US Mint Collector Gold Coins May See Price Cuts

Due to volatile, but lower trending gold prices over the last several days, the United States Mint on Wednesday may reduce prices on its collector gold coins for a second straight week.

For price cuts to occur, the London Wednesday AM gold fixing must remain at or below $1,838.00 an ounce and the Wednesday PM fixing must stay below $1,800 an ounce. As of this writing, the first condition is likely to happen while the second is now in doubt — gold rallied Tuesday afternoon with futures in New York jumping $30.20 to $1,809.10 an ounce.

[Update: The two conditions were met, and the United States Mint before noon ET on Wednesday cut coin prices.]

United States Mint coin pricing methodology uses a grid filled with coin prices which are pulled based on a weekly average of gold. When the average moves outside a predefined $50 range, prices for gold coins move in accordance. As an example, the Mint reduced coin prices last Wednesday when the weekly gold average moved lower to a range between $1,800.00 and $1,849.99 an ounce.

If both of the conditions described earlier are met, the United States Mint will set prices for collector gold coins based on an even lower range of between $1,750.00 and $1,799.99. In that event, look forward to price reductions for:

• Proof First Spouse Coins from $1,079.00 to $1,054.00
• Uncirculated First Spouse Coins from $1,066.00 to $1,041.00
• 1 oz American Gold Buffalo from $2,110.00 to $2,060.00
• 1 oz Uncirculated American Gold Eagle from $2,078.00 to $2.28.00
• 1 oz Proof American Gold Eagle from $2,085.00 to $2,035.00
• 1/2 oz Proof American Gold Eagle from $1,056.00 to $1,031.00
• 1/4 oz Proof American Gold Eagle from $540.50 to $528.00
• 1/10 oz Proof American Gold Eagle from $230.50 to $225.50
• Proof American Gold Eagle 4-Coin Set from $3,863.00 to $3,770.50

The above price cuts in collector gold coins would range from $5 to $92.50. Before that would happen, the Mint would likely freeze product ordering in late morning and have the new prices implemented by noon ET.