By Patrick A. Heller, Numismaster

The U.S. Mint put the three fractional sizes of gold American Eagles (half, quarter and tenth ounce) on sale last Thursday and had to suspend further sales the next day as virtually everything was sold out.

The U.S. Mint also indefinitely suspended sales of gold Buffaloes last week. The Mint had suspended sales of the one-ounce American Eagle on Nov. 25. Apparently there is one more planned delivery of gold and silver Eagles late in December. So many of these coins have been ordered by primary distributors that some of the orders may not be filled until January, with 2010-dated coins.

The primary distributors may also be stuck waiting for 2010 silver Eagles instead of the 2009-dated coins they thought they would be receiving later this month.

You can still purchase one-ounce gold ingots, but are looking at 3-5 weeks delivery time while new pieces are fabricated.

Amidst the growing shortage of physical gold and silver bullion-priced products, the premiums at which such products trade above their metal value keeps rising. We saw this occur late last year, with premiums increasing almost daily for nearly two months. I would not be surprised to see premiums continue to go up for at least the next four weeks.

Gold topped $1,200 last week, but started falling just before last Friday’s announcement of the U.S. unemployment rate (which, in typical government double-speak, was totally confusing – the number of unemployed increased but the unemployment rate declined!). Spot prices fell some more over the weekend and early this week.

The weakness in gold and silver prices was almost to be expected. First, the prices of both metals had closed in U.S. markets at new highs almost every day in November. This was an extraordinarily long stretch of almost constant higher prices, without any major retrenchments. So the decline in the last few days can be considered an overdue correction that will be expected to occur during a long-term bull market.

Second, the price of gold has been clobbered almost every month for the past four years when the U.S. unemployment rate was being announced. Last month was almost the only exception during that time period. Other traders have noticed this pattern and were ready to reap profits while they helped knock down the price in cooperation with the U.S. government.

Read more….

Today at noon ET the United States Mint began selling the 2009 American Buffalo Gold Proof Coin for $1,360.00, as it announced on Oct. 22.

The one-ounce .9999 fine (24 karat) gold coin is expected to draw significant attention. The US Mint handled early demand in improved fashion compared to the collector blitz and resulting problems that brought its web site down just a few weeks ago with the release of another product, the Lincoln Coin and Chronicles Set.

While there were initial reports of several minute online order delays, that appeared to be the extent of any issue. Phone lines were busy. Some collectors indicated that it took dozens of minutes to get through to a Mint customer service representative, but again, it was unlike their experience of weeks back where there were reports of over an hour of delay and repeated "call back" messages. The Mint added an extra menu option that routed customers to a different queue and standby waiting list, which may have helped.

The Mint’s handling of the Buffalo Gold proof orders on opening day indicates they made improvements, but demand may also have been less intense. The $1,360.00 price point certainly held some customers at bay — especially when considering that gold prices have been dropping for several days and the coins missed out on a $50 price cut by a mere 28.8 cents. (See 28.8 Cents Prevents US Mint Gold Coin Price Reductions.) Many may try and wait for such a cut next week, despite the possibility that the coins could sell out — the Mint has not indicated how many are available, and there are no order limits in place.

(…)
Read the rest of 2009 American Buffalo Gold Proof Coin Launches with Little Issues (253 words)

Twenty years ago in 1989 the Austrian State Mint passed from the Treasury into the ownership of the central bank. The mint was given the freedom to produce and sell products in accordance with the demands of the modern numismatic and investment markets. One of the very first innovations introduced by the new CEO, Paul Berger, was the production of a gold bullion coin for investment purposes: the Vienna Philharmonic.

On 16th October this year a limited quantity of 6,027 Vienna Philharmonic coins, each weighing 20 ounces of fine gold, will go on sale in Europe, America and Japan.

20 ounces to commemorate 20 years!

Why the odd number? The mint decided to offer 2009 coins (the date of the 20th anniversary) in its three major markets: in Europe, in America and in Japan. Investors still remember the 15 giant coins (each of 1,000 ounces) that celebrated the fifteenth anniversary in 2004, and that entered the Guinness Book of Records as the then largest gold coin in the world. All 15 giant coins were snapped up within days, and the excitement surrounding this special issue of a 20 ounce coin promises a similar market reaction.

