One week ago, the US Mint reduced the prices for certain numismatic gold coin offerings. The reduction proved to be short lived, as prices were increased earlier today. This takes price levels back to their highest levels on record for the impacted products.
The brief respite in prices may have prompted some collectors to make purchases. The latest sales report showed higher sales for some gold coin offerings. The next sales report, available early next week, will include sales data from the second half of the one week period of lower prices.
Collectors can track gold price data in order to anticipate US Mint price increases and decreases. The US Mint uses two factors to determine whether price changes will be implemented for the week:
1.) The weekly average price of gold is calculated based on the London Fix gold price from the prior Thursday AM to the current Wednesday AM. If the average price falls into the same pricing tier (established at $50 increments) as the previous week, then no pricing change will take place. If the current weekly average falls into a different tier, then a pricing change will take place, subject to the second factor.
2.) To take into account the directional trend of gold prices, the Wednesday PM London Fix gold price must agree directionally with the average weekly price. This means that if prices are to be increased, the Wednesday PM price must fall into the same tier or higher as the currently weekly average price. Conversely, if prices are to be decreased, the Wednesday PM price must fall into the same tier or lower as the current weekly average price.
For the current week, the average London Fix gold price from last Thursday AM to this Wednesday AM was $1,507.67 and the Wednesday PM Fix was $1,526.25. This compared to the previous period’s average price of $1,495.06. Because the current weekly average was in a higher tier and the Wednesday PM price agreed directionally, prices were increased.
The new prices in effect following the increase are as follows:
|Old Price||New Price|
|2010 Unc Mary Todd Lincoln||891.00||916.00|
|2010 Proof Mary Todd Lincoln||904.00||929.00|
|2011 Unc Eliza Johnson||891.00||916.00|
|2011 Proof Eliza Johnson||904.00||929.00|
|2011 1 oz Proof Gold Eagle||1,735.00||1,785.00|
|2011 1/2 oz Proof Gold Eagle||881.00||906.00|
|2011 1/4 oz Proof Gold Eagle||453.00||465.50|
|2011 1/10 oz Proof Gold Eagle||195.50||200.50|
|2011 Proof Gold Eagle 4 Coin Set||3,215.50||3,308.00|
|2011 1 oz Unc Gold Eagle||1,728.00||1,778.00|