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Monday, 22nd December 2008 (3206 views)

The demand for South African gold coins such as Krugerrands and the Mandela Coin has reached "phenomenal" levels, it has been claimed.

Len Sham from the South African Coin Exchange has revealed that increasing amounts of people desire to own the coins in times of economic turbulence.

He stated that people like the tangible aspects of gold items and believe they would still have value even if financial systems collapsed.

"Personally I would much rather be in possession of gold coins than paper under those circumstances," he commented.

The fact that people "strive to take charge of their own financial destinies" in uncertain economic situations adds to the desirability of the precious metal, he explained.

Recently, Reuters reported that a smelting facility near Lake Lugano in the Alps was operating day and night to keep up with the demand for gold.

The refinery is having to cope with the heightened demand because people are rushing to own the tangible asset, the news provider noted.

 

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