coin collection value – Iran cbank coin sale bursts “gold bubble” -media – Yahoo! Asia News

Saturday, November 21st, 2009 at 4:12 pm

Iran cbank coin sale bursts "gold bubble" -media - Yahoo! Asia News

TEHRAN, Nov 15 - The price of gold coins in Iran fell by more than 4 percent after the Central Bank started supplying newly-minted coins to the market, Iranian newspapers reported on Sunday.

"The gold bubble burst", read a headline in daily Jam-e Jam, referring to Saturday's decline in the price of a standard Iranian gold coin to 2.69 million rials from a record high of 2.82 million rials reached last week.

The market was closed on Friday, which is a public holiday.

On Thursday, the Central Bank announced plans to inject 5 million newly-minted gold coins into the domestic market in order to control rising coin prices and restore balance in the market.

At a coin price of 2.8 million rials, the total value of the planned intervention would amount to roughly $1.4 billion. It was not immediately clear over what time period the new coins would be supplied to the market.

The price of gold coins in Iran has risen sharply in line with developments on international markets where gold bullion has risen 28 percent this year to a record high $1,122.85 an ounce on Thursday. It traded at $1,118.85 on Friday. [GOL/]

Many Iranians buy gold coins as wedding gifts and also as a long-term investment.

Iranian media said the new coins were being offered by three Iranian banks -- Kargoshie, Sepah and Tejarat.

A standard gold coin weighs around 8.13 grams. It is also sold in smaller denominations of half a coin and a quarter of a coin.

The planned central bank intervention appeared in part to be an attempt to help bring down inflation and reduce liquidity in the economy. Iran's year-on-year inflation stood at 7.6 percent in October, continuing a downward trend that began in late 2008. (Reporting by Hashem Kalantari; writing by Fredrik Dahl; Editing by Hans Peters)

American Buffalo Gold Coins

The America Buffalo Gold Coin is a gold bullion coin produced by the US Mint, which started being sold on June twenty-two, 2006. The most notable distinguishing feature between US American Eagle coins and American Buffalos is that the American Buffalo is twenty-four K bullion gold coin, to say it another way, 99.99% true gold. The primary U.S. Eagles are twenty-two carat gold, to paraphrase .9167% pure gold, while the rest is a silver/copper alloy. Buffalo gold coins were creted as a result of increasing worldwide demand for twenty-four K gold coins, and the idolization of Canadian Maple Leafs, Chinese Gold Panda coins, and various 99.99 pure gold bullion items.

The 1 ounce gold buffalo coin has a face value of fifty dollars. But as with different coins, this token value simply denotes the coin is legal tender and has no practical connection to the coin's real value, which relies on the current gold spot cost. The look of Gold Buffalos is predicated on the design of the Buffalo Nickel, which was available from 1913 to 1938. The imagery, by James Earle Frase, shows a picture of a native american man on the obverse, and a picture of a Yankee bison ( buffalo ) on the back. The obverse side also contains the date at the lower lefthand side, and the word "Liberty" along the top right. The back side shows the words "United States of America" along the top edge, below that to the righthand side are the words "E PLURIBUS UNUM" which in Latin translates as "Out of many, one" ( a motto used in many official Yank symbols ). It also reads "In God We Trust" at the lower lefthand side, and at the bottom the official value, and below the official value the coin's weight and purity of ".9999 Fine Gold".

The U.S. buffalo gold coin is additionally produced in fractional sizes of [*FR1] ounce with a face cost of $25, quarter oz with a face value of $10, and 1 / 10 ounce with a face value of $5.

Buffalo gold coins at times have been sold in uncirculated and proof versions of higher minting quality ( and high premium pricing ), but these have been canned for the year 2009 because of striking demand for gold bullion coins. In addition, 2009 minting of the standard bullion buffalo coins have been delayed until a later date. The majority of the increasing investment demand is for American gold eagles, so the US Mint
1000
is keeping most of its gold stockpiles for their minting.

United States buffalos struck in prior years can be discovered in coin stores and bullion stores. But you may have to shop around to locate some because there is no supply of newly minted coins this year.

By: Bob Ether

Article Directory: http://www.articledashboard.com

Gold is a fascinating metal, but there are many unanswered questions and misconceptions surrounding the yellow metal. Find out about "American Buffalo Gold Coins" and other gold products at The Gold Market.

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