In commemoration of the London 2012 Olympics, the Royal Mint have unveiled the UK’s first ever 1-kilo gold and silver coins.
At an eye-watering £100,000.00, the kilo gold coin is priced at around 3 times its intrinsic gold value. The silver version is priced at £3,000.00, nearly 4 times its silver value.
Designed by Sir Anthony Caro, the gold coin has an ultra low issue limit of just 60. The silver version is limited to 2,012 pieces and has been designed by Tom Phillips.
One could argue that the uniqueness and collectability of these coins justify the high price tag, however anyone purchasing for investment purposes should take note that the world’s largest gold coin, a 1 Million Dollar Canadian Maple Leaf sold for just it’s scrap value back in June 2010.
Interestingly, The Royal Mint produced a 1 kilo gold coin in 2011 to commemorate the Royal Wedding. Minted for the island of Alderney, this coins had a bargain-basement price of just £40,000.00!
Seller beware! The price quoted on the British Gold Refinery calculator is NOT the price you will be paid!
The Advertising Standards Agency (ASA) has taken action against Cash for Gold company Weston Knightly, trading as The British Gold Refinery, for misleading advertising and spurious scrap gold prices.
The adjudication, published on the ASA website refers to website content and online advertising, published between May and July 2011.
Three complainants challenged that their advertising was misleading because customers were not clearly advised they would have to pay an administration fee if they wanted their gold returned.
The ASA observed that if an offer is rejected, the customer will be liable to an administration fee of £35 + VAT before items are returned and that this should be prominently displayed, rather than hiding it within their Terms and Conditions.
They also upheld a complaint regarding an unsubstantiated advert, stating “We pay 70% more”.
ASA Adjudication: Weston Knightly t/a British Gold Refinery
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