All US Mint Numismatic Gold Coins Suspended

Monday, August 22, 2011

All US Mint Numismatic Gold Coins Suspended

Posted by Mint News Blog | Filed Under: US Mint

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.

Source: Mint News Blog

      
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6 Responses to All US Mint Numismatic Gold Coins Suspended

  1. admin says:

    The commemorative Gold Eagles suspension on August 14th, was supposed to be temporary and should have been been lifted after a few days.

    http://ncrenegade.com/editorial/american-eagle-sales-suspended/

    • Hans says:

      Apparently the process to establish prices by the US Mint is not a real-time market based solution.

      Their mechanism appears inadequate to manage price for the gold products in times of extreme variation in bullion spot price.

      So instead of a market solution, they ‘suspend sales’ … our government at work.

      I’m curious to see if they will apply the same technique to the price of Oxygen in times of hyperventilation.

      • admin says:

        Is it possible that the government knows that war and/or hyperinflation is coming? This means that they know the value of gold in the near future will be much higher and would justify the suspension of all gold sales.

  2. Dave says:

    Why suspend sales? They bought the gold at a certain, lower price and currently they are making a profit. I can see the suspension if price of gold was going down. They would be taking a loss. But it’s going up! Doesn’t make sense to me!

    • admin says:

      It makes sense if the government has less gold than they are reporting as alleged by Ron Paul. Or if they expect the dollar to undergo a massive round of inflation due to an economic collapse. Or if they need it to cover gold swaps as England is now caught. Or if a world war is coming.

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