Gold Chart Skinny

I just got off the phone with "Candice" of the US Mint's Customer Service Center. I asked Candice how the US Mint determines when to increase coin prices (UHR and FS) as the price of gold increases.

Here's what she had to say...

Each Wednesday, at 8:00 AM, the US Mint in Philadelphia looks at the spot price of gold. The spot price at that instantaneous moment in time determines the coin pricing bracket for the coming week.

The price of gold could rise or fall $500 at 8:10 AM...no matter. Whatever the spot price is at 08:00 AM on Wednesday morning determines the chart price it's gonna be until the following Wednesday...at 8:00 AM...according to Candice.

Candice has spoken :thumb:

*****CORRECTION*****

Elaine has also spoken...and helped add an important piece that Candice left out...

The Mint doesn't use the "spot price" as Candice had indicated...they use the "weekly average London A.M. Fix price". The week begins with the Thursday London A.M. Fix price and ends with the following Wednesday's London A.M. Fix price.

http://www.coinnews.net/2009/01/07/us-mint-to-adjust-gold-and-platinum-coin-prices-weekly-using-london-fix-4662/

I was looking for a link that would provide the weekly average London A.M. Fix price, but the best I could find was a chart that plots the daily A.M. Fix price for the past year. Follow the link below...select "Free Charts" on the menu on the left, then "Gold Fix AM($)"

http://www.thebulliondesk.com/

Here's a link that shows the historical daily London A.M. Fix prices...

http://www.kitco.com/gold.londonfix.html

Will the Mint raise their prices tomorrow? It'll be close, but I'm guessing the weekly average will come in just under $1000.

 

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Thanks Yakpoo for clearing that up. For some reason, I was always under the impression that was on Thursdays that they did that! Thanks.

 

Joe, I just editted the thread and added some important information given to me by Elaine. I think it's about right now...I'll add a link with the Daily London A.M. Fix gold price when I find one.

Found one! I added it already.

 

Thats where the Thursday comes in. Thanks for the clarification.

 

Averaging the London AM Fix prices for the past four (4) trading days, gold would have to plummet to a "daily average" of $950/Oz tomorrow for the "weekly average" to fall below $1000/Oz.

In other words, there's a really good chance the Mint raises prices on their gold products tomorrow...:thumb: