After spending more than two months at the highest levels on record, the prices for US Mint numismatic gold coins should be reduced this week.
The gold numismatic products currently available include the 2010 Proof Gold Buffalo and the First Spouse Gold Coins featuring Sarah Polk, Margaret Taylor, Abigail Fillmore, and Jane Pierce.
Under the US Mint's pricing policy for numismatic gold and platinum coins, the prices of products may be adjusted as frequently as weekly in response to changes in the average price of the metals. Each week, the average of the London Fix prices from the prior Thursday AM to the current Wednesday AM is calculated. If the calculated average falls into a different range compared to the prior week, prices are subject to adjustment--as long as the Wednesday PM Fix price agrees with the current weekly average. The latter criteria was only recently brought to light by this Coin Update News article.
For the latest weekly period, the average London Fix price of gold from Thursday AM, July 15 to Wednesday AM, July 21 is $1,193.42. The Wednesday PM Fix price for July 21 is $1,191.25. Since prices are currently set for the $1,200 to $1,249.99 range, prices should be reduced proportionally by $50 for each ounce of gold content.
The price of the 2010 Proof Gold Buffalo should be reduced from $1,510 to $1,460. These coins originally went on sale June 3, 2010 and have been priced at $1,510 for the entire availability period so far. The most recent sales figures show 22,844 coins sold through July 18, 2010.
The price of the First Spouse Gold Coins should be reduced from $779 to $754 for proof coins and from $766 to $741 for uncirculated coins. The most recently released Jane Pierce First Spouse Gold Coins went on sale June 3, 2010 priced at $779 and $766. This was the highest starting price for any release of the series to date.
Price adjustments have usually taken place by mid-day Wednesday, although the policy states that adjustments should be made on Thursday mornings.
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