The Royal Mint is looking to expand the bullion business through the site, by offering what it called ‘relatively affordable’ coins for sale.
Shan Bissett from The Mint said:
“We want to help expand the bullion market, particularly as coins offer a relatively affordable introduction,”
Among the items the site offers for sale are:
• Gold Sovereigns costing £197 ($322)
• Larger gold Britannias costing £800 ($1310)
• Silver coins costing from £19 ($31)
With inexperienced investors being targeted, financial adviser Martin Bamford warned caution, saying:
“Gold can go up but it can plummet as well,” he said. “It is risky and there is no income attached.”
Larger investors are also being targeted by The Mint through the creation of a bullion storage facility. Coins will be held in a vault with Ministry of Defence guards at Llantrisant, The Mint’s secure site in South Wales.
Access will be restricted to people purchasing a minimum of 25 Sovereigns, a tube of 10 Britannias or equivalent value purchases.
The present price of gold is £743 ($1,214) per ounce, over £400 lower than the price three years ago.