Royal Mint Starts Gold, Silver Trading Platform

The Financial Times reported that the Royal Mint has launched a platform that allows investors to buy and sell new gold and silver coins. Buyers have the option of storing their purchases in the company’s vault.

Some analysts have complained that the platform appears to be a pricey way to invest.

As quote in the market news:

‘We want to help expand the bullion market in the UK, particularly as coins offer a relatively affordable introduction, and believe we are well placed to do so,’ said Shane Bissett, director of commemorative coin and bullion at the Royal Mint.

Although the minimum purchase is just one coin, investors must buy at least one tube of gold ‘Sovereigns’ (at a current cost of roughly £4,625) or one tube of gold ‘Britannias’ (roughly £7,800) if they want the option of storing their holdings in the Ministry of Defence-protected vault.

Storage fees are levied at 1 per cent of the holding’s value, plus value added tax, meaning a total annual charge of 1.2 per cent.

Click here to read the full Financial Times report.