U.S. Mint ties gold, platinum coin prices to London fix

Section:

By Frank Tang
Reuters
via Forbes.com
Friday, February 16, 2009

http://www.forbes.com/reuters/feeds/reuters/2009/01/16/2009-01-16T174447...

NEW YORK -- The U.S. Mint said its gold and platinum numismatic coins will now be directly set according to average prices, a move to make its products more
responsive to market changes.

The pricing of gold and platinum numismatic products will
now be directly related to the average weekly London fix prices for the metals, the Mint said.

The Mint said the pricing change was effective Jan 12.

Coin dealers from around the world have reported a surge in buying of bullion coins as people sought a safe haven in physical gold coins and bars amid economic uncertainties.

"The volatile precious metals market prompted our customers to suggest that we revamp our process," said Andy Brunhart, deputy director of the U.S. Mint.

For a detailed pricing table, click on the URL link:

http://usmint.gov/pressroom/index.cfm?flash=yes&action=goldplat

Under the current market gold price of between $800 and $850 per ounce, a 1-ounce American Eagle proof gold coin will cost $1,085, while an American Eagle uncirculated gold coin will be sold at $1,078.

Previously, the the Mint published a Federal Register notice each time the price of a product was changed, it said.

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