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Friday, 13th March 2009 (1649 views)

Mints around the world have reported a sharp rise in demand for gold coins from investors eager to put their money in a 'safe store' commodity, a report has suggested.

Global financial markets instability has pushed up gold coin sales in recent months, resulting in a steep rise in gold prices, according to Reuters.

For example, the Royal Canadian Mint quadrupled coin production last year as a result of rising demand for bullion, while the French Mint reported that sales doubled in 2008 in value terms.

Sales of one ounce American Eagle gold coins by the US Mint rose from 140,000 ounces in 2007 to 710,000 ounces last year.

The news source noted that gold traders have reported that demand for physical gold products such as coins and bars has been "particularly strong" over the past year.

Meanwhile, the chief executive of Newmont Mining, Richard O'Brien, recently told Global Mining and Steel Summit that the price of gold is set to soar to $1,200 (£871) per ounce.

 

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