave really are.... ROFL!

 
At October 5, 2010 at 5:17 PM , Anonymous Anonymous said...

The 2000 silver proof sets are still going for under $30 on ebay. What is melt plus non-silver face on the set? Can someone explain why they are so much less than any other year when total mintages are only 20% less than the coveted 1999 set?
One 2010 gold ASE proof set will cost the same as 100 2000 silver proof sets! Not sure what would be a better option...

 
At October 5, 2010 at 5:36 PM , Anonymous Anonymous said...

Governments around the world today said they'll be printing more money and gold went up $25 TODAY ALONE!

POP Kid will be wishing he spent his dollars for gold when the dollars are worthless.

I'll just keep buying more like I did when it was $300, $400, $500, $600, $700, etc. per ounce. We'll see who's rolling on the floor laughing.

 
At October 5, 2010 at 5:41 PM , Anonymous Anonymous said...

To "POP" You are sooo shallow. The 4 coin set will be priced at $2938.

If you are such a pessimist, why do you even follow these coin blogs?

Oh, I see...you are a megalamaniac
and just hang around "just" in case the price of gold tumbles.

BTW "POP"...what do you of all wisdom invest in?? Please share.

 
At October 5, 2010 at 5:48 PM , Anonymous Anonymous said...

the "pop kid" missed the boat and
now it's sour grapes.

 
At October 5, 2010 at 5:59 PM , Anonymous Anonymous said...

"POP" goes the weasel!!! LOL

 
At October 5, 2010 at 6:04 PM , Anonymous Anonymous said...

That $2938 mint issue price is about the same as most of the older gold proof sets are selling for on Ebay, $500 over melt.

I'm told the big premium is because people want them for IRA accounts and the government will be less likely to order people to turn in proof coins if/when we have a big financial crisis and they do another gold confiscation like they did in 1933. With all the trillions of dollars they are printing, lots of people are thinking the government will have to call in everybody's gold to save the dollar.

Do enough people own gold today that Congress would forbid such a thing? Would you turn in your gold? I think I would bury mine under the cellar and leave it to my kids or melt it down into jewelry. If the government gets that corrupt, hell with them. How did they ever get away with it in 1933? Did only the richest own gold?

 
At October 5, 2010 at 6:11 PM , Anonymous Anonymous said...

Last time I looked, the same few bidders were buying most of the gold proof sets on Ebay at the same price unless somebody new jumped in and outbid them. Must be somebody stockpiling them for IRA accounts. Wonder if he'll try to buy out all the 2010 sets.

 
At October 5, 2010 at 7:48 PM , Anonymous Anonymous said...

Well it seems like everytime the mint is about to release a precious metal coin the price of the metal has been inflated. The last plat coin was way up there and the metal tanked after that only to make a comeback lately--will gold do the same?

 
At October 5, 2010 at 7:48 PM , Anonymous Anonymous said...

Well it seems like everytime the mint is about to release a precious metal coin the price of the metal has been inflated. The last plat coin was way up there and the metal tanked after that only to make a comeback lately--will gold do the same?

 
At October 5, 2010 at 8:19 PM , Anonymous Anonymous said...

Too rich for me. I'm glad I bought in '08 because these are priced out of sight. I'm excited about the silver proof! Great for gifting.

 
At October 5, 2010 at 9:29 PM , Anonymous VABEACHBUM said...

Based on the current "Metals IRA" information available, the typical private citizen can not purchase the metals directly or otherwise transfer their current metals holdings into a new Metals IRA.

The customer provides the IRA fund manager with the seed money - cash deposit or roll-over of an existing IRA - and the fund manager completes the transaction with an authorized "dealer" based on the customer's direction. The metals move from the dealer to the fund manager's "approved storage facility" without ever passing through the customer's hands.

Keep in mind that the Precious Metal IRA is based on the melt value of the metal, regardless of the physical form. Numismatic value has no bearing. Similarly, the size and form of the metal helps to determine how your items are stored. The storage facilities currently are not accepting "slabbed" coins, nor will they always return to you the very same items that were accepted on your behalf - especially where non-serialized bullion coins are concerned. While the Precious Metal IRAs are a good investment option in some situations, my Double Eagles and 2008-W Buffalos are going to remain safe, but accessible, in my bank's vault.

