Tuesday, August 23, 2011

US Mint Suspends Sales of ALL Numismatic Gold Coins

The US Mint has suspended ALL sales of numismatic gold coins, as the rapid run up in the spot price of gold had been surpassing the numismatic sales price before the mint could get around to updating the prices.
We wonder if the US Mint ever considered adding a price ticker?

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.
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.
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