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Wednesday, 29th April 2009 (2118 views)

Sales of Krugerrands have soared in recent months to "an all-time high", according to a South African dealer.

The South African Gold Coin Exchange has stated that high domestic demand and ongoing concern about the security of banks had helped to push up sales, Mining Weekly reported.

Alan Demby, executive chairman of the company, explained that a Krugerrand purchased for around £200 in 2005 is now worth in excess of £700.

More than $1 billion (£678 million) worth of Krugerrands have been traded by the South African Gold Coin Exchange during the past 25 years.

"Especially interesting at the current juncture is the number of investors who are placing regular monthly orders for Krugerrands," Mr Demby told the news source.

He explained that people were turning to gold as a physical investment in order to protect their assets against inflationary pressures.

The South African Gold Coin Exchange was established in 1972 and is now the largest gold investment, bullion and collectable coins dealer in South Africa.

 

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