 
At October 5, 2010 at 9:42 PM , Anonymous Anonymous said...

"All safe deposit boxes in banks or financial institutions have been sealed...and may only be opened in the presence of an agent of the IRS." President F.D. Roosevelt, 1933

 
At October 5, 2010 at 10:37 PM , Anonymous Anonymous said...

According to a folk rumor on the internet President Roosevelt ordered all the safe deposit boxes in the country seized and searched for gold by an I.R.S. official.
Examination of the actual Executive Order as issued shows that this text never appears in it. In fact, safe deposit boxes held by individuals were not forcibly searched or seized under the order.
In other words, we used to actually use gold coinage in commerce. This was recalled to the government. This would be asking you to turn in your nickels for 5 cents. Numismatic coinage was not the target and neither were safe deposit boxes.
Wiki it for yourself
http://en.wikipedia.org/wiki/Executive_Order_6102
and learn more before morons like the post above try to scare you.

 
At October 5, 2010 at 10:42 PM , Anonymous Anonymous said...

To anon at 5:17. Your absolutely right about silver proof sets being WAY under priced. Just the melt alone on silver proof state quarter sets covers the price now. I just completed my 50 state silver proof set and I fell i got it for a steal. 2001 at 78. 1999 at 170. and the rest for chump change.The 2006 quarters only was going for 19.98 on ebay yesterday. DAMN CHEAP! Get em before the gettin is gone!!

 
At October 6, 2010 at 7:38 AM , Anonymous Anonymous said...

be sure to buy the gold eagle proof this week. cause the gold at one point passes the $1,350.00 level. high at $1,352.10/oz. next week, if gold continue to rise. another bracket higher is expected.

 
At October 6, 2010 at 8:27 AM , Anonymous Anonymous said...

New pricing (higher) in effect for gold already.
Spot close to $1350 so maybe a new increase next week also.

 
At October 6, 2010 at 8:57 AM , Anonymous Anonymous said...

I'm not Mr. Pop, but is anyone else feeling a bit of deja vu with such a steep curve of precious metal price increases. Seems a bit scary. 50% chance gold will be a few hundred dollars LESS in a few months, but equal chance gold will be over $1500...

 
At October 6, 2010 at 9:17 AM , Anonymous Anonymous said...

Do you really believe spending is going to be ending anytime soon? More fake money from the federal reserve will be created and the prices of gold have nowhere to go but up for the most part. The currency is damned unless we go back to an honest, non-fiat money system (which will not happen). It's about time that the people abandon the US dollar (oh wait - people have tried that and have been thrown in jail over it).

 
At October 6, 2010 at 9:47 AM , Anonymous Anonymous said...

I was going to skip the opening day on the proof AGE since the price increase just happened today, but as gold nears the next level I wonder if this will be the least expensive time to buy?

Michael (the most insightful and level headed of all of us) said he will purchase the proof silver eagles on opening day, but was silent on the AGE's on when/ if he would purchase them.

Any chance of a blue "mint news blog" header with insight on if and when you plan on purchasing proof gold products?

Mr. Moy should be commended on the proof eagles, but it is a strange year. I too think the Buchanan Liberty may NOT sell out. This would be great for those of us that already made the purchase.

 
At October 6, 2010 at 9:52 AM , Anonymous Anonymous said...

Even if Buchanan's Liberty DOES eventually sell out, 15,000 coins is still a micro-mintage. Granted, it wouldn't be as low as the Jackson and Van Burens, but low just the same. It will never be a "dog" on the secondary market.

 
At October 6, 2010 at 10:38 AM , Anonymous Anonymous said...

Buchanan UNCs will have a mintage below 10,000 which historically has been the number for nice premiums.

If you look at modern commemoratives the UNCs have usually outperformed the proofs (ie. Jackie Robinson UNC much higher premium than proof) due to lower mintages.

 
At October 6, 2010 at 10:44 AM , Anonymous Anonymous said...

