The U.S. Mint plans to start minting the first 24-karat gold bullion coin in U.S. history.
The Mint announced on Tuesday that plans to start selling a new gold coin by early 2006. The hope to make it the best selling gold coin in the world.
It would sell at prices far above face value, keyed to the world price of gold.
International Investors prefer pure gold coins such as those made in China, Singapore, Australia, Austria, Canada and Mexico. Pure gold coins make up 60% of global gold coin sales.
I have heard recently that Chinese are actually taking holidays to Perth Australia to visit the Perth Mint and buy 99.99% pure Australian Gold Coins. The Australian Lunar Gold Coin Series is particularly popular with Chinese. The year of the Dragon gold coin being the most popular and apparently stocks of the Lunar year of the Dragon gold coin are the lowest of all the Australian Lunar Gold Coins available.
The U.S. Mint estimates the potential global market for 24-karat gold coins at $2.4 billion U.S. Dollars per year.
"We are the No. 1 seller in the world for 22-karat gold, silver and platinum coins and we hope to become the No. 1 seller in the world for 24-karat gold coins," Mint Director Henrietta Holsman Fore said.
Holsman Fore said no theme has yet been selected for the new 24-karat American Eagle coins but possibilities include liberty, freedom, independence or an early American historical image, such as the Liberty Bell.