2011 Proof Gold Buffalo Sales at 5,782
The initial sales figures are now available for the 2011 Proof American Gold Buffalo. Through May 22, 2011, sales of the one ounce 24 karat gold coins have reached 5,782.
This amount represents less than half the debut sales that were achieved for the 2010 Proof Gold Buffalo and less than a third of the debut sales for the 2009 Proof Gold Buffalo.
The latest figures for the Yellowstone Five Ounce Silver Uncirculated Coins are also available. Through May 22, sales had reached 24,626. This leaves only 2,374 coins remaining from the 27,000 mintage. The full weekly numismatic sales report can be viewed at Coin Update.
Essentially all of the US Mint's numismatic gold products have been experiencing much slower sales as compared to previous years. In other Mint News Blog posts or the weekly sales reports on CoinUpdate.com, I have discussed the slower sales for the gold commemorative coins, 2011 Proof Gold Eagles, and Eliza Johnson First Spouse Gold Coins.
Some collectors may be resisting the escalating pricing points, driven by the increased market price of gold. Others may have shifted attention and collecting dollars towards the America the Beautiful 5 Ounce Silver Coins. To some extent this may also be a reversion to the mean following the odd situation of the past few years, which included: 1.) low sales for 2008 precious metals products leading to high secondary market prices; 2.) cancellations or lengthy delays for 2009 products; and 3.) enthusiasm and pent up demand driving heavy sales for 2010 products.
I put together a summary of the 2009-2011 Proof Gold Buffalo data, including the sales start date, initial pricing, debut sales, sales end date, last price, and final mintage (or sales).
2009 Proof Gold Buffalo
|Sales Start Date||October 29, 2009|
|Initial Price||$ 1,360.00|
|Sales End Date||March 29, 2010|
|Last Price||$ 1,410.00|
2010 Proof Gold Buffalo
|Sales Start Date||June 3, 2010|
|Initial Price||$ 1,510.00|
|Sales End Date||May 10, 2011|
|Last Price||$ 1,810.00|
2011 Proof Gold Buffalo
|Sales Start Date||May 19, 2011|
|Initial Price||$ 1,760.00|
|Sales End Date||?|
Numismatic Gold Coin Price Increase Possible
Based on recent gold prices, it seems that a price increase for numismatic gold coins may occur tomorrow. This would reverse the pricing decrease which took place on Wednesday of last week, bringing prices back to their highest levels.
The average London Fix Price of gold since last Thursday AM is already well into the $1,500 to $1,549.99 price range. At this point, the most likely factor that may prevent a price increase is the Wednesday PM London fix price. If this price is below $1,500, no price changes would take place. Under a secondary aspect of the US Mint's pricing policy, the Wednesday PM price must agree directionally with any change based on the average price calculated based on the prior Thursday AM to the current Wednesday AM.
Recently gold was trading at $1,524.60. In the past, the US Mint has implemented price increases at any point between mid-morning to slightly after 12:00 Noon ET.
Labels: Gold Buffalo