Tags: gold | coin | demand

Mints Rush to Meet Gold Coin Demand

By    |   Wednesday, 08 Apr 2009 12:02 PM

With the world economy now in crisis mode, gold coin production is rising in countries from Armenia to New Zealand, according to a report in the United Kingdom's The Independent.

As investor appetite for gold increases worldwide, nations which mint coins of the precious metal have hiked production to satisfy the growing demand.

Sales in the United States of the one-ounce gold American Eagle coin, minted from gold bullion, soared more than 400 percent in 2008 over previous sales to 710,000 ounces.

U.S. Mint spokeswoman Carla Coolman was quoted in The Independent as saying, "Demand for gold and silver has been unprecedented."

Russia as well has never seen such strong demand, according to its state-controlled Sberbank.

Sales of the world's best-selling gold coin, the Austrian Philharmonic — named after the Vienna Philharmonic Orchestra — climbed 544 percent this year to the end of February.

Production capacity at the Royal Canadian Mint has been increased fourfold to meet demand for it gold and silver Maple Leaf coins.

It's the same story wherever gold coins are minted.

Nevertheless, in the wake of the G-20 meeting of early April, gold futures fell some 2.7 percent as the U.S. dollar strengthened and optimism inched up.

"Investor interest seems to be waning in gold," Michael Gross, broker and futures analyst with OptionSellers.com, told The Wall Street Journal.

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With the world economy now in crisis mode, gold coin production is rising in countries from Armenia to New Zealand, according to a report in the United Kingdom's The Independent. As investor appetite for gold increases worldwide, nations which mint coins of the precious...
gold,coin,demand
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2009-02-08
Wednesday, 08 Apr 2009 12:02 PM
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