Post offices sell 10 kg of Gold Coins, people profit

January 28, 2009

Commodity Online
NEW DELHI: Three months after India Post, the postal services arm of the government of India, launched the unique scheme of selling gold coins through post offices, nearly 10 kilograms of Switzerland-made gold coins have been sold.

According to a senior India Post official, gold coins of the denomination of 0.5 grams, 1 grams, 5 grams and 8 grams sold across the post offices. “So far, the sale of gold coins has been impressive. We have already sold around 10 kg of gold coins through post offices. We are adding more post offices to step up the gold coins sale project,” India Post official P N Mishra said.

In October last year, India Post in association with World Gold Council and Reliance Money had launched the scheme to sell gold coins through post offices. The high quality 24-carat gold coins with certification from Valcambi of Switzerland come in attractive, sealed packs of 0.5, one, five and eight grams.

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The gold coins scheme that is still continuing has been a huge success and more states and post offices are being added to the gold coins selling programme.

Mishra says the gold coins scheme has been a run-away success and people from several states are demanding opening up post offices in their areas for gold coins sale. “People in rural areas are waiting for a change to invest in gold currency. So we are expanding the reach of gold coin sales to new post offices,” he said.

According to Mishra, people who have already bought gold coins two months back have made good profits out of the scheme. For instance, he said, the cost of purchasing an 8g gold coin from the post office in December 2008 was Rupees 11,306, whereas today the same coin is priced at Rupees Rs13,473 - an increase of over Rupees 2,000 per gold coin.

Early this month, India Post began to offer 0.5 gram gold coins free to its customers with every purchase of 10 gram. The offer of free gold coins is to further attract new customers in rural and urban areas across India.

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