Somewhere along the line, I stopped paying attention to the price of gold from the US Mint. Their prices have been very out of line from the market and represented a significant premium over spot. It was not worth buying these coins.
With the US Mint Clearance Sale coming tomorrow, I decided to see if there have been any price adjustments. I found that the Mint has already lowered the price for the one-ounce American Gold Buffalo Proof coin by $150. Prices for other Gold Buffalo coins have been reduced as well.
According to Mint News Blog, most precious metal products were taken off sale on Wednesday only to reappear on Thursday with their prices lowered.
Gold was $802.90 per ounce on September 7, 2008. The spot price of gold is $764.30 as I type this. When the 2008 American Buffalo proof coins were introduced in July, the spot price of gold was $975 per ounce.
Remember, the Mint’s clearance sale starts at 12:01 AM on Saturday. You can pick up some nice holiday gifts!