Want to buy gold coins? Head for New Zealand

February 02, 2009

Commodity Online
NEW DELHI: Which is the global headquarters of gold coins? It seems it is New Zealand. And all investors who want to keep their money in a safe manner are now rushing to New Zealand to buy gold coins.

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Just check this data from news report. During the past fortnight, one US buyer bought $1 million in gold about 570 coins and was contracted to buy another $1m soon from New Zealand Mint.

Then there is an Asian couple flying over to buy $500,000 worth gold coins. In fact New Zealand Mint is flooded with orders for gold coins. The firm is now mulling to stop taking orders for gold coins. There have been two other recent $1m gold transactions one by a New Zealander.

As well, there had been five $100,000-plus gold transactions in the last month. As the gold price rose last year, there were even more big transactions 14 $100,000-plus transactions in October, and 11 in September.

Fifty-four gold coins equals $100,000 worth of gold, and stacked on top of each other they are 13.5cm high about the length of a ballpoint pen. And while $1m in notes would be the size of a pallet, the same sum of gold would fit in a shoebox.

New Zealand is regarded as a place where gold would be kept safe.

About half the gold bought at NZ Mint was kept there in secure storage; the rest was taken away by the owners.

The price of gold has doubled in the past two years and last week hit an all-time high, reaching $1,745 an ounce.

Not all countries manufactured gold bullion and some made it difficult to buy.

The number of Kiwi gold buyers was also increasing. A year ago the average gold purchase was about $25,000 a time. New smaller buyers are now buying one or two coins at a time and some bigger purchases of around $200,000 to $300,000.

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