$1,600, $1,700, $1,800.
The price of gold is rising so fast that the Mint’s pricing method for collector gold coins can’t keep up.
As a result, sales were stopped for more than 24 hours starting Aug. 9 to allow the Mint to reprice its gold First Spouse coins, American Eagles and Buffaloes struck for collectors.
Only the gold $5 commemorative coins for the U.S. Army and Medal of Honor remained on sale on its website and by telephone during this period because their prices were not established by what the Mint calls its grid pricing system.
The grid dictates weekly price changes depending on the movement of five-day average London market prices and Wednesday afternoon prices. Their movement from one $50 range to another determines the Mint’s gold coin prices.
But five days is an unworkable eternity when gold bullion hop scotches through multiple $50 grid blocks.
The Mint wouldn’t want to underprice its collector offerings, now would it?
Hence, the sales pause until after the Wednesday afternoon London gold price was set, which is called the p.m. fix.
New York gold prices moved from a close of $1,663.40 Wednesday, Aug. 3, to $1,781.30 Aug. 10.