LONDON: Mints around the world say demand for gold coins has risen sharply as interest in the precious metal soars on the back of financial instability and concerns over the inflation outlook. The Royal Canadian Mint, which produces Maple Leaf bullion coins, said it quadrupled its production capacity late last year as demand for gold and silver bullion products leapt.
Gold was one of the few commodities to rise last year as turmoil in the financial sector sharpened investors' appetite for assets seen as a safe store of value, such as bullion. Spot gold rallied to an 11-month high of $1,005.40 on February 20 as a slide in equity markets increased interest in the precious metal. Demand for physical gold products such as coins and bars has been particularly strong, traders say.
The US Mint said sales of its one-ounce American Eagle gold bullion coins rocketed to 710,000 ounces in 2008, from 140,000 ounces a year before. "The demand for gold and silver has been unprecedented," a spokesman for the Mint said. The chairman of the French Mint, Christophe Beaux, said sales roughly doubled last year in value terms and are expected to rise by another 50% this year.
The 2009 catalog the mint had produced was almost entirely pre-sold, he said. French Mint produces E100 gold coins, and plans to mint 10-ounce and 1-kilo coins.
Source: TOI
Gold was one of the few commodities to rise last year as turmoil in the financial sector sharpened investors' appetite for assets seen as a safe store of value, such as bullion. Spot gold rallied to an 11-month high of $1,005.40 on February 20 as a slide in equity markets increased interest in the precious metal. Demand for physical gold products such as coins and bars has been particularly strong, traders say.
The US Mint said sales of its one-ounce American Eagle gold bullion coins rocketed to 710,000 ounces in 2008, from 140,000 ounces a year before. "The demand for gold and silver has been unprecedented," a spokesman for the Mint said. The chairman of the French Mint, Christophe Beaux, said sales roughly doubled last year in value terms and are expected to rise by another 50% this year.
The 2009 catalog the mint had produced was almost entirely pre-sold, he said. French Mint produces E100 gold coins, and plans to mint 10-ounce and 1-kilo coins.
Source: TOI
No comments:
Post a Comment