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Bullion

What Do You Know About the History of Australian Gold Coins

August 31, 2017 by Reporter Leave a Comment

gold investing

If you’ve been born and raised in Australia, you would be familiar with the tales of the infamous gold rushes and the “diggers” who worked in these gold fields.

The Australian gold rush began in the nineteenth century. It is something that has become an integral part of the national history. A walk through the pages of the Australian culture and heritage would be incomplete without the chapters on gold.

So, who discovered gold in Australia? Where was it found? And how did we get the Australian gold coins?

lunar gold coin australia

When you’re out buying Australian gold coins, seldom does it happen that you make an effort to find out the history behind them. Thankfully for you, we are outlining the entire timeline right here for you!

The Gold Rush

It all began during the early nineteenth century. The colonial settlers had begun settling into the country and with them came the development that laid the foundation for the modernised nation that we are today. The immigrants that came to Australia included shepherds, European pioneers, and explorers.

It was between the 1820 and 1841 that these foreign settlers found gold reserves in the Blue Mountains and the quartz reefs of Australia. However, it was not until Edward Hargraves located gold near Bathurst in New South Wales in 1851 and made a public announcement about that, that all hell broke loose.

There were several other gold discoveries made during the same year and migrants started pouring into the country to get their hands on the gold. The influx of enthusiastic miners was so strong that the colonial authorities had to impose taxes.

The First Gold Coins

What followed was a revolt and the Battle of Eureka Stockade, which once ended, led to the production of Australia’s first ever gold coin. In the year 1854, Sydney became home to the first gold mint in Australia. It was a branch of the Royal Mint – the first one outside of England – opened to produce the very first sovereign coins crafted out of Australian gold.

It’s indeed safe to say that it was the British who introduced the concept of independent gold coins down under.

More Mints More Gold

From there on, Australia never looked back. There were several remarkable discoveries of gold reserves in the country, like the ones at Coolgardie and near Kalgoorlie over the next four decades. In 1872, the Royal Mint opened its second branch in Australia – this time in Melbourne. In 1899, Premier Sir John Forrest succeeded in gaining permission for a third branch of Royal Mint in Perth. By 1957, the Perth Mint had effectively begun refining gold up to 999.999 level of purity as per the standards of the Worshipful Company of Goldsmiths – which soon became a benchmark for all gold sold under the Royal Mint seal.

The Official Australian Bullion

In 1976, the Australian Commonwealth removed all restrictions on Australian residents over the buying and selling of gold. It wasn’t until 1985 that the Commonwealth rallied for a sovereign gold bullion coin program to encourage the trade of Australian gold in world markets. The program was eventually launched in 1987.

In case you’re wondering when the iconic Kangaroo design theme was introduced to these gold bullions – it was in the year 1989!

Filed Under: Finance Tagged With: Bullion, Gold, Investment

Is Silver Surpassing Gold?

January 24, 2013 by Reporter Leave a Comment

Some long-term silver analysts are predicting a huge run on silver over the next few years. They also believe that the gap between the price of gold and the price of silver will be narrowed significantly. These silver bulls base their projections on historical data as well as current trends. This is good news to those of us that are fond of buying silver. After all, considering the price of gold, silver is one of the few remaining commodities that the average investor can physically hold in any large quantity. So why are these silver bulls so optimistic? Most likely it’s related to the driving force of all commodities: supply and demand.

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Supply Gold & Silver

For the first time in the history of modern mining, many of the world’s leading mines are coming up empty. It is estimated that 95% of all silver ever produced has already been consumed and unfortunately most of it ends up in our landfills. If the current supply of silver were evenly distributed among everyone on earth, there would only be enough for each of us to have 1/3 of one ounce. For many years now, the world has been using more silver than it has been producing, yet many people continue to assume that silver is abundant. That hasn’t been the case since the industrial revolution. Major government stockpiles from the past have slowly been sold off for industrial use. For years now the annual global mining production has not been able to keep pace with consumption, both investment and industrial.

Industrial Demand

As opposed to gold’s limited industrial applications, there are literally ten thousand industrial applications for silver.

It is essential to the production of medical, telecommunications, computer and automotive equipment, to name just a few. Silver has many useful qualities; the most valuable to the manufacturing sector is its unsurpassed qualities as a conductor of electricity. As electrical power continues its growing dominance around the globe, the industrial demand for silver is expected to continue to grow dramatically as well. Also, considering China’s mammoth appetite for precious metals that are essential to its continued dominance of product manufacturing, many insiders are projecting an even steeper rise in demand in the short term.

Investment Demand

Just like industrial demand, investment demand for silver is also at record levels and growing steadily. As more and more investors continue to embrace precious metals, many of them are seeing the incredible potential of silver. According to Bloomberg News, investors currently hold over 18,000 tons of silver-backed exchange-traded products, which is the equivalent of over eight months of global mining output. Morgan Stanley and Barclays PLC are predicting that investors will likely buy another 500 tons in 2013. Another sign of growing investment demand is the incredible popularity of the U.S. Mint’s silver Eagle coin. The mint is barely able to keep up with demand and there have been several occasions recently when the mint had to ration sales.

Even though gold continues to perform well and will likely remain the dominant precious metal for investment purposes, silver is likely to close the gap considerably in the very near future. When you consider the dwindling supply and growing demands from investors and manufacturers, you can begin to understand why the silver bulls are so optimistic.

Author Bio:

Jacob Harrison is a precious metals investment specialist from Australian Bullion Company, Australia’s oldest privately-run precious metals wholesaler and retailer.

Filed Under: 2013, Diggers, Gpost, Mining, Stockmarket Tagged With: Bullion, Gold, Silver

Gold– Past and future of Investing in gold for profit

August 15, 2012 by Sheldon Leave a Comment

Gold as an investment

Gold is the most popular form of investment of all precious metals. It is the preferred investment medium used as a hedge against political, economic or man-made currency crises which include declines in investment markets, inflation, escalating national debt, currency failure, social unrest and war. Like other markets, the gold market is subject to speculation especially because of futures derivatives and contracts.

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Various historical factors and current events suggest that gold is more akin to a currency rather than a commodity and analysts says the bullion gold investment might be profitable in the short term due to the global economic outlook

Gold through the ages

Until recently, gold has traditionally been used as money, and has also been the relative standard for currency comparisons relative to countries or economic regions. Gold standards were implemented by many European countries in the latter half of the 19th century. During the financial crises in the wake of World War I these were temporarily held in abeyance. The Bretton Woods system post World War II pegged gold to the United States $ at the rate of US$35 per troy ounce. This practice continued till 1971 when the United State suspended unilaterally direct convertibility of the $ to gold and transitioned to a flat currency system. The Swiss Franc was the last currency to be divorced from gold.

Current factors that impact gold prices

Like most other commodities, bullion gold investment price is determined by supply, demand and speculation. However with gold, unlike other commodities, savings and disposal rather than consumption have a significant role to play in driving the price of gold. Much of the gold mined since inception still exists in bullion or bulk produced jewellery form, and can potentially return to the market when the price is right. The current weak global outlook has also made people invest in gold as a safe bet  which has been driving the price of gold

Considering the enormous quantity of gold above-ground in comparison with annual production, price is driven more by sentiment or demand instead of fluctuations in annual production or supply. According to World Gold Council figures, about 2,500 tonnes are mined annually, of which roughly 2,000 tonnes go into jewellery or industrial production/dentistry and only the remainder to exchange traded gold funds and retail investors.

Guest post Written by Ktkoh

Filed Under: Gpost, Mining, Stock Market, Stockmarket Tagged With: Bullion, Gold Prices, Investing in gold

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