Despite a late Tuesday afternoon $31+ plunge in gold prices, it is very unlikely that the United States Mint will change prices Wednesday on its numismatic gold coins, or proof Platinum Eagle for that matter.
The reason is that the two precious metals have not fluctuated much in London over the last several days. Gold is currently averaging around $1,666 an ounce and platinum’s average is just under $1,645.
To determine its current gold coin pricing, the U.S. Mint is using a price bracket of London gold from between $1,650.00 to $1,699.99 an ounce. In order for the Mint to adjust coin prices, an enormous swing would be required. To go up, the Wednesday AM fixing alone would have to surge above $1,970.99. For coin prices to decrease, the gold AM fixing would need to fall below $1,521. In either case, the Wednesday PM fixing would need follow in the same direction. At the present time, Tuesday’s market price is about $1,646.
In the noble metal market, the U.S. Mint threshold for the proof Platinum Eagle pricing is based on a London Fix platinum weekly average of between $1,550.00 and $1,649.99 an ounce. A jump above $1,690.99 for the AM fixing and a PM fixing above $1,649.99 would be required for the Eagle’s price to increase. For the proof Platinum Eagle price to fall, the AM fixing alone would need to plummet under $791 an ounce. As of this writing, the market shows platinum around $1,638 an ounce.
It should be noted, introductory sale prices for commemorative 2012 Star-Spangled Banner coin products in both gold and silver options end this week on Thursday, April 5, 2012, at 5 PM EDT.
It’s interesting how everybody is so interested in spot gold price changes when all that matters as far as mint pricing goes is the London AM and PM fix prices. What happens in New York is irrelevant – it’s what happens in London that counts. And then it only matters on Wednesdays since that’s when the average is calculated for mint coinage price changes (if any). You people are obsessed with gold fluctuations when mint gold pricing is a lot calmer, of concern only once a week. Relax and chill out.
Huzzah! Well said My Lord…!! Blimey, you yanks are all alike. “Gold’s too bloody high, Gold’s too bleedin’ low….!! Why don’t you all sod off! Why, in my day, we here in the Parliament would give our left nut for the London AM price to just stay the same once in a fortnight. That and the price of tea and a slice. All this bloody capitalism run amok! Enough I say! Chill out, as you say in the states? Capital idea! As for me, I’m bound for The Rose & Crown for a pint and a wee plate of fish… Read more »
£2,000 = ~$3200 You’re going to have a long wait I think before your yank friends come to visit. You’re asking for gold to almost double in price and by then they probably won’t be able to afford the trip across the pond. (Tho it has doubled since 2009 so maybe not that far fetched a thought after all.)