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Wednesday, 14th January 2009 (1868 views)

People across the country are purchasing gold in light of the recent economic slowdown, an expert at the New Zealand Mint has stated.

Michael O'Kane told the New Zealand Herald that the price of gold is expecting to soar this year as people buy gold as an "alternative" to the US dollar.

He added that demand for physical gold has soared by 300 per cent in the wake of last year's financial crisis and supply is becoming "tight".

With the price of gold almost doubling between 2006 and March 2008, many investors are choosing the metal as a "safe haven" in light of weak equity markets, the newspaper reported.

A number of mints, including the Perth Mint, the South African Mint, the US Mint and the Royal Canadian Mint have suspended orders for short periods as a result of high demand for gold coins.

The US Mint has introduced a new system of gold coin pricing as a result of increases in the price of gold bullion.

 

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