Posted on 06/26/2010 6:06:11 AM PDT by One_Upmanship
VIENNA (Reuters Life!) – A Spanish precious metals trading company bought the world's largest gold coin for 3.27 million euros ($4.02 million), its exact material worth, from the estate of an insolvent investment firm at a rare auction in Vienna on Friday.
The 100 kg (220.5 lb) piece, one of only five Canadian $1,000,000 Maple Leaf coins the Royal Canadian Mint has ever produced, was snapped up immediately in a written bid from ORO direct, a gold trading company based in Madrid.
(Excerpt) Read more at news.yahoo.com ...
That’s only about 4 gold bars from Ft Knox.
That’s just the first step to OG. The first taste is free. After awhile we will all wonder how he goes to the bathroom in that. LOL
Poor design. Poor execution.
Kinda goes along with the poor job numbers, the poor economy, the poor housing market, etc.
Wonder if gold is in a bubble of its own?
The market is far more limited than it would be for a 1 ounce coin, especially a rare one in high mint state, so there is very little premium over intrinsic value.
He couldn’t accept the award of the OG anyway without Congressional exception. Well, not if he was an American Citizen, anyway...
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Using the numbers from the article, it looks to me like they actually got a heck of a discount from spot. $4,020,000 / (220.5 x 16) = $1140 per ounce vs let’s say $1250.
oops, duh troy ounces, never mind
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