The latest US Mint sales report is now available. This report includes updated sales figures for the 2010 Proof Gold Eagles. After the strong opening numbers last week, some slow down was expected. Separately, based on the US Mint’s numismatic gold product pricing policy, a pricing increase will likely not take place this week.
Before discussing the pricing, here are this week’s sales figures. The first number column represents the number of units sold during the week ended October 17, 2010. The second column represents the total sales through the reporting date. The final column shows the percentage of the maximum product limit which has been sold.
|2010 Proof Gold Eagle Sales|
|4 coin set||2,840||9,987||25.61%|
The most popular option continued to be the one ounce individual coin, which sold 5,215 in the last week. With the total now at 19,195, a sell out for this option seems possible within two or three weeks time. Of course, the one ounce coin would still remain available within the 4 Coin Set, which is not at risk of selling out any time soon.
The most significant slow down in sales occurred for the one-tenth ounce individual coin, which sold 1,593 units this week compared to 6,945 in the debut period. Priced at $180.50 each, these coins carry the highest premium above the value of the gold content.
On the subject of pricing, after an increase was narrowly missed last week, it had seemed highly probable that prices would be increasing this week. However, following gold’s decline today, the possibility of a price increase is now seems unlikely.
Under current policy, the US Mint bases prices for numismatic gold products primarily on the average London Fix price from the prior Thursday AM to the current Wednesday AM. If the average price moves into a different $50 price tier, then a price change would generally take place. The price change can be overruled if the Wednesday PM price does not agree with the change directionally. This additional aspect of the policy was first noted in this Coin Update News article.
For the current period, the average gold price is solidly within a higher range ($1350 – $1399.99), but the price of gold has fallen back into the current range ($1300 – $1349.99). Therefore, as long as the Wednesday PM fix price comes in below $1350, a price change will not take place. PM Fix prices are set at 3:00 PM London time, or 11:00 AM NY time.
In the past, the supplemental aspect of the policy has been used to avoid a price decrease. I believe this will be the first time the policy will be used to avert a price increase.
Coin Update News: Full US Mint Sales Report