The new 20 ounce coin has a diameter of 74 mm and a thickness of 8.3 mm and is housed in a prestigious wooden and red velvet case. Pre-orders for this unique anniversary gold coin have already started pouring into the mint in Vienna. It promises to be a major success as indeed the past 20 years of the Austrian bullion programme have been.

The Vienna Philharmonic Story

The decision in 1989 to issue a gold bullion coin in the two weights of 1 ounce and ¼ ounce was greeted with indulgent smiles. Austria, a small central European country since the destruction of her empire in 1918 and without any gold mining industry to support, was entering the bullion market, long dominated by the Krugerrand and that time divided between the USA, Canada and Western Australia.

Berger and his team decided that music was the ideal theme for their new coin. Austria was internationally renowned for its music, but they decided against the portrayal of one of the many great composers like Mozart, Haydn or Strauss. That would make the coin appear like a commemorative edition for collectors. Instead they chose a living and world-famous musical institution: the Vienna Philharmonic Orchestra. To their delight the members of the orchestra enthusiastically endorse this choice, freely grant the use of their name. The engraver, Thomas Pesendorfer, designed a collection of instruments to represent the orchestra itself and for the other side of the coin he took the great pipe organ of the Golden Hall in Vienna where the orchestra plays at home. It is seen on television around the world every year on 1st January during the New Year’s Day Concert.

The new Austrian coin was launched in Vienna on 10th October and was an immediate success. The demand in the home market was nothing less than ferocious. In two and a half months 419,000 ounces were sold, achieving with one blow an 18% world market share for the entire year 1989! It rapidly established itself as a serious participant in the international gold market. In 1992 and again in 1995, 1996 and 2000 the Vienna Philharmonic was ranked by the World Gold Council as the top selling gold bullion coin worldwide. In 2008 the Vienna Philharmonic continued to rank No. 1 in Europe and in Japan, and with a year’s market share of 25% it came in 3rd worldwide narrowly missing 2nd place. The “indulgent smiles” have long since disappeared.

A 1/10 ounce in 1991 and a ½ ounce coin in 1994 completed the traditional family of four sizes. In 2008 a silver 1 ounce Vienna Philharmonic was added to the investment range with resounding success.

Looking back on 20 years of continual growth and success, the Vienna Philharmonic has established itself firmly as one of the four great gold bullion coins offered on the international market of today. This one-time issue of a limited number of 20 ounce gold coins is but a fitting tribute to a 20 year long success story that shows no signs of letting up in the near future.

Related posts:

1. Last of the Austrian Mint’s “Vienna Jugendstil” Series
2. Austrian Mint Issues 5 Euro Silver Coin Honoring Great Conductor
3. Gold touches 27-year high of $746.30 an ounce; silver surges nearly 3%

US Mint collector coins moved like molasses when compared to sales figures of two weeks ago. But bullion coins — especially gold — still had a little swagger in their step. October will be a robust month for American Eagles and American Buffalos.

These and other highlights follow:

• UHR Double Eagles took a significant hit, rising sadly by only 562. Since they went on sale Jan. 22, there has been one single instance when weekly sales were lower. The reason? Gold has been on a five day losing streak, which started last Thursday. It makes sense for collectors to be cautious in buying with expectations of a $50 price decline. We missed that reduction by just 28.8 cents.

• In the Lincoln category, the Chronicles sets were taken off standby status last week with the max 50,000 officially allocated. Lincoln Cent Proof Sets climbed by 4,900, which was less than half of the prior 10,921 increase.

• 2009 US Mint and US Mint Proof Sets were the biggest unit gainers, rising 21,826 and 22,613 respectively. The proof sets were actually up a tad bit. Not so for the mint sets which previously climbed by 74,474. The 500,000 milestone is still nearly 11K away.

• (…)
  Read the rest of US Mint Sales: Bullion Robust, Collector Coins Retreat (1,143 words)

  ---

  © CoinNews.net for Coin News, 2009. |
  Permalink |
  No comment |
  Want more on these topics? Browse the archive of posts filed under Coin or Numismatic News, Featured Coin News Articles, First Spouse Gold Coins and Medals, Mint Sales Figures, Presidential Dollar, United States Mint News and Information.

  

The price of gold has been on a five-day price slide, but ironically the timing of the decline was slightly off in helping collectors pay less for US Mint gold collector coins.

