Numismatic Gold Coin Price Decrease Possible
Amidst the recent decline in precious metals, the prices of US Mint numismatic gold coins have stubbornly remained at the same levels. This may finally change tomorrow, provided that London Fix prices remain under $1,500.
Since April 28, gold coins covered under the pricing policy have been priced based on the $1,500 to $1,549.99 tier. The US Mint calculates the weekly average gold price based on the London Fix prices from the prior Thursday AM to the current Wednesday AM. If the price falls into a different tier and the Wednesday PM price agrees directionally, then a pricing change will take place.
Prices for the current period are as follows:
|May 12 AM||1488.25|
|May 12 PM||1489.5|
|May 13 AM||1511|
|May 13 PM||1505.75|
|May 16 AM||1495|
|May 16 PM||1500.75|
|May 17 AM||1495.5|
|May 17 PM||1478.5|
|May 18 AM||?|
By my calculations, a price decrease would take place provided that the May 18 London AM fix price is less than $1,535.75 and the London PM fix price is less than $1,500.00. The price of gold is currently around $1,487.00 per ounce, but prices have been volatile recently.
If a pricing adjustment takes place, it would impact the available First Spouse Gold Coins, 2011 Proof Gold Eagles, and 2011-W Uncirculated Gold Eagle. Price changes have generally been made effective around late morning or mid-day on Wednesday.
In addition to reducing the prices for existing products, this week's average will also serve to establish the price for the upcoming 2011 Proof Gold Buffalo, to be released on Thursday.
For the past two weeks, there has been a noticeable slow down in the pace of US Mint numismatic gold coin sales. It's possible that some collectors have been delaying purchases in hopes of a pricing decrease.
As of May 15, the recently released Eliza Johnson First Spouse Gold Coin has sold 2,689 coins across proof and uncirculated options, while the 2011-W Uncirculated Gold Eagle has sold a mere 1,335. Proof Gold Eagle sales have also dropped to very low levels.
Coin Update: Full Weekly US Mint Sales Report
Labels: US Mint