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Friday, 23rd January 2009 (6883 views)

Perth Mint has announced that it has resumed sales of a limited range of gold bullion coins.

The mint in Western Australian started taking orders for the coins again on January 12th, having closed its forward order books to new orders in late 2008, with the exception of the one ounce gold Kangaroo coin.

Sales of gold bullion by the mint rose sharply as a result of the global economic downturn and the mint made the decision to ration trading after gold bullion sales increased by 194 per cent over the quarter to December 2008 compared with the same three months of 2007.

After three months, Perth Mint has now expanded the range of gold coins on sale, though restrictions will remain in place for gold bullion bars.

Ed Harbuz, Perth Mint's chief executive, said in a statement to the Telegraph: "We are working three shifts a day, six days a week and still can't keep up with demand. I've never known anything like this in the precious metals market."

Owned by the state, Perth Mint is the largest wholesaler of gold coins and bars in Australia and launched the country's official bullion coin programme in 1987 with the Australian Nugget coin.

 

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