The US Mint uses a London Fix weekly gold average to determine whether to keep gold coin prices the same, or adjust them up or down. The average came in 28.8 cents higher than the threshold needed to cause a reduction of UHR Gold Double Eagles by $50, First Spouse Gold Coins by $25, and 2009 Gold Buffalo Proof Coins by $50.

The Buffalos go on sale Thursday at noon ET. Since the London Fix five day average is $1,050.278, the coins will launch with a price tag of $1,360.00. Had the average been at or below $1,049.99, the coin would have been released at $1,310.00.

(…)
Read the rest of 28.8 Cents Prevents US Mint Gold Coin Price Reductions (139 words)

Many short-term investors prefer the liquidity of gold American Eagle bullion, since our government backs these modern coins for weight, and precious metal content. These 22-karat coins contain a full Troy ounce of pure gold, and their obverse design is among the most exquisite in existence. The obverse design on gold American Eagle bullion coins are near replicas of the legendary, rare, $20 Saint Gaudens Double Eagle gold coin, minted from 1907 to 1933. The original Saint Gaudens rare coins are vastly more expensive than the modern Eagles, which carry a face value of $50, so bullion investors can enjoy the artistry of a valuable, rare coin at prices that are only slightly higher than the spot price of gold.

The classic design that modern, gold American Eagle bullion coins share with their rare coin counterparts is the image of Lady Liberty walking into view, wearing a long, flowing gown. She is carrying a torch in her right hand, and an olive branch in her left, with the capital building in the background. The reverse designs on both coins portray American Eagles, but are completely different designs from two different artists.

Many household investors are making long-term investments in rare coins like the aforementioned $20 Saint Gaudens, or the $20 Lady Liberty, which is the original Double Eagle gold coin. These investors are diversifying their rare, Double Eagle holdings with gold American Eagle bullion, to capitalize on short-term gains while their rare coins appreciate over time. Investors can receive institutional discounts on their bullion, and rare coins by contacting one of our friendly specialists, who offer these institutional discounts to household investors like you.

Danny Burns

Read more….

A rare 1879 gold coin was the star lot of a recent numismatic auction held by Heritage Auction Galleries in Texas last week.
The Dallas Signature US Coin Auction saw a gold Flowing Hair Stella sell for $161,000 (£98,007), reflecting the current high demand for a piece that was made in a limited quantity.
The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Read more….

A commemorative gold coin has been launched by the United Arab Emirates Central Bank to mark this year’s Formula 1 Etihad Airways Abu Dhabi Grand Prix.
The coin is 65mm in diameter and weighs 313g. It bears images of the late Zayed bin Sultan Al Nahyan and president Khalifa bin Zayed Al Nahyan on the obverse.
The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Read more….

The Austrian Mint has confirmed plans to launch two new gold coins in 2010.
According to news site Silver Coins Today, next February will see the release of the latest addition to the Celebrated Physicians of Austria gold coin series.
The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Read more….

If you haven’t heard the news already, the U.S. Mint announced earlier this year that they would be curtailing their overall production of US Gold Eagles in 2009 due to problem sourcing gold to mint them from.  The Mint is required to source it’s gold from American mines and because of the huge worldwide demand for gold bullion, was unable to acquire enough to meet projected needs for this year’s Gold Eagle Rounds minting.

This has two impacts on the collectible market: first, it somewhat raises the price of all other gold coins on the market as demand increases; second, it makes the 2009 US Gold Eagles an immediately collectible item because of their relative rarity.

Up to this point in 2009, US Gold Eagles have only been produced and offered in full ounce coins, very rare for the Mint to do.  They’ve been offered on a rotational basis, making them somewhat more difficult to source directly from coin dealers.  The added interest in them has meant that many shops sell out the day they receive their shipment.

Fractional coins (1/4, 1/2 ounce, etc.) will be available for a very limited time in December.  Those promise to be very hard to get and in demand as well, becoming instantly collectible.

Gold Eagle Rounds have always been popular as an investment medium for bullion purchasers who don’t buy full or sized bars.  This year, however, 2009 US Gold Eagles are instead collector’s items in themselves.  Bullion purchasers have turned to other coins, such as the Canadian Maple Leaf, instead.

Definitely interesting times, but the traditional Walking Liberty motif of the Gold Eagle Rounds is always popular and even more so now with this latest development.

Read more….