US Mint pulls gold collector coins
Sales are suspended for repricing as gold soars.
These are the gold numismatic coins sold to collectors, not the gold bullion coins sold to investors, the Mint told Reuters.
The problem was that the market price for gold bullion was fast approaching the price of gold collector coins. The U.S. Mint has the right to stop collector sales when that happens, but that apparently has never happened, at least as far as anyone can remember.
Gold futures shot up near $1,800 Tuesday (and beyond that Wednesday), with some analysts predicting the metal could go even higher. Gold was selling at about $1,750 Thursday.
Normally, the U.S. Mint prices its numismatic coins weekly. But the price of gold bullion was shooting up so quickly that it was within range of gold collector coins. So the U.S. Mint suspended collector coin sales Tuesday and re-priced them Wednesday. You can see the new prices at this site.
Collectors and investors have increased their gold purchases recently as the price of the previous metal has soared, according to CoinWeek. The gold collector coins generally are priced with a surcharge that goes to museums and support organizations.
CoinWeek columnist Louis Golino thinks the U.S. Mint should develop a real-time pricing system for coins, similar to what bullion dealers use, instead of setting prices each week. For now, he recommends the Army and Medal of Honor $5 commemorative gold coins purchased directly from the Mint. "Everyone who follows these coins closely is surprised that the Mint has not yet (as of Aug. 10) also removed these coins for repricing," he writes.
VIDEO ON MSN MONEY
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The major averages ended the Wednesday session on a mixed note. The Nasdaq (+0.4%) and Russell 2000 (+0.3%) posted modest gains while the Dow Jones Industrial Average (-0.1%) finished in the red. For its part, the S&P 500 (+0.03%) settled just above its flat line.
Stocks began the day in the red, but spent the first two hours of action in a steady climb off their lows. The cautious start took place amid broad-based weakness across major European markets where ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'