Gold coins a new investment alternative<\/p>\n
JAKARTA (JP): Another investment alternative became available
\nto ordinary investors yesterday with the launching of a new range
\nof gold coins by Gold Corporation of Australia at the Mercantile
\nAthletic Club of Indonesia.<\/p>\n
The launching of the Australian Lunar series also marked the
\nbeginning of the joint gold industry development program between
\nGold Corporation and its Indonesian agent, Maya Mandiri
\nServicatama (MMS), which is a fully Indonesian-owned precious
\nmetals trading company.<\/p>\n
"This is the launch of our gold coins in Indonesia, but it is
\nalso the formal beginning of a joint program which we hope will
\nlead to the establishment of fabrication plants for semi-finished
\nproducts and international export markets for Indonesian
\njewelry," said Don Mackay-Coghill, Gold Corporation's chief
\nexecutive officer.<\/p>\n
"Because of the importance of Indonesia, we have chosen to
\nlaunch the series here today, rather than in the traditional
\nAsian gold markets of Hong Kong or Singapore," said Mackay-
\nCoghill.<\/p>\n
Indonesia is Australia's most important gold market in Asia
\nafter China, he added.<\/p>\n
Major producers<\/p>\n
Both Australia and Indonesia are major gold producers in the
\nregion, each producing 360 tons and 100 tons of gold per year
\nrespectively. In 1994, Indonesia was also the tenth largest
\nmarket for gold in the world, with gold demand totaling 97 tons.
\nThe gold was used primarily in the manufacture of jewelry.<\/p>\n
The coins include the first of a 12-year series of coins
\nfeaturing symbols from the Chinese Lunar calendar, the 1996 coins
\nfor the Year of the Mouse. Every coin is 99.99 percent pure gold
\nand available in three weights in proof issue or legal tender
\nbullion coins. Also introduced were the 99.99 percent pure gold
\nAustralian Nugget bullion coins.<\/p>\n
"You can sell the coins everywhere, unlike gold bars, which
\ncan only be re-sold to the original traders," Mackay-Coghill
\nexplained.<\/p>\n
"We have also signed an agreement with Walt Disney Indonesia
\nto issue the Mickey Mouse gold coins. The Mickey Mouse image on
\nthe coins will be in color, with Queen Elizabeth on the other
\nside," Mackay-Coghill added.<\/p>\n
Meanwhile, the Director General of Metal, Machinery and
\nChemical Industries Effendi Sudarsono said in his written speech
\nthat Indonesia still faces problems in its gold industry although
\nits exports have continued to increase.<\/p>\n
"In 1994 exports reached US$870 million, 70 percent of which
\nwas contributed by gold jewelry," said Effendi. "But in 1995 the
\nfigure declined so we have to take steps to increase the exports
\nof gold jewelry."<\/p>\n
Among the problems Indonesia has to deal with are the shortage
\nof gold raw materials, of which only 10 percent is supplied by
\ndomestic production. (lem)<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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