For the second time this year, the United States Mint has increased the prices for the numismatic gold coin offerings. The last price increase took place two weeks ago.
Since early 2009, the US Mint has utilized a flexible pricing policy for numismatic gold and platinum coins that allows adjustments to be made as frequently as weekly. Prior to the adoption of the policy, pricing changes were published in the Federal Register, which could result in lengthy sales suspensions.
Under the policy, the average weekly price of gold is calculated based on the London Fix prices from the previous Thursday AM to the current Wednesday AM. If the average weekly prices moves into a different tier (established at $50 intervals for gold and $100 intervals for platinum), then product prices are adjusted based on the precious metals content. As an additional criteria, the Wednesday PM London Fix price must agree directionally with any potential change.
The latest price increase was made effective earlier today. The basis for the new prices is a weekly average gold price within the $1,650 to $1,699.99 range. Prices were adjusted proportionally by $50 for each ounce of gold content. The impacted products included the 2011 Proof Gold Eagles, 2011 Proof Gold Buffalo, and 2011 First Spouse Gold Coins.
|Old Price||New Price|
|Gold Eagle 1/2 oz. Proof||956.00||981.00|
|Gold Eagle 1/10 oz. Proof||210.50||215.50|
|Gold Eagle 4 Coin Set||3,493.00||3,585.50|
|Gold Buffalo Proof||1,910.00||1,960.00|
|First Spouse Gold Proof||979.00||1,004.00|
|First Spouse Gold Unc||966.00||991.00|
Since the start of the year, the market price of silver has also moved steadily higher, increasing from about $29 per ounce to more than $33 per ounce. The US Mint does not have a flexible mechanism for adjusting the prices for numismatic silver coin offerings. Rather these prices must be adjusted through publication in the Federal Register. Current silver products include the America the Beautiful Five Ounce Silver Uncirculated Coins, 2011-W Uncirculated Silver Eagles, September 2011 Silver Medals, annual Silver Proof Sets, and America the Beautiful Quarter Silver Proof Sets.
The prices for the ATB Five Ounce Silver Uncirculated Coins and 2011-W Uncirculated Silver Eagles were decreased effective December 27, 2011. Prices for the other products have remained unchanged through the recent volatility in silver prices.