Royal Mint 'Increasing Gold Coin Production'

Source:

". . .the UK mint. . .used 75% more gold in the opening three months of 2009 than it did a year previously."

The Royal Mint is stepping up its use of gold in order to meet increasing demand for the precious metal from investors.

According to Bloomberg, the UK mint, which is based in Wales, used 75% more gold in the opening three months of 2009 than it did a year previously.

It produced 28,496 ounces of gold coins in the first quarter, compared to 16,317 ounces in the same period in 2008, while production last year also increased 30%.

Mark O'Byrne of Dublin-based brokerage Gold and Silver Investments told the news source that "very few people" are opting to sell the precious metal.

"People are worried about their savings, and banks and a lot of people realize it's a safe-haven asset," he stated.

In related news, physical gold was recently described by expert Larry Edelson as the "most important" investment people can make in the recession.

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