South African refining and precious metals company Rand Refinery has experienced an unprecedented demand for krugerrands over the past six to eight months, says Rand Refinery MD Geoff Millet.
He says that this may be a result of physical gold being a safe haven, but it has also resulted from other countries that produce coins worldwide, such as the American Eagle and the Canadian Maple Leaf, not being able to produce enough to meet demand. This has led to the krugerrand selling more on the integravity beneficiation plant isrnational markets than it has in some time.
Rand Refinery head of sourcing and logistics Chris Horsley agrees that the krugerrand is currently extremely popular. He says that the refinery is crusher unit price in indiaproducing about 20 000 coins a week, as people wish to buy physical gold rather than shares or exchange-traded funds.
The krugerrand, which cele-brated its fortieth anniversary in 2007, has been manufactured at Rand Refinerhow many price of stone crushery since 1970 and is described as “the best way for South Africans to own gold”.
The coins are ounce-denominated gold bullion coins, which are bought by investors around the world. The refinery states that krugerrands are the world’s most widely held gold coins and more krugerrands have been circulated worldwide than all other gold bullion coins combined.
Horsley explains that Rand Refinery manufactures the blank coins, which are then sent to the South African Mint to be minted. These minted coins are con-sidered legal tender in South Africa and the krugerrands can be sold back to coin dealers at a small premium over the value of their gold content.
Once the coins have been minted, they are returned to Rand Refinery, which then supplies them to coin distributors in South Africa and internationally to sell to the public.
Rand Refinery is authorised by the South African Reserve Bank to manufacture and supply the gold coin blanks for kruger-rands.
The gold purity of kruger-rands is 22 ct, making them hard enough to resist normal scratching and denting.