When uncirculated “W” mintmarked gold American Eagle sales were stopped yesterday afternoon, a story was posted on www.Numismaticnews.net by the Numismatic News staff.
Sales are suspended for up to two weeks as the Mint reviews its options. A government agency can do this. A business would not. Getting something back up and available as quickly as possible would be the goal of business. Navigating the bureaucracy and getting everybody to sign off on the new prices is the government’s goal.
Even the government does not want to sell something at less than market value. That is laudable and it is the essence of my point here.
Because the “W” coins are supposedly bullion coins sold directly to collectors by the Mint and because the prices of ordinary bullion coins sold through the national dealer network fluctuate daily, the Mint should consider setting daily or weekly prices for the “W” gold bullion coins and the "W" platinum and silver bullion Eagles, too, while the staff is at it.
In volatile market times, what is the alternative? What if the Mint reprices the gold American Eagles at new and higher prices and gold takes a tumble? What if gold shoots up to $1,000 as some are forecasting?
Would the result be two-week sales suspensions at $800 an ounce, $900 an ounce and $1,000? That would add up to eight weeks of suspended sales, including this one, if such a scenario unfolds.
Call bullion bullion and price it like bullion. That means the prices fluctuate. Collectors understand. They might grouse about not getting a bargain, but they understand.