I haven't seen this on CT yet. In case I missed it elsewhere, apologies for the duplicate posting. Below is directly form the mint's web site: "Due to the increasing market value of gold, the American Eagle Gold Uncirculated Coins are temporarily unavailable while pricing for this option can be adjusted; therefore, no orders can be taken at this time. We expect products to be available with adjusted pricing on or after September 27, 2007." Price: $1,379.95 Product is not available.
I saw that, but didn't realize it was new. When I realized that the first spouse gold coins were going for only $50 over spot, I got the bright idea of seeing how close the american gold eagles were and saw the note. I wonder what they are goign to re-price them at.
gonna jack it waaaaaay up, just like they did a while ago, and like gasoline you'll see a big jump, but if the market cools off it'll take a while for it to drop back down to a reasonable level.
The anticipated change in price for the 2007 Uncirculated AGE will also impact the price of the Proof AGE, shortly.
I think this is rediculous. The mint is already making a killing off of coin sales. It's greed..nothing more. They buy gold years in advance and at far below market value. They need to honor the price stated until this years production run ends. Guess this is why I never buy from them. The government rips me off in taxes..I'm not going to ripped off by choice. Guy~
It may be law, but in regards to bullion prices and selling on a sliding scale, it's increasing market inflation for that particular metal. It would be like all of us taking in our hoards of copper cents and demanding to get bullion market value for them instead of the value we purchased it at. Guy~
But that's the point - the mint has to purchase the gold to make the coins so if the price of gold goes up they have to pay more. Therefore they have to charge more because they are required by law to only sell the coins at a profit. Since the price of gold fluctuates the mint has a window that they operate within. But if the prices rises above that window they have to raise prices. Conversely if the price drops, then they in turn drop prices as well. But somehow I doubt anyone would complain about that.
I just read that one analyst thinks gold will continue to rise as the central banks bail out the market. This will drive up inflation. If so, hats off to those who have been buying gold.
Actually if you check the laws that authorized the gold eagles you'll find that they have to purchase newly mined US gold if it s at all possible. If you know someplace where I can buy newly mined US gold far below market please let me know. Uh, if it wasn't illegal to melt down the cents if you took your hoards of cents in to a metal dealer you would receive a little below the metal value not what you paid for the cents when you got them in change. Likewise if you take in silver coins to the smelter you get melt value not whatever you paid for them. You think the government for sell gold for less than the current market value if it goes up? If you bought gold at six hundred something a week or so ago, do you think you shouldn't be allowed to sell it at a higher price now that it's over 700?
Actually, you can get bullion value for copper cents...at least where I live. And yes, I think when the mint sets a price for a product, they need to stick to that stated price through the end of the production. They are still making a nice profit regardless. I never stated anything refering to "laws", only my personal opinion. And you're right...they are required to buy bullion yearly if they are to mint with that particular metal. But, they buy years in advance. In other words, the bullion coins minted today are made from bullion bought perhaps ten years ago, at those market prices. Guy~
Sorry Guy, but that is incorrect. They buy the gold as they need it during the course of the year. That's why the law was written as it was - so there would be no unjust profits.
