Canada retained its position as the top world user of gold for coinage during 1990, requiring more than one million oz. to mint the popular Maple Leaf bullion coin, according to a report published by The Gold Institute of Washington, D.C.
Canada is followed by the U.S., which used 583,817 oz. gold to mint the Eagle bullion coin and one commemorative coin, says the Institute in Modern Gold Coinage 1990. Along with the U.S., two other countries, Austria and Australia, used more than a half-million oz. of gold for coins. Worldwide coinage demand for gold totalled 4.1 million oz. in 1990, down about 900,000 oz. from 1989 because of lagging investment demand. Since 1985, almost 33 million oz. gold have been used to produce coins.
About 80% of the gold used for coinage was minted into bullion coins traded internationally at or near the current gold price. The other 20% was used for commemorative coins celebrating events ranging from the bicentennial of the American Congress to the 20th anniversary of the Islamic Conference. Austria’s strong gold demand stems in part from its success with the Philharmoniker bullion coin launched in 1989. In two years, the coin’s popularity has pushed the country into third place in terms of gold consumption for coinage.
New developments in coins this year include a first-time product from the Australian government of kilogram, 10 and 2 oz. Kangaroo bullion coins with guaranteed face values. In addition, the recent repeal of sanctions against South Africa could result in growth of Kruggerand sales, according to the Institute.
Country oz. used
Canada 1,036,097
U.S. 583,817
Austria 524,952
Australia 507,872
South Africa 408,324
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