London
25 °C
Manchester
Glasgow
Dublin
Belfast
16 °C
Washington
19 °C
Denver
Atlanta
20 °C
Dallas
21 °C
Houston Texas
New Orleans
El Paso
Phoenix
Los Angeles
15 °C
22 °C
13 °C
32 °C
15 °C
Au so chic: Paris Mint to issue first solid-gold coins in a century / Photo: SIMON WOHLFAHRT - AFP
Au so chic: Paris Mint to issue first solid-gold coins in a century
The Paris Mint said Tuesday that it would soon start selling solid-gold coins for investment, the first since it quit making Napoleons and Louis a century ago.
Four versions of the new Marianne coins will go on sale June 16, ranging from one-tenth of an ounce (3.1 grams) to a full ounce (31.1 grams).
One side will feature the symbolic Marianne face representing the French republic, while the other will show a map of the nation's territories, the Mint said.
They will compete on the global market with South African Krugerrands, Canadian Maple Leafs or American Gold Eagles.
The goal is to "democratise the gold market in France", the Mint's chief Marc Schwartz told journalists ahead of the launch, citing "investor demand" as prices have soared in recent years.
Most investors wanting to buy gold, considered a safe haven compared to other investments, usually opt for market-traded funds that track the metal's price, or buy shares in gold mining firms.
Gold and silver coins currently issued by the Mint are commemorative or collector items made of alloys with lower percentages of the precious metals.
But the new coins will be sold at market prices -- currently around $4,600 an ounce after surging more than 65 percent last year.
For investors who want to avoid the cost of storing and protecting gold in their homes, the Mint will offer a digital "e-Marianne" coin that it will hold until the day the owner wants to sell.
The Paris Mint, headquartered on the Right Bank of the Seine since 1775, did not say how many coins it expected to sell. Its revenues rose 1.7 percent last year to reach 197 million euros ($230 million).
(A.Johnson--TAG)