Did we get a weekly update on mintages this week? I didn't see one yet.

 
At October 6, 2010 at 10:58 AM , Anonymous Anonymous said...

If the balance of power in Washington DC flips this Novemeber, and some fiscal responsibility returns, then gold may indeed pop the bubble and begin a rapid decent. JMHO

 
At October 6, 2010 at 10:58 AM , Anonymous Anonymous said...

Yeah, the update is there. Below is the link that goes to the page with ALL the weekly reports:

http://news.coinupdate.com/category/us-mint-sales-reports/

 
At October 6, 2010 at 11:37 AM , Anonymous Anonymous said...

Well, I agree with the anonymous above who said that if congress flips gold will fall. But it will only fall short term. Because Repubs in power will mean a worsening economy. And when that becomes apparent, gold will go on the rise again.

Myself, I'll buy the gold and silver proofs, since I buy to keep them, not make a short term profit.

 
At October 6, 2010 at 12:09 PM , Anonymous Anonymous said...

"I agree with the anonymous above who said that if congress flips gold will fall. But it will only fall short term. Because Repubs in power will mean a worsening economy. And when that becomes apparent, gold will go on the rise again." The statement is partly true. The good news is that the Republicans will cause congress to gridlock. The bad news is that with gridlock, the financial problem won't get better...it just won't get a lot worse. Until both parties see the fallacy of spending like drunken sailors (my apologies to all drunken sailors out there, since the difference between you an congress is that you stop spending when you are out of money) our problems won't get better. All the world's fiat currencies are having a race to the bottom to maintain competitiveness. Currency wars are just the prelude to the real thing.

 
At October 6, 2010 at 12:13 PM , Anonymous Anonymous said...

Their is no question these are over priced but everyone is so hungry to buy something that I think these will sell out quite fast. The big dealers will order tons of these due to no limits.

 
At October 6, 2010 at 12:16 PM , Anonymous Anonymous said...

Was checking my Buchanan's UNCs liberty order . It was cancelled.
comment states Item No longer Available BUT it's still available on the mint site .

 
At October 6, 2010 at 1:20 PM , Anonymous Anonymous said...

To: "The big dealers will order tons of these due to no limits."

These is a limit of 100 per household.

 
At October 6, 2010 at 1:42 PM , Anonymous Anonymous said...

I don't see any indication of a limit at all on the gold proofs, just 100 per household on the silvers. So, the big dealers COULD buy thousands of these gold ones if they wanted to.

Regarding the cancellation of an uncirculated Buchanan's Liberty order, that's really weird. Sometimes backorder notices on the Mint website do remain on display even though the product is later revealed to be sold out, but if the Mint really DID cut the uncirculated coin off so early, they would be violating their own policy of letting customer demand dictate the spread between proof and uncirculated. Obviously there is still demand for the uncirculated coin, and as long as there are less than 15,000 coins sold they should still be made available.

I guess we'd better keep an eye on the website, and see if that backorder notice turns into "sold out." I find it hard to believe, but stranger things have happened.

 
At October 6, 2010 at 1:53 PM , Anonymous Anonymous said...

It doesn't matter what party is in power. The entire party system is a sham anyhow. There has been poor fiscal responsibility among both parties (apparently some of you have a short-term of memory of what happened under republican power). It's almost an indifference with either party (it's a lose-lose). Perhaps we should turn off our TVs and stop buying into all the gimmicks and fraud and elect real people in Congress and the Presidency.

As long as our currency is driven into the ground, gold's potential has no limits. The push for globalism has leaked a saturated and rich economy and has cheapened it. Blame your reps for letting it happen, as they could have set laws to balance the trade and stop the global agenda.

 
At October 6, 2010 at 2:16 PM , Anonymous Anonymous said...

In the 1980s and late 1990s, there was a buying frenzy for stocks. Prices went higher and higher. Folks wanted to get rich quick. Then one day... POP! Buyers and speculators lost $1,000s.

In the 2000s, there was a buying frenzy for real estate. Prices went higher and higher. Folks wanted to get rich quick. Then one day... POP! Buyers and speculators lost $1,000s. We are still trying to recover.

