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Tuesday, 24th February 2009 (888 views)

The world's biggest gold refinery has increased production of coins due to an increase in demand from investors.

According to Bloomberg, Rand Refinery, which is located in South Africa, has boosted its output to a 23-year high as buyers continue to purchase South African Krugerrands.

The Johannesburg plant is now producing 20,000 ounces of blank gold coins per week, with the precious metal then being sent to the country's mint where it is converted into currency.

Chairman of the South African Gold Coin Exchange Alan Demby told the news source that investors are "piling into Krugerrands and Nelson Mandela gold medallions" as they look to protect their funds during the continuing global financial crisis.

He added that "record stock market lows" are a contributing factor in the recent increase in global demand for the precious metal.

Futures in gold are currently priced at $990.700 (£681.214), the news source states.

 

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