Posted on 08/22/2011 2:11:38 PM PDT by DeaconBenjamin
This morning the US Mint has suspended sales of all remaining numismatic gold coin offerings. The move comes as the market price of gold has jump another $35 to nearly $1,890 per ounce. Prior to the suspension, products were priced based on an average gold price in the $1,750 to $1,799.99 range.
The US Mint’s pricing policy covering most numismatic gold coins allows for price changes to take place as frequently as weekly based on the average market price of gold based on the London Fix prices from the previous Thursday AM to the current Wednesday AM.
Pricing changes have generally taken place mid-morning Wednesday when all of the data points were available. The US Mint has reserved the right to suspend sales early “in the event that the selling price of United States Mint gold bullion products begin approaching the sale price of the gold numismatic products.” They invoked this option for the first time two weeks ago, and apparently for the second time today.
This year, pricing increases will have taken place on ten separate occasions on February 16, March 2, April 13, April 27, May 25, July 20, July 27, August 10, August 17, and likely later this week on August 25. Only one price decrease has taken place on May 18.
Commemorative gold coins, which are not covered by the numismatic gold coin pricing policy had their sales suspended on August 12. The US Mint plans to introduce a pricing grid for these products. The suspension still remains in place while the grid is being developed and implemented.
Late last week, the US Mint also suspended sales of the 2010 Silver Proof Set and 2010 America the Beautiful Quarters Silver Proof Set, pending repricing.
imagine if they make it illegal to own again.
Wonder when the confiscation will begin.
Good sign to invest in semi-precious metals.
They were pounding out silver dimes, quarters and halves as fast as they could (all dated 1964) for nearly 4 years to keep people from hording them when the silver value exceeded the face value.
This gold run-up is scary but I have to say I am not completely disappointed. Just for the heck of it I bought gold when it was at the $275 to $300 range. I’m real tempted to sell it right now.
$1,902.10 a few minutes ago...
Da yum
the items I ordered last week are “on hold”
I shoulda used eBay
you bought paper, digits or metal?
What are you waiting for?
I wonder how much of the population will resist?
Nothing to see here. Move along.
I have found this website to be a very useful source of information on the economy, gold, and silver.
http://goldismoney.info/forums/
Next to step for this corrupt government is to confiscate all gold.
I wonder how much of the population will resist?”
I know of at least one.
Better yet, look at the debt obligation or wait for QE3. It's not the gold run-up thatps scary. It's the falling value of fiat currencies world-wide!
“I’m real tempted to sell it right now.
I face the same temptations. But, where do you securely park your wealth so that inflation won’t eat it away?
The kind you can hold in your hand. 24K
The kind you can hold in your hand. 24K
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