In 2010, there was a buying frenzy for gold. Prices went higher and higher. Folks wanted to get rich quick. Then one day, POP! POP! KA - BANG!! The gold bubble exploded. Buyers and speculators lost $1,000s. They will feel the effects of their greed for years to come...

 
At October 6, 2010 at 3:40 PM , Anonymous Anonymous said...

The greed is from the corporate execs that decide to outsource our jobs to China, and our desire to buy something cheap from China. Now China is using our money to buy gold.
If we all demand American made products, our economy would improve and proof Eagles would be more affordable and stay in the USA.

Any predictions on when and if the proof AGEs sell out?

 
At October 6, 2010 at 3:42 PM , Anonymous Anonymous said...

2:16 I was told there was a bubble
at $600,700,800,900,1000,1100,1200,
1300 and will here that all the way up. What your missing is that
this mess were in, isn't going away
for along,long long long time.The only way out is cheaper money then what got us in to this mess.

 
At October 6, 2010 at 3:49 PM , Anonymous Anonymous said...

October 6, 2010 12:16 PM

My Buchanan's UNC liberty order was cancelled also:

The message form the mint states

"Order Status: Your order request has been cancelled."

And it also states that

"2010 JAMES BUCHANAN'S LIBERTY UNC COINS - Item is no longer available."

What is thia all about - a qucik sell out of the Buchanan Unc'S?

TMM

 
At October 6, 2010 at 3:52 PM , Anonymous Anonymous said...

You buy stocks to try to get rich.
You buy gold to maintain status quo

 
At October 6, 2010 at 4:24 PM , Anonymous Anonymous said...

Well, I have the bug. I bit off all three of the spouses I still needed to keep my dream of completing both the unc and proof set of gold spouses alive last night. One Filmore, and the two Pierces. Luckily already got the Buchanans. My wife thinks I'm a bit crazy but I'll be selling a complete Lincoln set next week and a lot of extras to cover the cost. It's time to scale down a bit anyway.

 
At October 6, 2010 at 4:35 PM , Anonymous Anonymous said...

Should I buy the 4 piece American Gold Eagle set? Do you think that prices will go up ? Or do you think the set will get cheaper next year? So hard to decide. And I'm scared to lose money.

 
At October 6, 2010 at 4:44 PM , Anonymous Anonymous said...

To: October 6, 2010 3:49 PM

I can still order it online. I think it is just a glitch. Have you called the Mint to verify the status?

 
At October 6, 2010 at 6:22 PM , Anonymous Anonymous said...

To: October 6, 2010 4:35 PM

Here's a recommendation for you, especially if you fear losing money. Take it or leave it. Go to APMEX or your favorite bullion dealer and buy 2 one oz. Age's. You'll save some cash over the cost of one set of proofs, get 2 full oz. of gold, instead of 1.85 oz.(and save on the big Mint premium).

The 2010 ASE Proof's will NOT be rare. The only reason to buy them would be to complete a set or fish for PF70's. It's not worth losing sleep over if the price tag seems steep to you. IMO it's a bad idea to buy coins expecting them to appreciate, using money you can't afford to lose. One must ask themselves if it is a hobby or an investment and act accordingly. That said buy what you enjoy. Good luck.

 
At October 6, 2010 at 10:46 PM , Anonymous Anonymous said...

The buying frenzy with gold and silver reminds me of the recent housing market bubble during the mid - 2000s.

People bought and bought properties when they were clearly overpriced. Home prices just ballooned out with people paying far more than the true value of the homes' worth.

One day reality set in -- and the bubble burst. Those who had properties couldn't sell at prices they wanted and many lost $1,000s.

Can it happen with gold and silver? You bet! It happened in the 1970s/early 1980s. It's just that many can't remember those days because they weren't around....

 
At October 7, 2010 at 1:55 AM , Anonymous Anonymous said...

