The initial sales figures are now available for the 2011 Proof Gold Eagles. These coins went on sale last week on April 21, one day after the market price of gold broke above the $1,500 level.
|2011 Proof Gold Eagle Sales|
|4 Coin Set||3,988|
The figures above represent sales through April 24, 2011, and come from the weekly Coin Update News US Mint sales report. The numbers are down by about 50% for each product option from the initial sales levels for last year’s coins.
Leading up to the offering, there certainly seemed to be less excitement compared to the 2010 release. At that time, the return of the Proof Gold Eagle following a one year cancellation had captured collector’s attention, and there was plenty of pent up demand following a lengthy period of unavailability.
For this year’s release, a lot of collector focus was still devoted to the America the Beautiful 5 oz. Silver coins. Also the circumstances of the 2011 Proof Gold Eagles were more typical, with an early release date and little doubt about the status of the offering.
Despite the drop from the prior year sales levels, figures are well ahead of the early sales numbers for the 2008-dated coins. The chart below shows the initial sales figures for the 2008, 2010, and 2011 Proof Gold Eagles. The numbers for the 2008 release reflect the first six days of sales, while the other numbers represent the first three days of sales.
|Initial Proof Gold Eagle Sales Figures|
|4 Coin Set||3,988||7,147||1,691|
Price Increase for 2011 Proof Gold Eagles?
When the 2011 Proof Gold Eagles went on sale, they were priced based on an average gold price in the $1,450 to $1,499.99 range. The price of gold is currently just above the $1,500 level, creating the possibility for a price increase tomorrow. The calculation will probably come right down to the wire, determined by the Wednesday PM London Fix price.
The US Mint calculates the average gold price based on the London Fix prices from the prior Thursday AM to the current Wednesday AM. Furthermore, the Wednesday PM price must agree directionally with the change. For the present period, London markets were closed on Friday and Monday.
|London Gold Fix Prices|
|Apr 21 Thurs AM||1507.00|
|Apr 22 Fri AM||N/A|
|Apr 25 Mon AM||N/A|
|Apr 26 Tues AM||1505.00|
|Apr 27 Wed AM||?|
By my calculation, a price increase will take place if the Wednesday AM price is $1,486.50 or higher and the Wednesday PM price is $1,500 or higher.
A pricing increase would impact the 2011 Proof Gold Eagles, 2010 Proof Gold Buffalo, Abigail Fillmore First Spouse Gold Coin, and Mary Todd Lincoln First Spouse Gold Coins.