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Wednesday, 3rd February 2010 (1563 views)

The Royal Mint increased production of gold coins by more than 100 per cent last year, according to new figures.

Statistics obtained by Bloomberg News as part of a request under the Freedom of Information Act show that the mint produced 125,469 ounces of gold coins in 2009, compared with 46,315 ounces in 2008.

The last three months of 2009 alone saw gold coins weighing a collective 25,078 ounces struck by the Royal Mint.

Investors have flocked to gold bullion products like coins and bars in the last year due to their safe haven properties amid the economic downturn.

"People are obviously looking at physical gold more than paper," remarked Andy Davidson, analyst at Numis Securities.

Last November, it was revealed that the Royal Mint's gold coin output quadrupled in the third quarter of 2009.

Production increased to 32,736 ounces during the period, compared with 7,500 ounces in the same quarter in 2008.

 

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