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New Zealanders join rush for gold
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19:11, October 14, 2008

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Gold coin sales have reached record levels in New Zealand, as worried savers try to beat the financial crisis.

Home safes and secure vaults are also in hot demand as people concerned about the health of banks move to store valuables and cash themselves, Radio New Zealand reported on Tuesday.

The New Zealand Mint said there has been a rush on investment coins since American investment bank Lehman Brothers collapsed in September.

Head bullion trader Mike O'Kane said it is now dealing in a day what it used to deal in a month.

Overseas mints are also experiencing increasing demand for products.

New Zealand Mint's one-ounce gold Kiwi coin reached a record price of just over 1,650 NZ dollars (1032 U.S. dollars) late last week, 200 NZ dollars more than what it averaged before the New Zealand dollar dropped.

O'Kane said customers are moving to protect the money they have by investing in something tangible that will not disappear.

He said the worldwide demand for gold and silver products is so high, that some coins cannot be delivered until early next year.

Source: Xinhua



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