When a mixed communist chinese or an authoritarian muslin arab melts down our Eagles in a tin pan overseas for a quick profit - it is like the burning of the American Flag or the loss of an American Soldier. We should limit the number of Proof Eagles (APE, AGE, & ASEs) that we produce in this country and do our best to keep them here at home for reasons of good old American Pride. This way, our national treasures are insured because of their great value (something more than melt) and hopefully they don't make it into the overseas fire pots of revenge. We should protect our National Treasures with intelligence and common sense. Dear US Mint - Please think about limiting the mintages of our American Proof Coinage. Do what you want with the bullion; but please give wise thought our precious metal proofs. And remember, far too many precious proofs have died for our freedom.

 
At October 7, 2010 at 2:34 AM , Anonymous Anonymous said...

Anonymous at October 7, 2010 1:55 AM.

Ohhhh puhleeeez..

As I have always thought, this blog attracts white, male anti-diversity, xenophobic, uneducated, get rich quick rednecks.

Few know that many of our cars, appliances, labor, oil, etc. come in part of in whole from foreign sources. We live in a global economy.

To bring it home, if it weren't for foreigners, the demand (and thus, the value) of gold would not be so sky high. And if the value weren't so high, uneducated rednecks would have little to talk about on this board since $$$ won't be in their minds.

Grow up. Get a life.

 
At October 7, 2010 at 4:06 AM , Anonymous Anonymous said...

Pop pop pop, gold down $10 in the past 3 hours! Was $1365 now plummeted down to $1355!

 
At October 7, 2010 at 4:41 AM , Anonymous Anonymous said...

Today's London AM fix = $1359!

 
At October 7, 2010 at 7:47 AM , Anonymous Anonymous said...

2:34 am, You just brought yourself way down, or maybe even lower than 1:55 am. Whithout a doubt your doing exactly what he's doing, period.

 
At October 7, 2010 at 8:41 AM , Anonymous Anonymous said...

Is gold in a bubble? Almost certainly, but comparisons to the 90s equities bubble or the 00s real-estate bubble are weak, at best. The gold bubble that we're experiencing is being driven by a very real source of demand- fear. Fear of intrinsically weak currencies and economies in the US and Europe. That fear is not going to dissipate anytime soon. Gold may be in a bubble, but the bubble is still in an ascendant phase. To those of you who cite inter-day price corrections of less than 1% as proof that the bubble is bursting, you need to get smart on how PMs can be volatile on an intra/inter-day cycle and still maintain upward momentum. Seriously.

 
At October 7, 2010 at 5:53 PM , Anonymous Anonymous said...

Has anyone noticed that if you buy the 4 individual coins, 2010 Gold Eagle Proof the price adds up to $2987.00 versus if you buy the set which has the same 4 coins is $2938.00? Am I missing something here? Price is $50.00 higher if bought individually.

 
At October 7, 2010 at 6:22 PM , Anonymous Anonymous said...

"Price is $50.00 higher if bought individually."

Congrats, that would be $50.00 for packaging. I wish the mint would tone down the packaging. I hate storing the stuff, it just takes up too much space. It be nice if they just developed their own slab, and everything came standardized in a slab.

 
At October 7, 2010 at 9:14 PM , Anonymous Anonymous said...

I don't like slabs, I like the Mint packaging. Slabbing is great for traders/flippers, but for me personally....I like my coin up close and personal, NOT entombed!

 
At October 11, 2010 at 4:25 AM , Blogger Ed said...

I am waiting for the prices to go down. I was holding up to get the Mary Lincoln and the Buchanan's Liberty but now the prices is $47.00 higer I am waiting. I can not see buying a coin that is a 1/2ounce that is $155.00 over spot. I am not rich. Just started collecting last year. I like the Buchanan's Liberty very much but I am just buying 3 Silver Eagles at this time. Maybe over the years when gold drops I can get them. I can wait.

 
At October 11, 2010 at 8:32 AM , Anonymous Anonymous said...

when gold drops

Ha Ha Ha!

 
At October 11, 2010 at 1:02 PM , Anonymous Anonymous said...

The Buchanan's won't be trading for spot unless gold prices go to $2500, the maximum mintage is a combined 15,000 and the mint won't be making that many.

And nobody that owns the coin now will sell for less than mint issue price.

 

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