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U.S. Mint Cuts Gold Coin Prices, Will Raise Premiums

February 21, 2013148 view(s)

After gold hit a six-month low this week, the U.S. Mint is reportedly set to announce it would cut prices on gold coins effectively immediately. The Mint also stated that new gold and platinum releases would have higher premiums and will go into effect on Wednesday, February 27.

Prices lowered by the Mint today affect eight coins – the four proof and the four uncirculated 2012 First Spouse Gold Coins. No other U.S. Mint gold coins for collectors are available since the proof American Gold Eagles and American Gold Buffalos for 2012 have all sold out. Versions dated for 2013 are not scheduled for release until later this spring.

Prices were lowered by $25 for each of the eight coins. The four proof gold coins will drop from $1,004 to $979, and the four uncirculated gold coins will drop from $991 to $966.

The looming price changes are outlined in a new U.S. Mint pricing grid listing gold ranges and higher coin prices to match. If the new grid was in use on the gold coins already on the market today, prices for the spousal proof coins would be $36 higher and the uncirculated coins would cost $29 more.

When it is released, the one-ounce proof 2013 American Gold Eagle will be priced at about $40 more than last year’s coin. Likewise, the uncirculated 2013 American Gold Eagle will rise by $47, the proof 2013 American Gold Buffalo increased by $80, and the proof 2013 American Platinum Eagle will increase somewhere between $58 and $108.

The Mint has based the price of its collectible gold coins on London gold Fix prices, which have been averaging within $1,650.00 to $1,699.99 an ounce. Since gold bullion has dropped well below those levels during the last several days, they have made the pricing adjustments.

With the drop in price in gold bullion, Investment Grade Coins are particularly attractive because they have low volatility and are trending up, even as the more volatile pure gold bullion is dropping in price this week.

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