As I am sure gold followers know, the price of the metal fell $26 dollars on Monday to close at $805. While a pull back is always disappointing, the recent drop follows a long, sharp run up. Over the past 60 days the price of gold had risen from $700 to over $830.
The question remains, where will gold go from here?
Over at the US Mint, the Burnished Gold Eagles are still unavailable for sale. Sales were suspended on November 5 when the price of gold had risen to $810. Now that the spot price of gold is below this level, will the Mint resume sales at the same previous prices? My guess is “no.“
The Proof Gold Eagles still remain on sale, although the Four Coin Set has now sold out. It was curious that the Mint had suspended sales of the Uncirculated Gold Eagles, but not the Proof Gold Eagles. Perhaps collectors were taking advantage of the relative bargain available on the proofs while the price of gold was higher, prompting the sell out. Half ounce, quarter ounce, and tenth ounce proof coins still remain available for sale.