Million Dollar Gold Coin From Canada
This is an updated post to yesterday’s post about the million dollar gold coin.
The coins have the 99.999 percent purity rating, which is a notch above the old ‘four nines’ rating that used to be the standard for gold purity in coinage. Canada has been upping the ante in many situations with the gold market, including setting the first standard of the four nines back in 1982, and now creating this monstrosity that outweighs and out-values any coin in existence.
This coin consists of 3,215 troy ounces of gold. At a rate of even a modest $700 to $800 per ounce, that adds up to be about $2.25 to $2.57 million US when compared to the price of gold. However, the price of gold is more like at $1,135 an ounce now and that is more than triple the actual $1 million Canadian face value that the coin holds. Even though the coin was a promotional item from the start, it has created quite a stir among collectors and investors around the world, and everyone is waiting to see what happens next. Considering that it takes 6 weeks to manufacture one of these giant coins, it’s certain that they won’t exactly be flying off the presses by any means.
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