New High for Gold, Product Suspensions Soon?


On Friday gold broke through the much anticipated $1,000 level. This morning gold is extending its gains on the heels of a so-called “global market panic.” Putting aside other financial implications, the continued gains in gold are likely to cause a new round of product suspensions and re-pricings for some US Mint products.

There are a number of 2007 dated gold products, which had initially been priced while gold was at much lower levels.

The 2007-W Uncirculated American Gold Eagles were last repriced on February 4, 2008. On that date, gold had closed at $902 per ounce.

The following table lists the denominations and prices still for sale at the US Mint’s website:

1 oz. $1,045.95
1/2 oz. $ 529.95
1/4 oz. $ 279.95
1/10 oz. $ 119.95
4 coin set $1,939.95

The 2007-W Dolley Madison First Spouse Gold Coins, which contain one half ounce of gold, were initially priced on November 15, 2007. On that date, the price of gold was $786 per ounce.

The proof version of the coin is still available for sale here for $529.95. Oddly, sales of the uncirculated version of the coin were suspended on March 3, 2008, even though sales of the proof version have continued.

The Mint recently performed a quiet repricing of the 2008 Buffalo Celebration Coin, raising the price by $100. If today’s early move in the price of gold is sustained, repricing or suspension of the 2007 dated products mentioned is sure to follow.

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