Certified Gold Coin Prices Steady after Credit Upgrade Posted by Brian Ford on June 10, 2013
The United States’ credit rating outlook was upgraded from “negative” to “steady” last week, and some economists called for certified gold coin prices to fall as a result. The majority of PCGS and NGC gold coins held their value quote well, however, as the week’s first trading session began on Monday morning.
As of noon EST gold was selling for $1380.80 per ounce on the COMEX division of the New York Mercantile Exchange (NYMEX). The gold spot price has fallen 4.7 percent in the last month and more than 13 percent in the last year, but the majority of common-date, certified gold coin have maintained their value or at least outperformed their bullion counterparts.
For example, while one-ounce U.S. gold coins such as the American Eagle and American Buffalo have fallen by more than $218 each in the last 365 days, many grades of certified one-ounce coins like St. Gaudens and Liberty Head Double Eagles have fallen by less than $200 each. This shows that while spot gold has fallen due to outflows in the gold derivatives (ETFs, pool accounts, futures, options, i.e. any gold investment vehicle that does not involve privately-held, physical gold) premiums for investment-grade numismatics have held steady, and even risen in some cases, due to the many investors who are simply out to protect what they have over the long-term spending power-wise. Such investors are paying less attention to the gold spot price these days and more attention to the lack of security in traditional investments like stocks, bonds, real estate and cash accounts. Check the Certified Gold Exchange Daily Update page again this Wednesday for the latest values of common-date certified gold coins according to the Professional Coin Grading Service.