Great Demand for Kiwi Gold Coins
According to New Zealand Mint bullion dealer Michael O'Kane, there is great demand for NewZealand gold even from overseas investors, because it is a trustworthy place. The New Zealand Herald reported today that gold prices reached record level in New Zealand Dollar terms. The price of a one-ounce (28.3-gram) kiwi gold coin reached NZ$1787, up more than $100 on the previous day.
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The report further said that ever since the collapse of United States investment bank Lehman Brothers in September, demand for gold had been running at unprecedented levels. Gold was seen as a safe haven, and its demand internationally was up 800% annually. Another reason for the record price in terms of New Zealand dollar was the fall in local currency against US dollar in recent days
The biggest seller in New Zealand was the gold kiwi, a one-ounce coin about the size of the old 50c piece. Gold bars bought from countries such as Switzerland and Australia are also sold. The biggest hit was 1kg bar, which contrary to general belief was light weighted; about the size of a 1cm-thick slice taken off the bottom of a block of butter, O'Kane said.
