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.
40 posts, and no one realizes that the suspension of the fussy frou-frou coins is being suspended so they can crank our the BULLION coins like ordinary gold eagles.
This so that the mint can meet the demand, because proofs and other collectibles tie up machines and personnel.
“But, where do you securely park your wealth so that inflation won’t eat it away?
I have this leather wallet in my back pocket that is beckoning your dollars. I promise to invest your money in only the finest of beef, scotch and cigars.”
You are a gentleman and a scholar. I will take your offer into consideration. ;-)
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