GOLD RECORD

Otago Daily Times, Issue 22366, 13 September 1934, Page 10

GOLD RECORD

SOVEREIGNS WORTH NEARLY £2 TEMPTING HOARDERS. IFkom Our Own Correspondent.) SYDNEY, August 31. Based on the Australian gold price record of £8 12s a fine ounce, £1 19s lOd has been offered by the Commonwealth Bank of Australia for sovereigns, but even at this price few are offering. The high price has certainly tempted many to get rid of their hoards, but the majority of the people who held sovereigns sold them when they were worth about 30s. .The Bank of New South Wales has paid as high as £2 Os 6d for a sovereign. It is several years since any gold was minted in Australia, and the record of purchases at the Royal Mint in Melbourne shows that the supply of sovereigns and half-sovereigns is approaching exhaustion. In February this year it was revealed that 6000 sovereigns had been buried in a 15ft hole at Ballarat, and there are probably a fair number of sovereigns still being held by the public. In 1932 the Royal' Mint purchased 59,400 sovereigns, yet last year, when a much more attractive price was offered, the number purchased was not greater than 20,000. So far this year only 3600 sovereigns have been purchased. . Purchases of old gold at the Mint in 1932 totalled 131,0000 z, and last year the total was only 57,0000 z. This year, up to the end of last month, 30,000 fine ounces of old gold jewellery had been received by -the Mint. In the last three years gold worth nearly £42,500,000 xn Australian currency has been shipped abroad by the Commonwealth Government, the banks, mining companies, and private speculators. The amounts sent away each yea* were as follows; — 1931 £10,984,762 1932 £8,296,434 .1933 £23,153,807 Greatly enhanced prices and the need for building up financial reserves were the reasons why the gold was shipped out of the country. Here afe figures showing the gold production in Australia during the last four years: — 1930 466,5930 z 1931 .. .. 595,1230 z 1932 ' 714,2220 z 1933 517,9620 z