For the second time this week, the US Mint on Thursday updated American Buffalo Gold, American Eagle Gold and First Spouse Gold coin prices. The Mint also officially announced its pricing strategy for "precious metals numismatic products," and released pricing tables showing how gold and platinum coins will be adjusted in the future.
A Mint document published Jan. 6 by the Federal Register, which is the official daily source for notices by government agencies, laid the ground rules for its pricing policy. In short, prices for collector bullion coins may potentially change every Thursday. Adjustments will be based primarily on a weekly review of London Fix gold and platinum averages. The London Fix is used as a world price benchmark for immediate silver, gold and platinum delivery.
The first set of pricing updates occurred Monday when the new system went into affect. Coins were marked higher for the most part. Gold has declined over the last several days, which triggered a new round of reduced prices Thursday, as the tables reflect:
2008-W American Eagle Gold Uncirculated Prices |
||||
|
Old Price
|
New Price
|
$ Change
|
% Increase
|
|
| 1 ounce |
1,128.00
|
1,078.00
|
(50.00)
|
-4.4%
|
| 1/2 ounce |
575.00
|
550.00
|
(25.00)
|
-4.3%
|
| 1/4 ounce |
297.00
|
284.50
|
(12.50)
|
-4.2%
|
| 1/10 ounce |
129.50
|
124.50
|
(5.00)
|
-3.9%
|
| 4 coin set |
2,097.00
|
2,005.00
|
(92.00)
|
-4.4%
|
| US Mint coin information page: | American Eagle Gold Uncirculated Coins | |||
2008-W American Eagle Gold Proof Prices |
||||
|
Old Price
|
New Price
|
$ Change
|
% Increase
|
|
| 1/10 ounce |
135.50
|
130.50
|
(5.00)
|
-3.7%
|
| US Mint coin information page: | American Eagle Gold Proof Coins | |||
2008-W American Buffalo Gold Coin Prices |
||||
|
Old Price
|
New Price
|
$ Change
|
% Increase
|
|
| Double Prosperity Set |
1,175.00
|
1,125.00
|
(50.00)
|
-4.3%
|
| Celebration Coin |
1,147.00
|
1,097.00
|
(50.00)
|
-4.4%
|
| US Mint coin information page: | American Buffalo 24K Gold Coins | |||
The Mint’s press release describing its new strategy follows:
United States Mint Changes Strategy for Pricing Precious Metals Numismatic Products
Washington – The United States Mint announced today it is implementing a new strategy for pricing numismatic products containing gold and platinum effective January 12, 2009. Non-precious metal products and bullion coins will not be affected by the new pricing strategy.
"Transparency, agility, and customer service are the catalysts for our new pricing method," said United States Mint Deputy Director Andy Brunhart. "The volatile precious metals market prompted our customers to suggest that we re-vamp our process, and we listened."
The United States Mint published a Federal Register notice on January 6, 2009, that included an itemized pricing structure for gold and platinum numismatic products. (This notice does not affect gold commemorative coin pricing.) Product prices will fluctuate within the new structure, which is based on a range of the average market price for gold and platinum. For gold numismatic products, the range will be within $50 and, for platinum numismatic products, the range will be within $100.
Pricing of gold and platinum numismatic products will be directly related to the average weekly London fix prices for these metals. If the market value of gold and platinum moves to a higher or lower range, the price of each product will be increased or decreased in corresponding increments. For example, if the weekly average price of gold rises to the next $50 price range, the United States Mint will increase the price of gold numismatic products by $50 for each ounce of gold in the product. Under this scenario, the price of a one-tenth ounce gold uncirculated coin would increase by $5.
Previously, the United States Mint published a Federal Register notice each time the price of a product was changed. Under the new policy, the notice will be in effect throughout 2009. It encompasses a broad band of price ranges for the metals. The United States Mint’s new pricing formula will be more responsive to changes in the market price of gold and platinum.
The pricing tables for numismatic products containing gold and platinum coins can be found at http://usmint.gov/pressroom/index.cfm?flash=yes&action=goldplat.
# # #
Washington – The United States Mint announced today it is implementing a new strategy for pricing numismatic products containing gold and platinum effective January 12, 2009. Non-precious metal products and bullion coins will not be affected by the new pricing strategy.
"Transparency, agility, and customer service are the catalysts for our new pricing method," said United States Mint Deputy Director Andy Brunhart. "The volatile precious metals market prompted our customers to suggest that we re-vamp our process, and we listened."
The United States Mint published a Federal Register notice on January 6, 2009, that included an itemized pricing structure for gold and platinum numismatic products. (This notice does not affect gold commemorative coin pricing.) Product prices will fluctuate within the new structure, which is based on a range of the average market price for gold and platinum. For gold numismatic products, the range will be within $50 and, for platinum numismatic products, the range will be within $100.
Pricing of gold and platinum numismatic products will be directly related to the average weekly London fix prices for these metals. If the market value of gold and platinum moves to a higher or lower range, the price of each product will be increased or decreased in corresponding increments. For example, if the weekly average price of gold rises to the next $50 price range, the United States Mint will increase the price of gold numismatic products by $50 for each ounce of gold in the product. Under this scenario, the price of a one-tenth ounce gold uncirculated coin would increase by $5.
Previously, the United States Mint published a Federal Register notice each time the price of a product was changed. Under the new policy, the notice will be in effect throughout 2009. It encompasses a broad band of price ranges for the metals. The United States Mint’s new pricing formula will be more responsive to changes in the market price of gold and platinum.
The pricing tables for numismatic products containing gold and platinum coins can be found at http://usmint.gov/pressroom/index.cfm?flash=yes&action=goldplat.
# # #
The headline is slightly misleading. The prices changed twice this week because they implemented the new prices on Monday and then started following the process on Thursday. From now on the prices will change at most once per week at 10:00 am EST on a Thursday.
Oh, I get it…customers were dissatisfied current system of pricing, because it was not expensive enough. We demanded higher prices, and the Mint listened. Thank you,
only a government employee could actually believe that we actually asked for higher prices..
Thanks for reading our minds…Lets Pay More!
I’ll tell ya Matt,that was well stated.Would those gov. employees you mentioned be paid with our taxes???